Credit Access in The Gig Economy: Rethinking Creditworthiness in a Post-Employment Financial System

ABSTRACT : With the world of work undergoing a significant shift towards informal, flexible work structures, dubbed by some as the gig economy, credit access remains tied to a prehistoric definition of creditworthiness rooted in stable employment, regular income, and traditional financial history. Millions of gig workers are systematically disadvantaged in their bid to secure credit facilities in conventional financial systems, not due to their riskiness but rather because the systems’ frameworks are inadequate for determining their financial status in light of their work realities. This paper discusses the mismatch between on-demand work and traditional credit scoring. It utilizes labor economics, financial technology (fintech), and credit analytics to critically evaluate the exclusionary nature of current credit systems for gig workers. By comparing and contrasting, as well as studying cases of alternative fintech models, the study will suggest a novel paradigm of creditworthiness that is more representative of the dynamic financial portrait of gig workers. The results of the study guide universal lending behavior and enter the discussion on developing fair financial systems in the postemployment world.