How to apply
After you have created an account and Giggle Finance has validated your information, you can apply for a loan at any time.
Steps to apply
Step 1: How much cash does your business need?
Click on the amount you want to borrow in this step. Remember that this is an amount you should be able to repay because Giggle Finance will check your bank statements to see if you can afford the payments. There are four options available to you:
$500 to $1,000
$1,000 to $2,000,
$2,000 to $5,000,
more than $5,000.
Step 2: What type of business do you operate?
Write the type of business you own or the category of 1099 employees you are in and click Confirm. You can also choose from the list of popular gig economy employers provided, such as Uber, Upwork, Fiverr, Lyft, and Shopify.
Step 3: When did you start your business, become a freelancer, or become self-employed?
Next, enter the month, and year you established your business, started working as a freelancer, or became self-employed, which should be more than three months. This allows Giggle Finance to easily check your bank statements and determine whether you were operational, earning, or making sales of more than $3,000 during those three months.
Step 4: Link your bank account
In order to link your bank account, you will first have to meet these three requirements if you are a business:
Your bank account must have been open for at least three months.
It must be your principal bank account.
You must demonstrate that you earn at least $3,000 each month.
After the lender confirms that they meet these three requirements, they will connect you to Plaid’s secure platform. Plaid allows you to securely connect your bank with Giggle Finance.
Step 5: Wait for approval.
Giggle Finance will have the information they need to analyze your income and expenses once you link your bank account via Plaid. Approval is instantaneous if you meet all requirements. Giggle will send you a text message indicating whether you are eligible for your requested amount.
Step 6: Receive your Giggle loan.
Finally, Giggle Finance will deposit the funds into your account immediately.
Requirements
To get financing from Giggle, you must meet the following requirements:
You must own a business, be self-employed, or work as an app-based freelancer.
Your company must have been in operation for at least three months for business owners. It allows Giggle Finance to examine your operations and determine whether you can repay the amount requested.
Your account must be at least three months old. When the lender checks your bank account, they want to see your earnings and expenses. It enables them to determine whether or not you can afford to repay the principal plus interest every month based on your spending.
You should only link a primary bank account where you deposit your income. This allows Giggle Finance to compare your income and spending. Although the lender examines your bank statements to determine how much you can afford to repay, this does not affect your credit score.
You must provide proof that you make more than $3,000 per month.
Application details
When applying for a loan with Giggle Finance, several factors can cause your loan to be rejected or approved. First, you must be a small business owner or a 1099 worker, such as a freelancer or independent contractor working for more than three months. You must also include a bank statement detailing your earnings over the last three months. Furthermore, you must have earned, or your business must have made more than $3,000 in monthly sales.
On the other hand, some things that will get your loan rejected include providing conflicting information. Inconsistent information includes providing your personal bank account instead of your small business when applying for a loan. Giggle may also deny your loan application if you earn less than $3,000 per month or if your expenses exceed your income. Additionally, if you provide information that does not match, like your name or your business does not match the bank accounts provided, this will lead to the lender asking you to provide information that matches the respective documents, or your loan might get rejected.
