Employer

We continuously evaluate the accounts of members subscribed to Hourspent Prime Financing to identify those eligible for financing. If you qualify, we’ll notify you via email, and you can view our offer in the Dashboard under the Financing tab.

Eligibility Overview

To qualify for Hourspent Financing, your account must meet specific criteria. While meeting these minimum requirements doesn’t guarantee approval, it significantly increases your chances of receiving an offer.

Minimum Eligibility Requirements

Your Hourspent account must:

1. Have minimal disputes: Maintain a good track record with limited or no disputes raised by freelancers.
2. Be active for at least 3 months: You must have hired freelancers through Hourspent for a minimum of three consecutive months.
3. Meet payout thresholds:
   • Paid out at least $5,000 USD in the past year.
   • Maintained an average payout of $1,000 USD per month for the last three months.
4. Subscribe to Hourspent Prime Financing: Only Prime subscribers are eligible for financing reviews.
5. Be based in the United States: Hourspent currently supports financing offers only for US-based project owners. You must also provide a physical US address for verification.
6. Geographic limitations: Certain states may have restrictions due to local regulations, and financing might not be available in those locations.

Note: If you’ve applied for a financing offer and were rejected, you must wait 30 days before reapplying.

Additional Considerations

In addition to the minimum requirements, Hourspent considers several factors to evaluate your business's overall health and growth potential. Some key considerations include:

• Business Growth: A positive and consistent growth trajectory increases your chances of qualifying for financing.
• Steady Hiring: Regularly hiring and paying freelancers demonstrates stability and increases eligibility.
• Customer Base: Businesses with a growing number of clients or projects are more likely to be considered for financing.

Financing Offer Details

When you are approved for financing:

• The approved amount will be deposited directly into your Hourspent available balance.
• Funds cannot be transferred or withdrawn to external accounts.
• Financing can only be used to hire freelance talents on Hourspent.

Improving Your Chances of Approval

Here are additional steps you can take to enhance your eligibility for Hourspent Financing:

1. Increase Hiring Volume:
   Shift more of your hiring activity to Hourspent. Our underwriting model is heavily based on your hiring and payout volume.

2. Maintain a Positive Track Record:
   Ensure timely payments, minimal disputes, and positive feedback from freelancers.

3. Engage with Hourspent Prime:
   Subscribing to Hourspent Prime Financing shows a commitment to growing your business within the platform and makes you eligible for continuous account reviews.

4. Consistent Growth:
   Demonstrate consistent hiring and project completion over time. Steady activity helps build trust and reliability.

Frequently Asked Questions

1. Does meeting the minimum requirements guarantee financing?
No, meeting the minimum requirements doesn’t guarantee financing approval. We evaluate various factors, including your account activity, business growth, and hiring patterns, before making a decision.

2. Can I transfer the financing funds outside Hourspent?
No, financing funds can only be used within Hourspent to hire freelancers. The funds are non-transferable and must be utilized for project-related expenses.

3. What happens if my financing application is rejected?
If your application is rejected, you’ll need to wait 30 days before reapplying. In the meantime, focus on improving your hiring volume and maintaining a positive account history.

4. Is financing available outside the United States?
Currently, Hourspent Financing is only available to project owners based in the United States, subject to local regulations.

5. How much interest does Hourspent charge?
Hourspent does not charge any interest when you get financed. The total amount financed is taken from your card on the due date, along with the card processing fee. Alternatively, you can manually pay back through bank transfer without incurring any card processing fee. 

Visit the Financing page to apply.