Income Promise FAQs

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Overview

What is Wollit?

Wollit is a financial safety net for people in insecure work and on zero hour contracts. Wollit makes life easy for people on fluctuating paychecks and insecure incomes.

Who is Wollit for?

Wollit is for anyone who has fluctuating wages and insecure income.

Are there any requirements?

You'll need to have a UK bank account, be employed and get paid on a regular schedule.

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 in the future you receive a paycheck for less than the Income Promise, Wollit immediately makes up the different 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 income regardless of what's on your paycheck. With Wollit you no longer need to worry about low paychecks or turn to expensive forms of short term credit to make ends meet when your paychecks are less than normal.

Why should I trust Wollit?

We're a UK company based in London. We have a long history of creating innovative technology products and are well known in the industry. We have sophisticated securty systems to protect your personal and financial information


Wollit Income Promise

What exactly is a Income Promise?

It's an amount of money we promise you will have regardless of what's on your paycheck.

How do you calculate my Income Promise?

Your Income Promise is based on your recent paychecks and various other factors.

How long before I get my Income Promise?

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

Will my Income Promise change over time?

Yes. We constantly track your paychecks and recalculate the Income Promise we can offer you. If your average paychecks increase so will the amount of your Income Promise, likewise if your average paychecks trend down over time so will your Income Promise.

What's an example of a Income Promise?

You connect your bank account and we analyse your recent paychecks. Based on our calculations we decide we are prepared to offer you a Income Promise of £400 per week. Your next paycheck comes in for only £325, that is £75 below your Income Promise of £400. We immediately transfer you £75.

Can everyone get a Income Promise?

Income Promises are only currently available to people on insecure work who receive regular paychecks. You must also have a UK bank account.


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 last paycheck is less than your Income Promise. Cash Boosts usually arrive in your account immediately but can take a few hours.

Do Cash Boosts cost money?

No Cash Boosts themselves are free. They are included as part of your Wollit Membership fee.

How do I get a Cash Boost?

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.

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.

Are Cash Boosts loans?

No. Cash Boosts are just cash advances which are repaid when your paychecks are higher than your Income Promise.

How much money will my Cash Boost be?

Cash Boosts will make up the difference between your Income Promise and your paycheck. If your Income Promise is £400 per week and your paycheck is £325, you will receive a £75 Cash Boost. If your paycheck is only for £250 you will receive a £150 Cash Boost.

When do I repay Cash Boosts?

Cash Boosts have no fixed repayment dates or late payment fees of any kind. They are repaid automatically when your paychecks are higher than your Income Promise. If you want to repay them faster, you can, but there's no need to.

Can I have more than one Cash Boost outstanding?

Yes, you will continue to receive Cash Boosts for each paycheck you receive below your Income Promise. If we feel your total Cash Boosts are getting too high we will let you know.


Pricing and Fees

How much does Wollit cost?

Wollit is a members subscription service that costs £3.99 a week and is payable whether or not your account has outstanding Cash Boosts. There are no other charges whatsoever for using Wollit.

How do I pay for Wollit?

Membership fees are billed automatically via Direct Debit. Allowing you to benefit from the Direct Debit Promise

How do I cancel?

Just log into your account and let us know. If you have outstanding Cash Boosts we will work with you to agree a timetable for them to be repaid.


Safety and Security

Can I trust you?

We take your security very seriously. Read more about our personal and financial data protection and security measures here

Is there a credit check to use Wollit?

No. There are no credit checks involved and using Wollit wont affect your credit rating.

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 only ever have 'Read' access to your account. Meaning we can see your transactions but cannot do anything else.

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