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With the rise of the gig economy in the UK, the inconsistent income of gig workers has become a major issue, leading to financial stress and uncertainty. That’s where SteadyPay comes in, a London-based startup that offers an income smoothing app for gig economy workers that allows them to access a consistent income and budget with confidence.
SteadyPay’s innovative service offers a subscription credit model that helps gig economy workers with short-term financial needs by providing top-ups to their income when it falls below their average. This enables them to meet their daily financial needs without turning to high-cost credit solutions that exacerbate debt spirals.
The Concept behind SteadyPay
SteadyPay is a mobile app that utilises Open Banking APIs to access users’ bank accounts and determine their average income. The company tracks users’ daily transactions to calculate this figure, taking note of dips in their income due to things like reduced shifts, fewer bookings, time off for illness or holidays, or other unexpected factors.
When a user’s income falls below their average, SteadyPay automatically provides a top-up payment to the user’s bank account, using a subscription credit model that avoids the high-interest rates of traditional credit products. By smoothing out income, SteadyPay aims to empower gig economy workers with stability and financial security.
The Benefits of SteadyPay
SteadyPay’s service offers many benefits to gig workers, including:
- More financial certainty: With SteadyPay, you can budget confidently for essentials.
- No high-cost credit solutions: Avoid expensive credit products that trigger debt spirals.
- Effortless use: Our app takes care of everything for you, with no complicated paperwork.
- Competitive pricing: Our pricing is transparent, with no hidden costs.
- Security: Your personal data is always secure with our state-of-the-art encryption system.
The Future of SteadyPay
SteadyPay has already demonstrated that its service has wide appeal with gig economy workers. As the gig economy expands in the UK and beyond, the demand for SteadyPay’s income smoothing service will continue to grow. As such, the company has big plans for the future, including expanding its offering to include further financial services that cater to the needs of gig economy workers.
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