Sometimes our bank accounts aren’t as full as we need them to be. Bills need to be paid, an extra medical payment crops up and needs to be covered, or even worse: your car breaks down.
In other cases, maybe you’re looking to follow your Plan B: start a business, a side hustle, or grow a business you already have.
But, you’re a rideshare driver, you’re a delivery driver, you’re a gig worker. It can be tough to get quick access to cash since many lenders require stable income.
There’s a new company out there called Moves, offering a first-of-its-kind product – a central hub for your multiple gig platforms, where you can fund your business and track your earnings to maximize your gig work. Today I will go through what Moves does for drivers like us—along with the upsides and downsides of using them.
This post is sponsored by Moves but, as always, opinions are our own.
What is Moves?
So, what is Moves? On their website, they state:
“Moves is a financial services platform for independent ‘gig’ workers. Overlooked or ineligible for products offered by traditional financial institutions, this rapidly expanding demographic needs modern financial products designed to support them on their paths to career fulfillment.
Without relying on outdated credit scores, our products are designed so that we can get to know our users better over time, and help them establish a new financial reputation.”
Basically, Moves is an all-in-one financial app that serves as the ‘home’ for your gig business. Moves members get access to cash advances and can track their income across multiple apps.
How it works is you log into your various gig work accounts through your Moves account. They will “read” your most recent earnings to determine your eligibility within a four week period to determine your Cash Advance eligibility.
Moves supports a number of gig platform apps, giving you the ability to link to most if not all of your gig work apps to show your full earning potential, including:
- Uber/Uber Eats
- Amazon Flex
Moves uses the Argyle platform to tie these apps together in one place, making it a one-stop shop for you to show your gig income. So all you have to do is log in to each of the gig work platforms you earn from and Moves will ‘read the data’ to verify your earnings. Think of it as a super fast income verification.
What Moves Offers Gig Workers
Moves offers a variety of options to gig workers, including a Business Cash Advance (BCA), the ability to track your gigs, and a community tab.
Business Cash Advance (BCA)
Moves offers gig workers a chance to take out a cash advance based on their gig platform earnings. Here’s how it works.
Basically, the cash advance is funds that are deposited into your bank account in exchange for your promise to pay them back with your future earnings. It’s made for helping with business expenses—rideshare and delivery drivers are small business owners, after all—such as car repairs, buying equipment for your vehicle or bike, and so on.
Here’s an example:
Let’s say your car breaks down and you need a starter or an alternator. Depending on your car, this could easily cost $1,000.
If you are given a cash advance of $1,000, Moves will take back a total of $1,035 (or $103.50 per week for 10 weeks). The actual amount that will be deducted from your bank account as payment will be quoted to you before you accept the cash advance payment.
You’ll pay it back weekly, so it’s not just $1,035 taken out of your account in one fell swoop, but instead the $103.50 each week. Once you accept the cash advance contract, your weekly payments will remain the same for the length of the contract.
So, what happens if you can’t pay the weekly payment? Moves doesn’t charge late fees, but if you miss too many consecutive payments, they may not be willing to give you a cash advance again in the future.
If you know you can’t make the payment, let Moves know in advance and they can work with you to keep your account in good standing. To do so, contact them at firstname.lastname@example.org.
When it comes to making payments on Cash Advances, use Pay Now to get back on track or ahead with just a few clicks without ever leaving your app. Pay Now is only available to members with Moves Spending Accounts.
Of course, to get a cash advance through Moves, you’ll need to be approved for it. According to their website:
“Approvals for business cash advances received before 4pm on weekdays will be initiated the same day. We will also send you a deposit confirmation email as well as your contract. Once we have initiated your advance, it typically takes 1-2 business days for the funds to show up in your account.
Approvals for business cash advances received on holidays or weekends will be initiated the following business day and will show up in your account within 1-2 business days.”
Track Your Gig Jobs with My Gigs
When you link all of your gig jobs to Moves (for example, Uber, DoorDash, Rover), you can track your income across all of the platforms and see your earnings all in one spot.
With My Gigs, there’s no more toggling among apps, screenshots you’ve taken, or any other notes you’ve made. It’s all in one place for you to quickly see and track how much you’ve earned so far.
You’ll instantly see your goals, progress, and trends in earnings. Plus, you can scroll the My Gigs section to see how prior weeks went and your earnings in the past.
Every week, you’ll be sent a Weekly Business Report for an analysis on your performance, too. You can easily link new accounts (if you sign up with Lyft, for instance) and those earnings will be added seamlessly to your My Gigs tab.
Earn More with Moves Collective
Currently, the Moves Collective is an invite-only program where Moves enables members to earn shares in the publicly traded gig companies they earn by completing tasks that help them better manage their money.
Once invited, a member can start completing tasks that help them better manage their money. Upon completion of each task, they can accumulate free fractional shares* of the companies they earn income on that our program supports.
The exact stock and amount can differ between each task completed and will be provided by their partner, Bumped Financial.
