Offering Low-Interest Loans to Independent Workers
When Moves first launched in market, we engaged in a flyer campaign in downtown Toronto to promote our loans for rideshare drivers and food couriers. Our flyers caught the attention of Mira Miller, BlogTO reporter, who reached out for more information. Over email, we told Mira about how the pandemic caused a sudden and devastating drop in income for gig and other independent workers. Although we had initially planned to launch later in the year, it seemed like we could do a lot more good by launching immediately to help out this large workforce demographic that has been underserved by traditional financial institutions.
Although the article promoted some critics to criticize us as predatory and no better than a payday lender, we disagree. Our rates of 19% – 26% APR are far less than payday lenders, which can charge as much as 390% in Ontario. For a comparison, refer to this helpful chart.
Lead photo by Hector Vasquez