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The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Moves's pay off

Finanso.Multilogin™

Repay

Payments on your Moves cash advance will automatically begin seven days after the funding date. Payments will continue weekly for up to 10 weeks or until the balance is repaid. The pre-authorized payment will be used to repay Moves.

Conditions of loan extension

When you take out a loan, the lender expects you to make payment on time.

As a lender, Moves is interested in supporting freelancers and providing them with reliable financial security. If you have difficulty repaying the cash advance, you should contact the lender. Decisions about extending credit are made individually, but you can expect Moves to help you find a solution.

Early payoff

Members may request only one cash advance at a time from Moves. You may balance your account anytime without any penalties or additional fees. For this purpose, you can use the Pay Early button on the Cash tab (or click here to go there directly in the app). Once you have paid off your debt is done, you can request another Cash Advance after five days. Early repayment reduces the financial burden on you.

FAQ

How do I make a payment on Moves?

Moves has made the repayment process as simple as possible: the system uses pre-authorized payments from your debit card. First, you must ensure that your account is sufficiently funded at the scheduled time.

The payment procedure is almost automatic. Before getting approval for a cash advance, you must organize your cash flow to the Moves card. Depending on the deposit amount, your credit limit will be changed. The minimum deposit amount is $400 to receive a $100 cash advance.

What happens if you don't pay back Moves?

If you agree to the terms offered by Moves', you agree to repay your loan on time. However, if unexpected circumstances prevent you from repaying your loan on time, you should contact Moves' Customer Service. They will be happy to help you restore your regular payment schedule and maintain your limit.

You will not find any information about possible variants of the new repayment plan on the company's website, probably because there could be individual solutions. At the same time, there is no information about the possible transfer of bad debts to third parties and cooperation with collection agencies.

Can you pay Moves early?

If your financial situation allows you to repay the loan earlier than initially planned, Moves offers you the option to pay off your entire cash loan or catch up on the arrears. You must click the Pay Early button on the Cash tab to use this option. The company provides a quick guide on how to find the Pay Early button in the Moves app:

On the Cash tab in the Moves app, navigate to your cash advance and click the dark Pay Early button. In the next step, follow the instructions and set up your payment. You will receive a confirmation email shortly after, and Moves' will process the payment within one business day. If repaid in full, you will have the option to request your next Cash Advance 5 days after receiving your final payment.

Can Moves sue you?

There is no information that Moves has filed a petition against its debtors with the court. However, the company makes significant efforts to resolve all issues through negotiation and help borrowers find a way out of their problems. Compared to other loan offers for freelancers, Moves stands out in the market, and usually, borrowers are interested in keeping the possibility of accessing cash advances. If you have questions about this topic, you can contact Moves and get answers directly from the company.

Calculate loan payments in Moves

Moves calculator will allow you to calculate an approximate payment schedule for the loan

Loan amount
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Enter the desired loan amount

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CAD
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100 $
1000 $
Loan term
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Specify the loan term for the calculation

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90

What to pay attention to when applying for a loan from Moves

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes Moves from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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