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Nearly 50% of employed people in the United States earn income from self-employment, independent contractors, and small business owners. If you count yourself among this group of hard-working Americans, And you probably know that it can be difficult to borrow money from a local bank that would prefer to see the pay stub and steady income offered by a large corporation that employs a lot of people.
Fortunately. A growing number of fintech companies are filling this void to provide 1099 contractors and small business owners with easier access to money and much less paperwork. Giggle Finance is among these startups with an increasing number of positive reviews on Google. We’ve prepared this article so you can learn more about Giggle Finance. How it works, and to help you decide if you should consider applying for a Giggle cash advance today or in the future.
What is Giggle Finance?
Giggle Finance is a financial technology company that created an online lending platform to help small business owners and workers in the temporary economy who earn 1099 income quickly access up to $5,000. In order to qualify for a loan (technically. A “revenue-based financing program” cash advance program). You must be a self-employed business owner. Have a business history of at least 3 months. And have earnings of more than $3,000 per month.
We asked Jared Coogan. Co-founder of Giggle Finance. Why he created the company and succinctly describe the platform in his own word
“After seeing the limited options in the market. We created Giggle to serve 1099 workers and gig workers.” Kogan said. “We provide one-stop shopping for all freelancers’ financial needs, as freelancers are the future of work. By submitting an application to the funding process in less than 10 minutes, our speed and transparency help the freelance workforce continue to thrive.”
How Does Giggle Finance Work?
To borrow money through the Giggle Finance platform, you will need to fill out an online application on the Giggle Finance website which should take less than 10 minutes. The online application is easy to use and guides you through a series of 6 steps.
What is the cash flow requirement for your business?
In this step. You are simply asked to tell Giggle Finance how much money you would like to borrow. There are four options: a) $500 to $1,000, b) $1,000 to $2,000, c) $2,000 to $5,000, or d) over $5,000.
How do you run your business?
This step asks you to select the type of business you own or the company you are making money from. You can enter the name of any company you want, or you can choose from many popular employers in the temporary services economy. Including Uber. Doordash. Postmates, Lyft. Grubhub. Instacart. Shipt. And Shopify.
Step 3: When did you start your business?
In this step, simply select the month and year you started your business.
Step 4: Link your bank account
Your bank account will be linked after that. Giggle Finance says linking your bank account won’t affect your credit score. To link your bank account, you will first have to meet all three of the following requirements:
1 Your bank account must be at least 3 months old
2 Your bank account must be your primary business bank account
3 You must verify that you are earning more than $3000 per month
After ensuring that each of these three requirements is met, you will be linked to a secure technology platform called Plaid. You will need to confirm your bank name and then provide your login credentials which provide Giggle Finance with the data they need to determine if you qualify for a cash advance.
As soon as you link your bank account, Giggle Finance will be able to analyze your income and expenses. If a cash advance is approved, you will receive a near-instant message indicating the maximum amount you qualify for and options for receiving your proceeds directly into your bank account or debit card.
How do I pay off my Giggle Finance cash advance?
If you receive a cash advance from Giggle Finance, your payment will be automatically charged by Giggle Finance from your future earnings through your bank account via automated debits until the amount you borrowed is repaid with the service fee.
Giggle Finance cash advances: how much does it cost?
While Giggle Finance emphasizes transparency as a core value on the About Us page and a desire to offer financing solutions that cost less than payday loans, the Giggle Finance website does not provide details on service fees And making it difficult to know how much you are paying. First, apply for a cash advance.
Wealthtender contacted Giggle Finance to request additional details on the cost of a cash advance and received this email response from co-founder Jared Coogan: “Our fees/prices are entirely risk-based and dependent on the cash flow and risk profile of each customer. We do not charge any late fees. The fee starts at $100 and goes up from there, everything is shown transparently to the client before they accept the terms.”