Even is a financial startup offering no-interest loans to freelancers to help them balance out their finances from one month to the next.
Freelancers currently make up 34 percent of the total national workforce in the US, and many are probably drawn to it due to its flexible and variable nature. But it is inherently unstable — one month might provide ample work and the next, none at all. Now, Even is a financial startup offering no-interest loans to freelancers for USD 3 per week, enabling them to balance out their finances from one month to the next.
To begin, users download the Even app, which analyzes the customer’s bank account and works out an average monthly income. Then, when workers have a good month it removes the excess and stores it for a rainy day. Users can also take out a no-interest loan through the startup, which they repay with the money from flushed months. This transforms the irregular income into a salary, enabling the user to budget their life in a reliable and consistent way.
Aimed specifically at people with a low income, Even is an attractive alternative to punitive financial services. Instead of profiting from loan interests, Even charges a standardized USD 3 per week, offering a level of security and transparency missing from most financial institutions. Even is currently in Beta operating on an invite-only basis. It is expected to launch publicly in 2016. What other services could be adapted to better suit the freelance workforce?