Fintech Wollit, which aims to help with the financial wellbeing of freelancers, gig workers has brought forward the launch of Wollit Income Promise, its first product—which tops-up the monthly pay packets of freelancers and gig workers—by several months in the wake of the coronavirus outbreak.
The service aims to regulate the incomes of those not in full-time work. Wollit provides customers with an interest-free cash top-up whenever they earn less than their average monthly earning. A £9.99 fixed monthly fee is the only cost to customers.
So, if an individual agrees with Wollit that their average earnings are £2,000 a month, but one month they only earn £1,500, then Wollit will top up the £500. The top-ups are repaid when the individual earns more than the £2,000. A credit limit is agreed beforehand between the customer and Wollit.
https://www.altfi.com/article/6367_london-based-fintech-brings-forward-launch-of-income-levelling-product-to-help-freelancers-and-gig-workers-hit-by-coronavirus
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