Three Financial Services to Support the Gig Economy

Financial Services to Support the Gig Economy

Hold up…what’s the gig economy? Besides being fun to say, what exactly is the gig economy? The IRS defines the gig economy (also known as the sharing or access economy) as an “activity where people earn income providing on-demand work, services or goods. Often, it’s through a digital platform like an app or website.” These activities are short-term, temporary gigs, hence the GIG economy.

The Uber driver who picked you up at the airport, the door dash guy who brought you tacos, or even the freelance tutor you use are all examples of gig workers.

Got it! Why should I care?

It’s estimated that the global gig economy will generate $455.2 billion in gross payment volume in 2023. In case you missed it, let me write it again, $455.2 BILLION. The gig economy is extremely present and impactful in our daily lives.

These workers need the best financial resources and tools they can get to continue to provide the goods and services we all know and love.

1166 FCU is here to help.

Three financial services to support the gig economy

  1. Direct deposits

As a gig worker, having reliable, safe, easy access to your hard-earned money is vital. The ability to accept direct deposits means no waiting around for a check, no need to stop at the bank, and no delayed check-clearing process. Your money is safely deposited into your account without any additional fees.

1166 FCU offers direct deposit options that provide necessary financial control to gig workers.

  1. Emergency funds

A downside of the gig economy is that workers don’t receive benefits such as sick days, insurance, or job security. Finding a job to pay the bills isn’t guaranteed, which is why emergency funds are crucial for these individuals. These funds are specifically designated to cover the expenses of unexpected events such as job loss, medical emergencies, or car repairs.

1166 FCU provides easy-to-use, personal banking services that allow individuals to create an emergency fund to safely save their money and avoid future financial turmoil.

  1. Personal loans

Let’s say you’re just getting your feet wet with gig work and you need some money to help you grow the services you offer. The problem is, you don’t have that money. Personal loans may be the solution for you.

1166 FCU offers many personal loan options that allow gig workers to focus on the task at hand and provide the services they need to grow their network. With competitive rates that align with your budget, our loans can help you achieve your goals without financial stress.

Get Started

Whether you’re new to the gig economy or you’ve been part of it for years, take advantage of the tools 1166 FCU has to offer.

Contact us

Browse our website for more information, or contact us at (856) 542-9241 to speak to a member of our team.