About lender

Moves is a modern financial company that offers bank-like services to some extent. It was founded in Canada to fill the gap in serving clients with flexible hours and income: gig workers.

Workers' priorities change over time. In the last three years, more and more people have realized that it is possible to work entirely remotely and set their own schedule. For many, this became the motivation not to work for someone else but for themselves. Knowing that being an entrepreneur or self-employed expert is not that easy and that there are some challenges, including difficult access to credit, Matthew Spoke became the founder of Moves. The company offers affordable loans to the ever-growing gig market. It also provides a safe alternative to expensive payday loans and credit cards. Moves helps freelancers smooth out their income fluctuations when they have unexpected expenses at a reasonable cost. You can be sure that the service is not interested in taking your shirt.

Moves is not a bank, but it has partnered with Blue Ridge Bank N.A. to offer real plastic cards. The Moves Financial Visa® debit card is issued by Blue Ridge Bank N.A. under a license from Visa U.S.A. Inc. and can be used anywhere Visa debit cards are accepted. In addition, moves Financial provides cash advances. Brokerage services and products are provided by Bumped Financial LLC, member FINRA/SIPC.

Moves supports freelancers working on top gig platforms that count as eligibility for cash advances:

• Uber/Uber Eats;

• Amazon Flex;

• Lyft;

• Instacart;

• GoPuff;

• Doordash;

• Shipt;

• Dolly;

• Wag;

• Grubhub;

• Rover;

• Roadie;

• Wonolo;

• Cornershop;

• Pointpickup;

• Favor Delivery;

• Handy;

• TaskRabbit;

• Upwork;

• DoorDash.

The complete list of freelance platforms that count for Moves can be found on the company's website.

Moves offers gig workers the opportunity to take advantage of personal loans, called gig economy loans, and e-bike financing (much appreciated for delivery services and those who value an alternative to public transportation and the car).

Pros and cons

If gig workers were standard customers, Moves would probably never become a unique platform for cheap loans to freelancers. But because many have different or no credit histories and unstable cash flow, banks are often not an option. Payday lending institutions offer fast money but unrealistically high APR, which can become a deep pitfall. Moves has managed to take all of the weaknesses of gig workers out of the standard loan concept and create its own loan option with a number of conveniences.

Pros

• It's easy to join Moves if you meet the eligibility requirements;

• you can choose what you want to use the money for (rent, utilities, medical bills, or other purposes);

• no credit history or credit score check;

• the lender has no control over your credit score because it does not report this information;

• your work history on one of the gig platforms allowed under the Moves rules is considered a prerequisite for the loan;

• it is possible to repay the loan early without penalties. Once you are ready to do so, you can reduce the interest burden of your loan and repay it in full;

• fast application review;

• live customer support instead of the popular bots;

• as a Moves customer, you can use a bank card that is accepted for payments, and you can withdraw cash from ATM;

• moves cards can be either virtual or plastic;

• before applying for a loan, you can use the loan calculator and estimate future expenses for interest and repayment;

• if you are having trouble repaying, Moves is ready to discuss options with you to get you back on track to meet your repayment schedule;

• Moves keeps its members informed about the addition of new gig platforms to the list of those that meet Moves criteria;

• Referral Rewards Program;

• no NSF charged;

• valuable tips for independents to be more successful;

• Visa fraud protection is used for Moves cards;

• approval decision within 15 minutes.

There are many conveniences of Moves rental products for gig workers, but to пу, it should be mentioned that some system requirements could be considered negative aspects.

Cons

If your gig platform is not on the list of platforms accepted by Moves, you can apply for inclusion, but the company will review the decision, and the timing of the decision, in this case, is not common. This is due to the need to verify that the recommended platform meets Moves' criteria;

• You must link your bank's financial data with a third party: Moves. Some customers do not feel comfortable about this;

• there are strict criteria for obtaining a loan;

• if you need a high loan amount, you need to look for other options than Moves. The maximum loan amount the company offers is $1,000;

• The loan term can be extended, but only up to 10 weeks;

• 3.5% service fee;

• Verification of residency, only some territories are covered for the loan: Alberta, Ontario, British Columbia;

• for approval, you must provide your actual address, not POB;

• You must confirm your identity and provide a utility bill, lease, etc., i.e., a document containing this information;

• if you are rejected for security reasons with the information you provided when applying for the Moves Spending Account, you will not be able to reapply at this time;

• for your gig income to be included in calculating your cash advance limit, you must link all of your gig accounts to Moves. Some freelancers are concerned about sharing their entire earnings history by accessing a third-party app (Moves);

• Moves does not run a credit check. Even if you have had problems in the past, that's not a problem for Moves, but the company has no control over your credit score, so even if you are servicing your debt well, that's just between you and Moves. If you want to rebuild your credit score, you'll have to use other options to do so;

• The eligibility of the maximum loan amount is not clearly stated on the company's website;

• If you close your account with Moves, it can’t be opened again in the future.

Moves freelance lending options have several advantages: transparent fee policies, quick decisions, no credit check, no credit score impairment, a long list of supported gig platforms, customer-focused support service, and a low-interest rate.

However, there are also disadvantages: If the system assumes you provided incorrect information when applying, you can not reapply; the app does not work in all areas and for all gig platforms.

Loan conditions

Moves offers cash advances of $100, $250, $500 and $1,000.

To qualify for a cash advance, you must have made at least $400 in gig deposits in the last 28 days to gain access to advances starting at $100. The more gig earnings you deposit, the higher the Cash Advance amount you can qualify for.

The minimum criteria to qualify for a loan are:

• You must be a resident of Alberta, Ontario, or British Columbia (or a resident of the U.S. for U.S. customers).

• You must have an active bank account.

• You must have received income from an approved freelance platform in the last 90 days.

The decision will be made within 15 minutes. The terms of the following loans are the same, except that the amount may be higher if you could adequately repay your first loan and meet the repayment schedule.

Methods of a loan funding

Moves provides for the cash advance transfer to the member's card. It is recommended to use the virtual card as long as your plastic card is not yet issued. Alternatively, you can use third-party payment methods after making a selection in your settings. Moves states that it is possible to receive cash advances up to $1,000, which will be immediately deposited into your Moves spending account. Although the amount could be lower, it depends on your records with the company about your cash flow.