Moves 𑁋 Financial Services For The Independent Worker

Written by Caitlin Wood

Moves 𑁋 Financial Services For The Independent Worker

In the last 10 years, millions of Canadians have started to earn some or all of their income as an independent or “gig” worker. This is in no small part due to the rise of freelancer platforms such as Uber, Doordash, Fiverr, and others which make it easier than ever to work on one’s own terms.

The appeal of independent work is obvious: workers can choose when, where, and how they work. This level of independence can be life-changing for many people. A parent can schedule their workday around their child’s needs, a seasonal worker can earn some extra money for offseason, a student can work whenever their class schedule permits. Even traditional wage earners can take up gig work. 

Gig work generally has a low barrier to entry, making it a convenient option for individuals who have a hard time finding traditional employment or who wish to supplement their other income. According to Statistics Canada, gig work is prevalent among newcomers to Canada. Additionally, 50% of gig workers have at least one other source of wages, although there are many gig workers who offer services on multiple gig platforms.

The freedom of gig work has allowed Canadians to explore unexpected career paths and given people more control over their lives.

These freedoms however come with a cost – not having a stable employer makes it difficult for independent workers to obtain credit and other financial products. All lenders want to see a stable source of income when evaluating applicants, but few will accept paystubs from gig platforms as a reliable source of income – especially not without a high credit score. Without steady hours, a fixed wage or salary, or even a letter of employment, gig workers typically don’t qualify for traditional loans and credit. Many turn to payday loans or other alternative lenders who charge high interest or collateral.

That’s why the new fintech startup Moves has arrived on the scene offering low-interest loans for independent workers. Moves currently serves independent workers who make their earnings from rideshare and food delivery apps in Ontario. 

Unlike other lenders, Moves doesn’t rely on credit scores. Instead of checking and reporting with a credit bureau, Moves evaluates loan applicants based on their income from gig economy platforms. 

With most lenders, your credit score takes a hit every time you apply for a loan, whether you get approved or not. Some alternative lenders forgo credit checks, but there’s usually a catch: payday lenders might charge exorbitant fees and high-interest rates, while other lenders ask for collateral or a guarantor. With Moves, all that is needed to qualify for a reasonable loan is a history of earning income from the gig economy. 

Currently, Moves is offering loans of $500 to Ontario-based rideshare drivers and food couriers who have received income from DoorDash, Foodora, FaceDrive, Hiride, Instacart, Lyft, Skip the Dishes, Uber, or Uber Eats in the last 90 days. Applying is easy, with a short and straightforward application to request a loan. Applicants are approved in as little as 15 minutes with funds arriving within 48 hours. 

Moves is creating a future where more people can pursue the benefits of independent work without having to worry about drawbacks.