Gig Workers Pose Danger to Consumer Lending Boom

Banks need to be wary of part-time gig workers and their ability to pay back consumer loans

Jobs in the gig economy and other flexible roles are on the rise, generating concern about pay and workers’ rights. But banks should fear the phenomenon, too: it poses risks to lending they may not appreciate.

People in part-time jobs, agency work, self-employment and work found online on platforms such as Uber or TaskRabbit can see much greater variation in monthly incomes than those in steady, traditional roles. That makes it harder to plan budgets and meet regular bills and credit repayments.