Income volatility causes unpredictable wild cash flow swings, which corrode financial stability and personal wellbeing. Living with a volatile income is a life of fear and uncertainty. Many are forced to rely on expensive credit to smooth their cash flow shocks, which compound their instability and misery.
Income volatility is also toxic to workplace productivity and economic mobility, a burden borne by employees, employers and society as a whole.
Stable income is key to financial health and economic resilience as it offers income predictability and cash flow certainty. Sadly, the trend to casual labour means they are more elusive than ever. What if we could gift a stable income to those without one? Could we provide financial stability and peace of mind to people bereft of it? Crucially, could we do it in an affordable, sustainable and ethical way? - We can.
Wollit provides financial stability and peace of mind to people in insecure work through its innovative Income Promise and interest-free cash top-ups.
Wollit's Income Promise is a minimum amount of money Wollit ensures its subscribers will have access to each month. Whenever they earn less than this amount, Wollit provides an interest-free cash top-up for the difference.
Top-ups are instant cash advances drawn from a member's revolving credit line. Top-ups are automatic, guaranteed and have no fixed repayment dates. They are provided whenever a subscriber earns less than their Income Promise and only repaid when they make more.
Wollit's Income Promise and top-ups, offered through a fixed price subscription service, are precisely calibrated to each subscribers' unique financial and employment circumstances. They work together seamlessly to provide the financial certainty, and cash flow stability flexible workers are desperate for.