Beware of yet another start-up that’s out to take advantage of the self-employed and part-time workers trying to make a living from several jobs.
Even is a new company launching later this year that promises to help smooth out the erratic income of those of us who don’t have a single, steady employer.
They posit themselves as insurance on your checks: Give them your money, and they’ll pay you a weekly salary out of it.
If your income isn’t up to snuff that week, they say they give you an interest free loan.
If all systems are go, your extra money is saved for the next time a check is late or your shifts are cut.
The big problem: Even charges $5 per week to hold onto your money for you. That’s $20 per month and $240 per year. In exchange, they give you zero interest in your savings.
What a terrible idea.
Look, I understand the frustration when your incoming is coming from a dozen different sources. I’ve been self-employed for 10 years, and sometimes checks are late.
But there’s a very easy way to even things out yourself.
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