How to achieve financial stability in the gig economy

Lockdown restrictions has us increasingly relying on gig economy workers to deliver a massive variety of services and goods in the past two years. Organisations such as Deliveroo, Uber and Amazon have played an instrumental role in sustaining the staggering mobility of both products and people, dramatically growing their pool of gig workers and contractors.Off the back of the pandemic and the spread of the Great Resignation phenomenon, we've seen much of the population leave their permanent jobs and turn to freelance/shift-based work in order to benefit from higher flexibility and control over their work-life balance.

Regular Pay vs Variable Income

As a result, many people have given up on having a regular wage and rely on gig work as their primary source of income. However, working on-demand means a variable number of “gigs” per month and consequently, an unstable income.Whilst for some flexible work stands as a huge benefit, the lack of fixed pay impacts people's ability to apply for mortgages and loans, as well as limiting their potential to build up their credit scores. In other words, they’re not able to achieve financial stability and make plans for the future.

The SteadyPay Solutions

SteadyPay supports gig workers by offering a bundle of effective, transparent and easy to use financial solutions. Here's a few of them:

• Pay top-ups
• Early top-ups
• Credit building

Anyone who gets paid per job or by the hour can sign up to protect and top up their pay. Nevertheless, who's on a full time job or fixed pay can still use our services to improve their credit score.Our customers can choose between SteadyPay Top-Up or SteadyPay Step-Up.

SteadyPay Top-Up

Gig workers will get a top-up when their pay takes a hit, like working fewer shifts, taking sick days, or going on holiday. For only £4 a week, they'll get regular top-ups when their income goes below their monthly average. They can choose the repayment plan that best suits their situation and are free to cancel anytime. No interest, no hidden fees or minimum commitment periods. In addition, the SteadyPay Top-Up feature builds up their credit score.

SteadyPay Step-Up

By joining our standalone credit building feature, our customers can step up their score and improve their creditworthiness for credit institutions. They can make small, fixed payments of £4 a month over 12 months that will be reported to the three major credit agencies - TransUnion, Experian and Equifax. An easy and effective way to demonstrate they can make payments on time over the length of a credit agreement. Think of it as training wheels for a bigger credit when they need it!Are you ready to achieve financial stability? Download the app today and start protecting your future!