Designed for freelance income earners, 'Even' is a new service that acts as a virtual financial advisor. Even is not like a bank or lender, but instead manages the money that you currently have and earn through an automated program.
An algorithm is used to determine how much your monthly pay is, based on your last six months of income. Rather than adding all the wages and dividing it up by the number of months, the algorithm will give more weight to recent income flows. Using this data, Even will determine your monthly wage and in the future, automate particular deposits into your accounts accordingly.
In a rather simple process, Even can deposit a surplus amount of income into your savings if it rises over the monthly number. Conversely, Even can provide interest free loans for users to reach their monthly wage. To use the service, a smart phone, debit card and a job are required.
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