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Overview

What is Wollit?

Wollit is a financial safety net for people in insecure work who earn fluctuating income.

Who is Wollit for?

Wollit helps people in insecure work who want and need more financial stability.

Are there any requirements?

Membership applications must pass a suitability assessment. Eligibility criteria include being over 18 and having a UK bank account.

How does Wollit work?

Wollit connects to your bank account and calculates an Income Promise based losely on the average of your recent paychecks. Anytime you receive a paycheck for less than the Income Promise, Wollit makes up the difference with an interest free Cash Boost paid directly into your bank account.

Why should I use Wollit?

Wollit gives you financial stability and peace of mind by guaranteeing you a minimum level of income regardless of what's on your paycheck. With Wollit you no longer need to worry about low paychecks leaving you with too little to get by and having to turn to expensive forms of credit to make ends meet.

Why should I trust Wollit?

We're a UK company based in London. Our team and investors have a history of creating innovative financial technology products. We have sophisticated securty systems to protect your personal and financial information. And remember, we're the one's lending you money.

How does Wollit make money?

We charge a fixed monthly membership fee for access to our services. Membership fees are due regardless of whether you have any Cash Boosts outstanding and remaing the same whatever the size of your outstanding Cash Boost balance

Why don't your charge interest?

Bank, payday loan companies and credit cards are incentivised to loan you as much as possible because the more they do the more they earn. This isn't putting your interests first. We want to be perfectly aligned with our customers. A fixed membership fee is the best way to do that.

How do I use Wollit?

To get up and running all you have to do is signup online or through our mobile apps and complete all application form. We'll then give you your Income Promise. Confirm you're happy, activate your membership, and you're good to go.


Wollit Income Promise

What exactly is a Income Promise?

Your Income Promise is the minimum amount of money we make sure you will have access to each month. It is based on your recent paychecks and other relevant information.

How do you calculate my Income Promise?

We calculate your Income Promise by connecting to your bank and analysing your recent paychecks. It only takes a minute to do and is completely safe and secure.

How long before I get my Income Promise?

You will get your promise immediately after joining Wollit and connecting your bank account.

Can my Income Promise change?

Yes. If your average paychecks increase so will your Income Promise. Likewise if they decrease your Income Promise will also. We'll let you know well in advance of changing your Income Promise so you'll always have the stability you need.

Why access my bank account?

We access your bank account via a large trusted technology company. We need to verify your paychecks to calculate your Income Promise and be able to detect new ones so we can transfer your Cash Boosts when you need them.

Can anyone get a Income Promise?

Membership to Wollit is subject to a suitability and assessment and eligibility criteria. You must be over 18 and have a UK bank account to apply.


Cash Boosts

What is a Cash Boost?

Cash Boosts are the name of the instant interest-free cash transfers we make you anytime your paycheck is less than your Income Promise.

How long do Cash Boosts take to arrive?

Cash Boosts are triggered the moment we see your paycheck is less than your Income Promise. Cash Boosts usually arrive in your account immediately but can take longer.

Are Cash Boosts free?

Yes Cash Boosts are free. They are included as part of your Wollit membership.

How do I get a Cash Boost?

Whenever you get a paycheck that's below your Income Promise you will be eligable for a Cash Boost, so long as you haven't exceed your credit limit.

How often can I get a Cash Boosts.

Cash Boosts work in step with your paycheck schedule. Whenever you get a paycheck if it's below your Income Promise, you will receive a Cash Boost.

Is there a maximum Cash Boost size?

Yes. All accounts have a credit limit based on affordability and risk. The total amount of Cash Boosts outstanding will not be able to exceed this amount.

How much will my Cash Boost be?

Cash Boosts are always calculated to make up the difference between your Income Promise and your paycheck. Here are some examples of Cash Boosts in action

Can I have more than one Cash Boost?

Yes. You will receive a Cash Boost whenever a paycheck is below your Income Promise, subject to remaining in your credit limit and not breaching the terms of the agreement.

When are Cash Boosts repaid?

Cash Boosts have no fixed repayment dates. They are repaid when your paychecks are higher than your Income Promise. You can repay them faster if you want but there's no need.


Repayments

When are repayments made?

In months where your paycheck is above your Income Promise you'll repay any credit you owe up to the difference between your paycheck and your Income Promise. Repayments are made a couple of days after you receive a paycheck.

How are repayments made?

We will collect repayments automatically from the debit card we have on file for you. We will always let you know a couple of days in advance of an upcoming repayment. If there's a problem let us know

How much will repayments be?

Repayments are calculated based on your exact circumstances at the time. The most they will be is the difference between your paycheck and your Income Promise. Here are some examples of repayments in action


Pricing and Fees

How much does Wollit cost?

Wollit is a membership club that costs £14.99 a month. There are no other charges for using Wollit. No interest-frees, no setup fees, no repayment fees.

How do I pay my membership?

Membership fees are paid monthly by Direct Debit.

How do I cancel?

Just let us know and we'll close your account immediately. If you have any outstanding Cash Boosts you'll need to clear these first.


Safety and Security

Is there a credit check to use Wollit?

Yes. We will conduct a credit check before entering into an agreement with you. We will also carry out an affordability assessment to ensure our services are right for you.

Why does Wollit need access to my bank account?

We connect to your bank account to see your recent paychecks so we can work out your Income Promise. We also need to know when knew paychecks arrive so we can send you Cash Boosts when you need them. We only ever have 'Read' access to your account. Meaning we can see your transactions but cannot do anything else.

Is Wollit safe

We take your security very seriously. We go to extreme lengths to secure your personal and financial data. We've had many years experience building financial technology products and use industry best practices to make sure all your information is kept secure.

Members Only

Membership is the only fee you'll pay for access to all our services.

Say goodbye to dredded payday loans, expensive credit cards and overdrafts.

Start enjoying financial stability today.


Join Wollit Today

£14.99 / month

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