Interested in signing up with Moves? Create a Moves account here.
Why Use Moves?
Aside from the fact that Moves will give you a cash advance based on all of your platform earnings, it seems like it’s a safer option than some of the alternatives out there.
For instance, there are payday loans that have high-interest rates and take back your entire loan in one lump sum payment, often leaving you needing to take out a loan with them once more just to make ends meet.
Even if you get a cash advance from your credit card, it seems almost impossible to pay back. You’re paying interest more than anything, and a lot at that (interest rates of 22% and up aren’t uncommon!). It could take you a year or more to fully pay back the cash advance.
Moves offers one low, simple fee that makes it easier for you to pay them back, and having weekly payments—which is how we get paid as gig workers—helps in the long run too.
Moves also has a 10-week payment schedule to settle your cash advance instead of the regular 4-week (or less) payback periods that are commonly implemented by other payday loan or cash advance options. If you want and are able to pay it back in full sooner, you can do so at any time throughout your contract without penalty. You just fill out a form to complete your early payback.
Moves allows you to get a cash advance as long as your bank is supported by Plaid. This includes the following top 20 banks that are supported by Plaid:
In addition to the cash advance, Moves is an excellent app for gig workers who work for multiple apps. It’s easy to quickly see how much you’ve earned so far across all of your platforms, and compare your earnings to previous weeks.
I also personally like the Weekly Business Report for competitive reasons – how did I do last week? How can I do better? It’s great to see those weekly earnings increase from week to week depending on what new strategies I’ve implemented.
Pros and Cons of Using Moves
It’s free to set up an account with Moves so in my opinion, it’s a no-brainer to have an account set up and ready to go with Moves just in case. Similar to how gig workers should diversify by working for multiple services – in case you’re unfairly deactivated, you have back up, Moves can be thought of in the same way.
Even if you decide against getting a cash advance, you’re not out anything if you just want to sign up and poke around a bit.
Overall, Moves costs much less than other lenders and quick cash options. You get the money quickly (typically in your account within 1-2 business days), and you have a 10 week period to pay it back in full. If you can’t pay for one week, you can contact their support to arrange something that will work for you.
The Weekly Business Report is especially handy if you work across multiple apps, and the Community tab looks like it will be informative and potentially lucrative, depending on what money-making opportunities it finds for Moves members.
Support is in-app and on the Moves website. On the website, you’ll first go through a chatbot but you can easily and quickly get in touch with a real person, or you can email Moves directly at email@example.com. From 9-5 EST, you’ll be able to chat directly with a Moves agent through the Chat button.
It would be nice if the Moves app could have more features that would benefit drivers—such as tracking mileage for all of the apps you’re using as a gig worker, show a snapshot of average earnings across all of the platforms or even a grand total of earnings per week on all of the platforms combined. With time, I wouldn’t be surprised though if these features were added to the platform.
Who is Moves Good for?
Moves is good for gig workers who want to get ahead financially, really understand and track their earnings, and for those who might need a business cash advance in the future (again, always better to be prepared than surprised.) Here are some good examples of when I’d recommend using Moves:
- Time-sensitive car repairs – emergencies happen, and repeated emergencies happen too! Two years ago, I had two $1,000 back-to-back emergencies with my car (yes, two)… for times like these, Moves can come in handy.
- ERC fees – Gig workers are eligible for $7,000 employee retention credit but you do need to pay a tax preparer to help you apply, and Moves can come in handy to cover the fee if you don’t have all of the money upfront.
- Taxes – ideally, you’ve saved money from your gig jobs all year to pay your taxes either quarterly or in April when they’re due. Unfortunately, some drivers don’t realize they need to set aside money and get hit with a higher than anticipated tax bill. In this case, Moves can help out – just make sure to thoroughly read our tax guide so it doesn’t happen again!
- Tracking – one of the best ways to earn more in the gig economy? Track the money! Where are you earning the most? Which weeks are the most profitable? What did you do differently? Moves can help you track each gig individually and the sum of your gigs.
- Access to financial services – Moves will help connect members to financial services that are hesitant to work with gig workers.
I know if you’re living paycheck to paycheck it can be difficult—sometimes impossible—to set aside anything for an emergency. I’ve had to take out cash advances before and ended up in a seemingly endless loop of paying it back and needing the money all over again to make ends meet. It went on for months until I was finally able to save enough extra to pay it off and not need it immediately again. I also found a way to cut down on expenses to make it less necessary to need it again.
But, I do like that Moves allows you to pay it back week by week instead of the full amount taken out in one day. That’s easier to budget for and I wish I had that kind of option available to me a couple of years ago.
Finally, it’s nice to see a company recognize that drivers and couriers need access to financial services and are worthy of investing in. It’s hard enough for gig workers to qualify for certain business funding, car loans, and more. With Moves, there’s one place to track your earnings, see historical earnings, and get access to financial services we might not otherwise have been aware of.
-Paula @ RSG
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