Gig workers hit credit barriers despite 95% prime risk tiers

Compared to a wider market, 82% meet repayments without difficulty.

Nearly all, or 95%, gig workers in Hong Kong fall within prime and above credit risk tiers, compared with 90% of the general credit-active population, yet many face higher barriers and pricing when applying for credit, according to a TransUnion study.

Amongst the 500 gig workers surveyed in January 2026, 82% meet payment obligations without difficulty, compared with 80% of the wider market, indicating no evidence of higher structural risk.

Gig workers account for about 13% of the region’s workforce, with nearly nine in ten, or 89%, using gig work to supplement income from full-time employment, the study said.

Despite comparable repayment behaviour, applicants report higher friction in credit processes, with about 45% citing unfavourable pricing and 41% pointing to complex procedures.

Documentation constraints remain a barrier, with 36% unable to provide required proof such as payslips, whilst 31% say fluctuating income led to questions or rejection.

Demand for credit amongst gig workers exceeds that of the broader market, with 32% having applied for new credit or refinancing in the past six months, and 37% planning to do so in the next 12 months.

This compares with 30% of all credit-active consumers with similar plans, the study noted.

Product uptake is higher across several categories, with mortgages held by 28% of gig workers, compared with 15% of the general population.

Personal loans stand at 22% versus 9%, whilst 9% hold auto loans compared with 0.3% across all credit-active consumers.

The study also shows gig work forms part of household income planning, with 72% of respondents not planning to leave gig work in the near term, whilst 44% expect to maintain current hours and 18% plan to increase participation.

Flexibility is cited by 65% of respondents as a reason for gig work, followed by earning potential at 35% and job satisfaction at 31%.

Reported challenges include low income at 43%, limited work opportunities at 33%, and long hours at 29%.

“This finding underscores that gig workers’ credit profiles and repayment behaviour are broadly consistent with the rest of the Hong Kong market,” said Weihan Sun, Senior Director of Research and Consulting for Asia Pacific at TransUnion.

He added that outcomes are linked to income and borrowers’ individual characteristics rather than employment type.