Freelance writers, Uber driver, designers, PR consultants, and other contract workers don’t have predictable, steady incomes. The job market has changed to more project-oriented work, with 20 percent of all American workers hired as contractors on a specific project or for a fixed period of time. Out of those workers, 49 percent of contract workers have income that varies from month-to-month or seasonally.
When your income isn’t always stable and steady, applying for traditional credit can be incredibly hard when most applications require proof of stable and consistent income for at least six months.
Affirm customers, Tracey and her husband are great examples of how traditional credit methods just weren't a realistic option for them. They both have unpredictable incomes and payment schedules. Tracey is a homeschool teacher who also temps while her husband is in construction.
“My husband is always the first to arrive and the last to leave, so he makes great money," she said. "But the jobs are more unpredictable with sometimes having a break for four months or so before there is a new job.”
Tracey’s husband doesn’t always stay with the same construction company. She follows him, and he follows the money, which has meant moving a lot. In the last 15 years, their family has lived in 38 states, sometimes moving up to four times in a given year.
While Tracey enjoys her life on the road with her husband, it can make for difficult financial times when they one of them is off work for a few months. When their refrigerator broke in their new apartment, and they had no means of getting a new one because they couldn’t verify six months of constant employment to the credit card company.
“I had to use a high-interest rate card to buy the refrigerator because that was the only option we had available," she said. "It’s been more than two years since we made that purchase and we are still having to pay it off because of the interest rate.”
Tracey does it all. She is a dedicated homemaker, homeschooling her children and taking care of her handicapped mother, while also squeezing in a variety of different part-time jobs to add to her family’s income. Last year, she was in desperate need of a lift chair for her mother.
“She was getting really sick, and I knew this chair would make both of our lives easier, so I went online and found out I could finance it through Affirm,” she said. “Once I was approved, I was so happy. It’s hard to get credit when your employment history is all over the map...literally.”
Tracey continues to use Affirm because it gives her flexibility with her spending. Affirm can match up with the family’s income schedule and helps her to feel more secure because she knows they will have money coming in for the duration of the loan.
“It’s hard to stay on top of things when your job is always up in the air, but that's why we love Affirm,” she said. “I loved the payment options since it’s perfect for our lifestyle.”
If her husband has a three-month job, she can select a three-month term where she knows they will have a consistent money flow. If they are in the process of moving to the next job, she will select a longer payment option to relieve some of the financial burden.
Since making her first purchase for a lift chair, Tracey and her husband have bought a washing machine, dryer, and air conditioning, paying each one off on their schedule. Tracey and her husband are an example of the responsible, hard-working people who have been mislabeled by traditional credit, but Tracey has proven that they are amazing Affirm customers.
About the AuthorMore Content by Alanna Propst