Freelancers are expected to take over as a workforce majority by the year 2027 with nearly 50 percent of millennial workers already part of that industry. Even as the gig economy has increased, the financial industry has struggled to keep up with the challenges faced by these workers of the future.
Frustrations Faced by Freelancers
In spite of a lucrative income on paper, many freelancers struggle to qualify for financing from banks and even alternative lenders. The reason isn’t due to a lack of creditworthiness or even income in most cases. The difficulties lie in a freelancers inability to provide verification of a stable job that they’ve held for years and a consistent income. This is most often proven with documentation such as pay stubs, W2s and job verification. Time and again those working in the gig economy pass the test when it comes to their FICO scores only to be filtered out when it comes to verifying their sources of income.
Oxygen: The Solution for Today’s Modern Business Model
Oxygen is a challenger bank that is disrupting the financial industry. In the midst of this disruption, though, is the art of making life simpler and more streamlined for freelance workers. Using Oxygen allows gig workers to send their direct deposits to their fee-free account where it’s available instantly. A line of credit that offers zero interest helps freelancers weather the natural ebb and flow of the gig economy.
Grounded in an all-digital platform built especially for iPhone and Android phones, Oxygen provides a convenient and easy-to-use home for everything financial. Keeping track of bills and income projections are built into the Oxygen platform. This data forms the basis of the instant loans that are offered when needed.
Many people gravitate toward the gig economy because of its flexible, simplified and independent lifestyle. Isn’t it about time that the financial industry caught up? With Oxygen‘s robust features built with freelancers in mind, it finally has!