An increasing number of Canadians are self-employed, working in shorter-term employment, or seeking work as independent contract employees. Since 2008, the proportion of contract work among people aged 25 to 44 has increased by 25 percent. As a generation of workers shows an increased willingness and ability to shift with the rapidly changing currents of the job market, we must also consider the impact of this trend on the ability for people to find access to loans and other financial resources that will help them achieve longer term stability.
Canada’s traditional banking infrastructure may not be prepared to adjust to a climate in which contract employees transition between jobs at a more rapid rate. A lengthy and consistent history of employment continues to be a major criterion for traditional bank lending – often to the detriment of those who strike out as entrepreneurs or sole proprietors, or who find themselves pivoting to emergent opportunities in contract positions. Despite their ability to maintain gainful employment over time, these individuals are often pressured to turn to payday lenders whose rates and policies often prove predatory and expensive.
Clearly, a more versatile and middle-ground approach is needed in order to help Canadians of all backgrounds and career paths. At UrLoan we look to provide just such solutions. In addition to an applicant’s basic documentation, we look at a more comprehensive picture of your history in order to attempt to help you find the money you need. If you find it difficult to negotiate terms with traditional banks, feel free to contact us to see what we can do for you.