Once approved, you will receive your funds immediately. It takes about eight minutes to get approved. Giggle provides up to $5,000 if your business qualifies. You’ll know exactly what you’ll have to pay back before you accept their terms and receive the money. The company maintains that everything is transparent, and there are never any hidden fees. Still, we did not find any examples of what they consider a typical amount of interest to be. They also say that the amount of interest charged is determined by your risk profile, along with the amount of money you need to borrow. Through some digging around, we discovered their fees appear to start as low as $100 and go up from there. Giggle does not state what they charge in interest rates or fees on their website. Once you are approved, you can access your funds in minutes. Your information is never displayed, viewed, or stored on their site. They do require access to your bank account to determine how much of a loan you can qualify for, but your username and password are kept safe. To get started, simply click on “Apply Now” on their website or app, then answer some questions about your business. The entire process usually takes less than eight minutes. How To ApplyĪpplying to Giggle is super quick and easy. The only other requirement you must meet to qualify is that you have been in business for at least three months and that you make at least $3,000 a month. Instead, the company looks at your bank statements to determine how much money they will lend you based on what they think your business can afford to pay back. One of the more interesting aspects of Giggle Finance is that unlike most lending institutions, the company does not have any credit requirements. Requirements to Join: Do I Qualify for Giggle Finance?Īs long as you are an app-based freelancer, own a small business, operate as an independent contractor, or are an online seller or franchise owner (Etsy, eBay, Avon, etc.), you qualify. Giggle Finance offers several services to its users, including: The website does not have information about what happens if you are unable to repay the loan, but they do say that repayment times are flexible and that they do not charge a late fee. In addition to the loan amount, they will also charge you a service fee and interest on the loan, which they automatically collect through your bank account. To do this, the company gives you the money you need right away (known as a Giggle Advance), but then collects the amount they loaned you through a series of automatic debits from your checking account until you repay the loan. In this case, however, the money you borrow is paid back by selling a portion of your future sales to Giggle Finance until you repay your loan. In the broadest sense, Giggle Finance is like an advance in which you receive the money you need now, but promise to pay it back once you receive your paycheck. Giggle Finance is an online lending platform that provides fast and transparent financing to help small business owners and independent contractors who need to borrow money quickly but may have trouble getting a loan from a regular bank because they earn 1099 income rather than receive pay from a traditional type of job. This article was sponsored by Giggle Finance, but all opinions are our own. If you’ve ever found yourself in a situation where you need a loan to tide you over (car repair issues, anyone?), Giggle Finance might be right for you. Giggle Finance helps connect gig workers and the self-employed to loans, providing fast and transparent financing without the hassle we’d get from traditional banks. Unlike their big bank counterparts, they won’t demand years of tax returns or have you fill out a mountain of paperwork before they’ll consider you for a loan. All your bank knows is that you’re self-employed, and as such, they see you as a risk when it comes to letting you borrow money.įortunately, there are FinTech companies out there, like Giggle Finance, that don’t have a problem lending money to 1099 contractors. If you work for yourself and need to borrow money, it doesn’t really matter what you call yourself. Gig worker, freelancer, independent contractor, small business owner. This does not influence our recommendations or editorial integrity, but it does help us keep the site running. At no extra cost to you, some or all of the products featured below are from partners who may compensate us for your click.
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