Moves Financial Review: Online Loans for Freelancers and Gig Workers

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by Enoch Omololu, MSc (Econ)


Advertiser Disclosure

Moves Financial is changing the financial landscape by making it easier for freelancers and gig workers to access affordable loans.

Today’s gig economy encompasses all areas of our lives and has made it possible for anyone to work from home, start their own business, and have a better work-life balance.

However, becoming your own boss and thriving as an independent contractor outside of the 9 to 5 is challenging.

Traditional banks may be wary about offering you a business loan, and if your credit rating is poor or bad, you may also not qualify for a personal loan.

The result of this is that you could have all the best money-making ideas, but not be able to execute them, or you may be forced to approach payday lenders who offer ridiculous interest rates and prohibitive loan terms.

A Moves Financial Loan offers a way to access low-interest personal loans that help you navigate your journey as an independent worker. It can also be used to keep you afloat while you are trying to make ends meet.

Couriers and other independent gig workers can also use the platform to get financing for purchasing an e-bike.

This Moves Financial review covers its loan offerings, benefits, how to apply, and alternative financing options for freelancers.

Who is Moves Financial?

Moves Financial is a financial technology company that supports the financial objectives of independent workers on popular online platforms like Uber, DoorDash, Lyft, Upwork, and TaskRabbit as they navigate the uncertainty of the gig economy.

Unlike traditional lenders, Moves does not screen based on your credit score.

In fact, you can still qualify for a Moves Financial loan if you have a bad credit score. Instead, they look at how you work by analyzing your history on the gig platforms you use.

The company currently operates in Alberta, British Columbia, and Ontario.

Moves Financial Loans

Moves currently offers two types of loans:

  • Gig Economy Loans (Personal loans)
  • E-Bike Financing

Gig Economy Loans

Self-employed workers can borrow up to $2,500 for up to 26 weeks at an annual interest rate (AIR) of 15.65%.

You can use this loan to:

  • Purchase business equipment or tools
  • Consolidate your credit card debt
  • Pay your rent
  • Repair your vehicle
  • Cover a health expense, and more.

This personal loan can be repaid using a 13-week or 26-week repayment plan. Early repayments are also possible and do not attract a penalty.

Related: Best Personal Loan Rates in Ontario

E-Bike Financing Loans

Food couriers can finance an E-bike using a 0% interest loan and a 13-week repayment term.

You can extend your repayment term to 26 weeks and pay an annual interest rate of 5%. For example, if you choose the Amejo Infinite Plus Step-Thru Space Grey E-bike, the following bike price and repayments apply:

Moves Financial e-bike financing

Related: Best Car Loans for Bad Credit

How to Apply For a Moves Financial Loan

Applying for a Moves Loan is easy and fast. After submitting your application, you will receive a response within 15 minutes indicating whether you have been approved or not. In some cases, a manual review may be required and is often completed within one business day.

Following approval, funds are deposited into your bank account using Electronic Fund Transfer.

The minimum criteria to qualify for a loan are:

  • You must reside in Alberta, Ontario, or British Columbia
  • You must have an active bank account
  • You must have received income from an eligible freelance platform in the last 90 days.

Platforms supported include Amazon Flex, DoorDash, Foodora, Lyft, Skip the Dishes, Uber, UberEats, UpWork, Instacart, Hiride, Hyr, TaskRabbit, and Face Drive.

In addition to these factors, your banking history, NSF charges, average balance, and credit card utilization may also be considered.

How do Loan Repayments Work?

Moves Financial offers its loans on an unsecured basis, which means that you do not need collateral to apply for a loan.

Gig economy personal loans can be repaid using a 13-week or 26-week plan. For example, if you borrow $2,500, your weekly payments are:

Moves Financial Loan Repayment

When you repay the loan in 13 weeks, your interest payments amount to $78.55. For a 26-week term, you pay a total of $128.60 in interest.

Note that while the AIR of a personal loan is 15.65%, the annual percentage rate (AIR) is 22.96% on a 13-week term and 19.42% on a 26-week term.

Repayments occur via pre-authorized debit card and you can pay off your loan early without penalty.

E-bike financing loans are 0% AIR for a 13-week term and 5% AIR for a 26-week term.

E-bike financing is only available to GTA residents.

Benefits of a Moves Financial Loan

Freelancers who are unable to easily access personal loans from their bank can breathe a sigh of relief as Moves Financial is specifically designed to cater to their needs.

The pros of a Moves Loan include:

  • Fast approvals and a 100% online application process.
  • Lower interest rates compared to payday loans and some credit cards.
  • Access to unsecured personal loans that do not require collateral.
  • Flexible repayment terms and options.
  • No credit score check.
  • Earn up to $200 when you refer a friend.
  • After approval, money is deposited into your bank account within 1-3 business days.
  • There are no hidden fees


  • If you have a good to excellent credit score, you may be able to qualify for a lower interest rate at your bank
  • E-bank financing is currently only available to Ontario residents
  • Moves Financial does not report your payments to credit bureaus (Trans Union or Equifax), so this loan cannot be used to rebuild your credit score
  • E-bike options are limited to specific makes and models

Bad Credit Loan Options in Canada

If you have a poorer bad credit score in Canada, your financing options are limited. While a personal loan or line of credit from your bank or credit union would normally cost less, they are unlikely to approve your application.

A credit card for those with bad credit is another option you can consider. These are often secured and require you to make a security deposit.

You could use an online platform such as Moves Financial that does not place emphasis on your credit profile. Since Moves Financial is a direct lender, their personal loans are cheaper than payday loans.

Speaking of payday loans, these are also an option, however, the interest rate you will pay could easily be up to 600% APR.

Finally, you could try out crowdfunded peer-to-peer (P2P) platforms that lend money to small businesses such as Lending Loop.

Is Moves Financial Legit?

Moves Financial holds a 4/5 rating on Trust Pilot. As per its website, the company uses Plaid, a secure third-party service owned by Visa, to connect to your bank account.

This connection is read-only and your login details are protected by enterprise-grade encryption.

Moves Financial Loans (Personal Vs E-bike)

Moves Financial Personal LoanMoves Financial E-Bike Loan
Maximum loan amount$2,500$2399.99 + HST
Loan term13 or 26 weeks13 or 26 weeks
Loan interest15.65% AIR0% AIR (13 weeks) or 5% AIR (26 weeks)
Repayment optionsWeekly pre-authorized debit; No-penalty early repaymentsWeekly pre-authorized debit; No-penalty early repayments
Available inOntario, Alberta, and British ColumbiaOntario


Moves Financial Personal Loan Review


Moves financial is a Canadian financial services platform offering online loans to freelancers and gig workers. Learn more about how to get a loan in this review.

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Enoch Omololu

Enoch Omololu is a personal finance expert and a veterinarian. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School (Scotland) and has completed several courses and certificates in finance, including the Canadian Securities Course. He also has an MSc. in Agricultural Economics from the University of Manitoba and a Doctor of Veterinary Medicine degree from the University of Ibadan. Enoch has a passion for helping others win with their personal finances and has been writing about money matters for over a decade. He has been featured or quoted in The Globe and Mail, Winnipeg Free Press, Wealthsimple, Financial Post, Toronto Star, CTV News, Canadian Securities Exchange, Credit Canada, National Post, CIBC, and many other personal finance publications.

His top investment tools include Wealthsimple and Questrade. He earns cash back on purchases using KOHO, monitors his credit score for free using Borrowell, and earns interest on savings through EQ Bank.

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