Wollit loans review August 2020

Wollit offers interest-free top-ups to help workers keep their income steady.


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Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk.

Please note: High-cost short-term credit is unsuitable for sustained borrowing over long periods and would be expensive as a means of longer-term borrowing.

Creditspring Membership

Creditspring membership: More than a loan

  • Borrow up tor £500 twice a year, available on demand.
  • Monthly membership fee of £6 or £8.
  • Repay each advance in up to 6 monthly payments.
  • 0% interest rate – only pay back what you borrow plus the monthly fee.

Representative example: Total amount of credit of £1,000 over 12 months. The first payment for each advance is £83.35 followed by 5 monthly repayments of £83.33. 12 monthly membership payments of £8. Representative APR 38.6% and total payable: £1,096.


What is Wollit?

Wollit is a subscription-based credit provider aimed at gig economy and zero-hour contract workers who don’t earn a stable, predictable income. While it’s somewhat similar to a credit card or credit limit, Wollit doesn’t charge any interest on the money you borrow. It is also authorised by the Financial Conduct Authority.

How does Wollit work?

Wollit provides what it calls an “Income Promise”, which is a minimum amount that you’ll get in your account each month, based on your average payslips. If you get paid a lower amount than usual, Wollit will then transfer the difference directly to your bank account.

For example, if you normally earn £1,500 per month, but only earn £1,200 this month, Wollit will top-up your account with £300 to make up the difference. You’ll then repay the amount you have borrowed in the months where you earn more than your income promise amount.

Instead of paying interest, you’ll pay a fixed monthly subscription fee of £9.99. You can also cancel your account at any time.

How do I work out my Wollit Income Promise?

You can work out your Income Promise by entering the value of your three most recent monthly payslips on the Wollit website. You’ll then be given your Income Promise amount, which is the minimum amount you’ll receive in your account each month, regardless of how much you get paid.

How many top-ups can I get?

You can get as many top-ups as you need as long as your balance remains below your credit limit. If you’ve reached your credit limit, you won’t be able to get any further top-ups until you’ve repaid some of your outstanding balance.

What are the eligibility requirements?

Like other credit providers, there are certain criteria you’ll need to meet to be approved for a Wollit income promise:

Minimum age18
Additional eligibility notesYou must have a UK bank account and be in a job where you receive monthly payslips

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