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About 50% of the people who work in the US earn an income as freelancers. Independent contractors and small business owners. If you count yourself among this group of hard-working Americans. You probably know that it can be difficult to borrow money from a local bank that prefers to see the pay stub and steady income offered by a large company. Which gives employment to many people.
Fortunately. A growing number of fintech startups are filling this void by providing 1099 contractors and small business owners with easy access to money and very little paperwork. And Giggle Finance is one of these startups with a growing number of positive reviews on Google. We designed this article to help you learn more about Giggle Finance. How it works. And to help you decide whether you should consider applying for a Giggle Cash Advance today or in the future. should do or not.
What is Giggle Finance?
Giggle Finance is a fintech company that has created an online lending platform to help small business owners and gig economy workers who earn 1099 income get instant access to $5.000. To qualify for the loan (technically. A cash advance “revenue-based financing program.” You must be self-employed with at least a 3-month work history. And earning more than $3.000 per month.
We asked Giggle Finance co-founder Jared Kogan why he started the company and briefly described the platform in his own words.
“We launched Giggle in response to thin options available on the market for 1099 and gig workers.” Kogan said. “Independent workers are the future of work and we are here to be a one-stop-shop for all of their financial needs. With the application for funding process in under 10 minutes. Our speed and transparency helps the independent workforce thrive. Is.”
How does Giggle Finance work?
To borrow money through Giggle Finance platform. You need to fill an online application on Giggle Finance website which should take less than 10 minutes. A series of 6 steps walk you through using the online application.
Step 1: How Much Cash Does Your Business Need?
In this step. You are simply asked to tell Giggle Finance the amount of money you wish to borrow. You can choose from four options: a) $500 to $1,000, b) $1,000 to $2,000, c) $2,000 to $5,000, or d) over $5,000.
Step 2: What Kind of Business Do You Operate?
This step asks you to specify the type of business you own or the company you make money from. You can enter any company name you like. Or you can choose from several popular gig economy employers. Including Uber. Doordarshan. Postmates. Lyft. Grubhub. Instacart. Shipt. And Shopify.
Step 3: When did you start your business?
In this step. You will simply select the month and year you started your business.
Step 4: Link your bank account
Next. You are asked to link your bank account. Giggle Finance says that linking your bank account will not affect your credit score. To link your bank account. You must first meet these 3 requirements:
- At least 3 months must have passed since you opened your bank account
- You must have a primary business bank account
- You must verify that you make more than $3,000 per month
After confirming that you meet each of these 3 requirements. You will be connected to a secure technology platform called Plaid. You will need to confirm your bank name and then provide your login credentials which provides Giggle Finance with the data they need to determine if you are eligible for a cash advance.
After you have linked your bank account. Giggle Finance will have the necessary information to analyze your income and expenses. If you are approved for a cash advance. You will receive a near-instant message indicating the maximum amount you are eligible for and your options to receive your proceeds by checking your bank account or debit card.
How do I repay my cash advance with Giggle Finance?
If you receive a cash advance from Giggle Finance. Your repayment will be automatically collected by Giggle Finance from your future income through automatic debit through your bank account till the amount borrowed by you is not repaid along with their service charges.
What is the cost of cash advance from Giggle Finance?
While Giggle Finance emphasizes transparency as a core value on its About Us page and aspires to provide funding solutions at a lower cost than payday loans. The Giggle Finance website details its service charges. This makes it difficult to learn how much you can expect to pay without first applying for a cash advance.
Wealthtender contacted Giggle Finance to ask for additional details regarding the cost of the cash advance and received this response by email from co-founder Jared Kogan: “Our fees/pricing are completely risk-based and based on cash flow and The risk profile depends on each customer. We don’t charge any late fees. Fees start as low as $100 and go up from there, everything is transparently displayed before the customer accepts the terms.