Although they may seem similar on the surface, there are a few key differences between a loan and a Moves Cash Advance. A personal loan typically has interest rates and origination fees related to borrowing money and can be used for personal expenses. With a Cash Advance from Moves, there are no origination fees and no interest rates (that means no APR or AIR). Instead, we deduct a portion of your future earnings in exchange for the Cash Advance we provide, similar to a service fee. The terms of a Cash Advance are covered by a commercial contract (or agreement) between the vendor and the business (the business can be an individual working as a gig worker, freelancer, sole proprietor, or similar). It is advanced in exchange for some portion of future earnings. To learn more about Cash Advances, click here.
What is the difference between a Moves Cash Advance and a personal loan?
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