TBS Partners

Can you still get a car loan in the gig economy?

The ‘side hustle’ is an important part of the modern gig economy. However, getting a loan is difficult, as some financiers are stuck in the past. One company is looking to change that.

 

 

For many Australians, the 1990s made way for a dream that constituted a mortgage for a house in the suburbs, a stable job and a family of whom you could be proud. They were simpler times, regardless if the soundtrack was Nirvana or the Pet Shop Boys. Once the recession was behind us and the jobs started coming back, there was a sense of tangible stability, a grasp on the future firmly in place.

The world shifted, and we saw the emergence of devices, e-commerce, social media and a stifling GFC which gave many of us pause to take stock of what was important to them. Perhaps what we’d been led to believe … actually wasn’t as important after all. Maybe it’s not just about having a job that provides a pay packet for the next 25 years. Suddenly those who spent their 20s aspiring to be great musicians, athletes or actors didn’t seem so out of touch with the real world, and we wondered if maybe there were other ways to bring in money than simply waitressing or tending bar between gigs.

The emergence of Uber, Deliveroo and Airbnb meant moneymaking was possible in one’s own time, when it suited the individual, for as much or as little as was desired. If you required a bit more cash, you didn’t have to beg for shifts. Suddenly, you had a source of income that could be turned off and on, depending on when you felt like working.

The flexibility which this brings has brought about both excitement and concern, with analysts suggesting that the ‘gig economy’ is often found to not only be unsustainable, but also exploitative to its workers.

But as the way we view and perform work has altered, many of the institutions around us have failed to keep up. There are concerns over lenders falling behind when it comes to workers, with them often incorrectly being classified as ‘self-employed’. Ernst and Young produced a research document which indicated that 31 million people in the US will be working within the gig economy by 2020, which is one in five US workers. This represents a big chunk of a demographic who’s may be underestimating their own financial needs simply because of a lack of understanding around employment.

Sitting outside this unsettling trend is Positive Lending Solutions, who can provide a more open market when it comes to personal financing. Their online system allows prospective borrowers to obtain a quick quote about the potential size of their loan, the repayments, and the timing of these payments, all inside of a nine-second quick quote.

Finally, amid a changing digital and shared economy, there is a means by which this generation can seek better options for their financing.

 

Visit Positive Lending Solutions today!

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