Should You Get a Loan from Giggle Finance?

Almost 50% of people working in the US earn income as freelancers, independent contractors, and small business owners. If you count yourself among this group of hard-working Americans, you likely know it can be difficult to borrow money from a local bank that prefers to see a pay stub and steady income provided by a large company that employs lots of people.

Fortunately, an increasing number of fintech companies are filling this void to provide 1099 contractors and small business owners with easier access to money and a lot less paperwork. And Giggle Finance is among these startups with a growing number of positive reviews on Google. We 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 has created an online lending platform to help small business owners and gig economy workers who earn 1099 income get quick access to up to $5,000. In order to qualify for a loan (technically, a cash advance “revenue-based financing program”, you must be self-employed with a work history of at least 3 months and earnings of more than $3,000 per month.

We asked Giggle Finance co-founder Jared Kogan why they started the company and to briefly describe the platform in his own word.

“We launched Giggle to serve 1099s and gig workers with access to financing after seeing the slim options in the market,” Kogan said. “Independent workers are the future of work and we’re here to be the one-stop-shop for all their financial needs. With an application to funding process in under 10 minutes, our speed and transparency help the independent workforce continue to thrive.”

How Does Giggle Finance Work?

In order to borrow money through the Giggle Finance platform, you’ll 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 walks you through a series of 6 steps.

Step 1: How Much Cash Does Your Business Need?

In this step, you’re simply asked to let Giggle Finance know how much money you would like 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) more than $5,000.

Step 2: What Type of Business Do You Operate?

This step asks you to specify the type of business you own or the company you earn money from. You can enter the name of any company you like, or you can choose from several popular gig economy employers, including Uber, Doordash, Postmates, Lyft, Grubhub, Instacart, Shipt, and Shopify.

Step 3: When Did You Start Your Business?

In this step, you’ll simply select the month and year when you started your business.

Step 4: Link Your Bank Account

Next, you’re asked to link your bank account. Giggle Finance says linking your bank account will not impact your credit score. In order to link your bank account, you will first have to meet ALL of these 3 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 earn more than $3,000 per month

After confirming that you meet each of these 3 requirements, you will be linked to a secure technology platform called Plaid. You will need to confirm the name of your bank and then provide your login credentials which provide Giggle Finance with the data they need to determine if you qualify for a cash advance.

Next Steps

After you link your bank account, Giggle Finance will have the information they need to analyze your income and expenses. If you are approved for a cash advance, you’ll receive a near-instant message indicating the maximum amount you qualify for and options to receive your proceeds directly in your bank account or on a debit card.

How Do I Repay My Cash Advance from Giggle Finance?

If you receive a cash advance from Giggle Finance, your repayment will be automatically collected by Giggle Finance from your future earnings through your bank account via automated debits until the amount you borrowed is repaid along with their service fee.

What is the Cost of a Cash Advance from Giggle Finance?

While Giggle Finance emphasizes transparency as a core value on their About Us page and a desire to provide funding solutions at a lower cost than payday loans, the Giggle Finance website does not offer details about its service fee, making it difficult to learn how much you can expect to pay in fees without first applying for a cash advance.

Wealthtender contacted Giggle Finance to ask for additional details about the cost of a cash advance and received this response by email from co-founder Jared Kogan: “Our fees/pricing is fully risk-based and depends on the cash-flow and risk profile of each customer. We don’t charge any late fees. Fees start as low as $100 and go up from there, everything is displayed transparently to the customer before they accept the terms.”

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