Best Installment Loans For Gig Workers of 2025
You are wrong if you’re working as a gig worker and thinking you can’t get an installment loan. Indeed, traditional banks and credit unions don’t accept self-employed and other gig workers for their loan services. But, due to high demand and people’s massive interest in the gig economy, there are plenty of lender options in the United States.
Platforms like GigsCheck are exclusively made for hardworking gig workers, and they offer online installment loans for gig workers with good or bad credit profiles. You can get it within a few minutes after your loan is approved.
However, knowing your installment loan interest rates, loan amounts, loan terms, and eligibility criteria is essential. To ease this, you can carefully compare providers to find the best installment loan option.
What are installment loans & how do they work?
Whether you are a gig worker or not, installment loans work the same for all. Typically, installment loans are unsecured loans offered by online and private lenders. Unlike installment loans from traditional banks and credit unions, private lenders offer loans with more lenient eligibility criteria.
It means you can apply for an installment loan even if you’re a freelancer, rideshare driver, independent contractor, or gig worker. Usually, you can borrow between $2,500 and $5,000, with repayment time ranging from 3-12 months.
When you apply for an installment loan, you borrow a lump sum of desired money directly deposited into your bank account after approval. Because installment loans are unsecured, you are not required to submit collateral against your loan.
Unlike payday loans, installment loans allow you to pay back the loan amount plus associated interest in small installments, either paid in regular payments or on a monthly, bi-weekly or weekly basis. Remember, your interest rates are usually fixed, which means your loan payment amount will be the same every time.
At GigsCheck, you can repay your loan early without paying extra fees if your budget allows. Instead of us, many lenders offer the same but make sure to check your loan contract carefully.
Best 5 short-term installment lenders for gig workers
GigsCheck
GigsCheck is a leading and dedicated platform to provide quick financial relief to thousands of hardworking gig workers, 1099 workers, independent contractors, freelancers, and self-employed. GigsCheck is a unique online platform that matches gig workers with lenders and offers various types of loans from $250 up to $5,000, including installment loans for gig workers.
The application is online, fast, and easy, and you can typically get funds into your bank account within 10-15 minutes after approval. Because GigsCheck is not a direct lender, so rates and terms vary from lender to lender.
- Network of lenders to compare
- Fast funding
- Low minimum income requirement including gig income
- Low borrowing limit
- Rates and loan amounts vary by providers
Giggle Finance
Giggle Finance offer cash advance for gig workers and other self-employed who need money fast. You can apply for up to $5,000, and it specially designed for independent contractors, freelancers, and other self-employed workers. The application is simple and once approved, you get funding in minutes.
However, Giggle Finance not disclose its rats and it typically charges 7.25% as an origination fee. Unlike GigsCheck, Giggle Finance has overwhelming negative reviews on the Better Business Bureau (BBB).
- Accepts gig workers and other self-employed individuals
- No minimum credit score required
- Approval and funding in minutes
- Not transparent about rates
- Poor customer reviews
- Origination fee of 7.25%
GigsHelp
GigsHelp is an online gig loan search platform exclusively for gig and self-employed workers. Applicants apply and are matched with a suitable lender based on their borrowing requirements and creditworthiness.
It offers loan amounts starting from $250 to $5,000, including installment loans with extended loan terms of up to 12 months. They accept all types of income; even gig workers with bad credit can apply for it.
- Accepts all gig workers and self-employed
- Simple application & funding in minutes
- Bad credit accepted
- Have to sign up through a partner
- Unlike others, the loan amount is low
Lendesca
Lendesca is a unique platform that offers financial solutions that cater to the specific needs of gig workers, self-employed, and even small business owners. Application is easy and ensures fast funding, allowing businesses and other applicants to address their urgent financial needs on time.
Lendesca could be a good solution for gig workers. Still, it has some limitations for many products, including 24 months of business operation and an annual revenue of $175,000, which might be difficult for many gig workers and smaller businesses.
- Streamlined application process for quick funding
- Expert support and resources for navigating financial decisions
- No prepayment penalties, offering flexibility in repayment
- Limited flexibility for unconventional business needs
- Strict qualification criteria for many of its products
- Detailed financial documentation required during the application process
Fundo
Fundo offers cash advances to gig workers, freelancers, independent contractors, and small businesses. Once the loan is approved, it provides up to $10,000 with same-day funding. It doesn’t require collateral, gives discounts on early repayments and has lenient eligibility criteria to qualify.
Like Lendseca, it doesn’t show interest rates on its official website, and you must contact customer service to confirm loan rates and terms. Usually, customers complain about Fundo’s high rates and processing fees.
- Same-day funding possible
- Discounts for early repayment
- Cash advances up to $10,000
- Doesn’t disclose rates or fees on its website
- Mixed customer reviews
Can gig workers apply for installment loans?
You can apply for installment loans as a gig worker, freelancer, independent contractor, rideshare driver, or self-employed worker. Recent data shows that one-third of the U.S. workforce is now participating in the gig economy by doing gig work.
Many independent and dedicated financial platforms like GigsCheck match hardworking gig workers with the most suitable lender. As a gig worker, you can apply for installment loans, payday loans, and cash advances.
What to watch out for?
Installment loans could be the best financial solution for regular employment workers and gig workers if they are managed correctly. Plus, not all lenders are legit, and even some practice predatory lending, so you have to look for the following red flags:
- Forcefulness: If a lender forces you to borrow more than you need, immediately avoid such lenders.
- False promises: No legit lenders give you the guarantee of loan approval or specific interest rates before looking into your application and creditworthiness.
- BBB alerts: You can check Better Business Bureaus (BBB) or Trustpilot to check customer reviews about the lenders you will choose.
- Add-on insurance: Many lenders push you to take out unnecessary insurance. Please don’t take it as they only make your loan expensive.
