Millions of Americans are becoming freelancers. A personal loan can help you build our own gig economy business.
The gig economy is here to stay – more than 55 million Americans are working as freelancers either full-time or as a little side hustle.
Millions of people are leaving their corporate lives for project-based working arrangements that provide more flexibility and freedom. If you have a specific skill set, you can get a freelance business up and running with a relatively small investment.
Kate is one of those talented professionals. Her passion was always art, so she would paint whenever she wasn’t working full time as an interior designer for a company in Los Angeles.
At first, Kate would only sell her art to friends, but after a little word of mouth she started getting more inbound requests. Soon after came inquiries about logo design, branding, marketing materials, and web design.
With the gig economy, Kate saw an opportunity to finally do what she always wanted to, all she needed was the initial money to get going.
“With a little bit of capital, I knew I could get my design business started quickly. I could sell my artwork to people all over the U.S. on Etsy and Instagram, and I can market my logo and branding services on platforms like Upwork and get connected to other professionals in need of design help all around the world.”
To get started, Kate took out a $3,000 personal loan and used a small portion of her personal savings to buy a new computer and editing software, a new digital camera, and plenty of art supplies. She also enrolled in a digital design and photoshop bootcamp online and attended a few art classes.
“I knew that to thrive as a designer I had to expand my skill set and become a more well-rounded artist. The technology nowadays is always evolving, and you have to be on top of the design trends to stay relevant.”
Kate was able to get a personal loan with an APR just under 12% and 3-year term using her good credit history, recent pay stubs and additional side income selling art. She was pre-qualified for several loan offers in a few minutes and got her money in less than 2 days.
The best part was that Kate’s loan had fixed monthly payments of $99 a month, so she was able to budget around it knowing she’d be debt-free in 3 years as long as she made all her payments.
“I never knew that a personal loan was even an option but am so glad it was because I likely ended up saving hundreds of dollars on interest compared to if I’d used a credit card.”
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