Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Bree

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About Lender

Bree, a leading financial solution provider in Canada, offers a refreshing alternative to traditional financial institutions for Canadians facing unexpected bill payments or short-term cash flow issues. As a friendlier financial partner, Bree specializes in providing quick and hassle-free cash advances of up to $250, without imposing any interest payments or hidden fees. This innovative approach fills a crucial gap in the current financial system, offering a lifeline to the average consumer who may otherwise resort to payday lenders or incur hefty overdraft fees from other private institutions.

By leveraging technology and user-friendly interfaces, Bree ensures that accessing financial assistance is as straightforward as possible, with express delivery options available for those in urgent need. As more Canadians opt to join Bree's community of over 20,000 satisfied members, the company's reputation for providing great service at the most affordable prices continues to spread, positioning Bree as a trusted and reliable financial partner in the journey towards financial stability.

Bree

Key Features

  1. No Interest or Fees. Bree offers cash advances of up to $250 without imposing any interest payments or hidden fees, providing a transparent and affordable financial solution.

  2. Quick and Easy Access. With a fast and straightforward application process, users can access cash advances within minutes, making it convenient for those facing unexpected life events.

  3. Overdraft Protection. Bree acts as a financial safety net, helping users prevent costly overdraft fees that traditional banks often impose.

  4. Membership Benefits. Bree offers a monthly membership fee of CA$2.99, providing access to its range of financial services and support, with the ability to cancel membership at any time.

Pros and Cons

Pros

Expedited Delivery. For those in urgent need of funds, Bree offers express delivery options for a small fee, ensuring prompt access to cash when it's needed most.

No Impact on Credit Score. Using Bree's services does not affect users' credit scores, offering peace of mind and financial flexibility without repercussions.

Customer-Centric Approach. Bree prioritizes customer satisfaction, with a focus on providing excellent service and support to its growing community of members across Canada.

Cons

Membership Fee. Bree charges a monthly membership fee of CA$2.99, which may be a drawback for some users, although it provides access to a range of financial services and benefits.

Limited Advance Amount. The maximum cash advance offered by Bree is $250, which may not be sufficient for users facing larger financial emergencies.

Express Delivery Fee. While expedited delivery options are available for urgent situations, users need to pay a small fee for this service, adding to the overall cost of the advance.

Reliability

With a Trustpilot rating of 4.6 out of 1,128 total reviews, Bree showcases a track record of reliability and customer satisfaction within its user base. This substantial rating reflects the positive experiences shared by a considerable number of individuals who have utilized Bree's services. Such high satisfaction rates indicate a level of trust and confidence in Bree's ability to deliver on its promises and provide reliable financial solutions to its customers. While individual experiences may vary, the overwhelmingly positive feedback on Trustpilot serves as a testament to Bree's commitment to reliability and customer service excellence.

How to Apply for a Bree Loan?

  1. Visit the Bree Website. Start by visiting the official website of Bree Technologies, where you can access the loan application process.

  2. Create an Account. If you're a new user, you'll need to create an account on the Bree platform. This typically involves providing basic personal information and creating login credentials.

  3. Verify Your Banking Details. Once logged in, you'll need to verify your banking details by connecting your checking account to the Bree platform. This allows Bree to assess your eligibility for a loan based on your transaction history.

  4. Confirm Your Payback Date. Before applying for a loan, you'll need to confirm your payback date, which is typically aligned with your next paycheck. This ensures that you'll have sufficient funds to repay the loan without causing financial strain.

  5. Choose Your Delivery Option. Bree offers two delivery options for loans: standard delivery and express delivery. Standard delivery is free and typically takes up to three business days, while express delivery is available for a small fee and delivers funds within hours.

  6. Submit Your Application. Once you've completed the necessary steps, submit your loan application through the Bree platform. Be sure to review all the information provided to ensure accuracy.

  7. Receive Your Funds. Upon approval, Bree will transfer the loan amount directly into your checking account or connected debit card, depending on the delivery option chosen. You can then use the funds to address your financial needs.

Conditions and Requirements

Conditions

  1. Cash Advances. Bree provides cash advances of up to $250 to eligible borrowers to address short-term financial needs or unexpected expenses.

  2. No Interest or Fees. Bree operates on a no-interest, no-fee model, ensuring that borrowers do not incur any additional costs beyond the advance amount.

  3. Flexible Repayment Options. Borrowers are required to repay the advance when they receive their next paycheck. There are no fixed repayment terms, allowing for flexibility in repayment schedules.

  4. Optional Tipping. While tipping is optional, borrowers have the opportunity to provide a voluntary tip to show appreciation for the service provided by Bree, supporting the sustainability of the platform.

Requirements

  1. Eligible Checking Account. Borrowers must have a checking account that is in good standing and linked to the Bree platform for verification purposes.

  2. Consistent Income Source. Borrowers should receive their income through direct deposit into their checking account from an employer or other consistent income sources.

  3. Verification of Income. Bree verifies the borrower's income by analyzing the transaction history in their checking account over the past two months to ensure a steady income stream.

  4. Payback Ability. Borrowers must demonstrate their ability to repay the advance by showing that they will have sufficient funds in their checking account after receiving their next paycheck.

  5. Canadian Residency. Bree's services are available only to residents of Canada, and borrowers must provide proof of Canadian residency to qualify for a cash advance.

  6. Age Requirement. Borrowers must be at least 18 years old to apply for a cash advance through Bree.

Ways to Receive the Money

  1. Standard Delivery. Bree offers standard delivery for cash advances, which typically takes up to three business days for the funds to be transferred to the borrower's designated account or debit card. This option is free of charge and is suitable for borrowers who do not require immediate access to the funds.

  2. Express Delivery. For borrowers in urgent need of funds, Bree provides an express delivery option for a small fee. With express delivery, the funds can be transferred to the borrower's account or debit card within hours, ensuring prompt access to the money when it is needed most.

Products

Cash Advances (up to $250). Bree's primary product is cash advances, which provide users with quick access to funds to cover unexpected expenses or bridge gaps in their finances.

Reasons for Getting Rejected for a Bree Loan

  1. Insufficient Income. Bree requires applicants to have a consistent income source, typically through direct deposit into their checking account. If the applicant's income is deemed insufficient to repay the loan amount, their application may be rejected.

  2. Unverified Banking Details. Bree verifies applicants' banking details by analyzing their transaction history to confirm their eligibility for a loan. If the applicant's banking details cannot be verified or if there are inconsistencies in their transaction history, their application may be rejected.

  3. Incomplete Application. Applicants must complete the entire application process and provide accurate information to be considered for a Bree loan. If any required information is missing or incomplete, their application may be rejected.

  4. Failure to Meet Eligibility Criteria. Bree has specific eligibility criteria that applicants must meet to qualify for a loan, including age requirements, residency status, and employment status. If an applicant fails to meet any of these criteria, their application may be rejected.

  5. Previous Loan Default. If an applicant has a history of defaulting on loans or has been delinquent in repaying previous loans, their application for a Bree loan may be rejected.

  6. Credit Issues. While Bree does not perform a traditional credit check, it may still consider other credit-related factors, such as bankruptcies or outstanding judgments, when assessing an applicant's eligibility for a loan. If an applicant has significant credit issues, their application may be rejected.

How to Repay a Bree Loan?

  1. Confirm Payback Date. Before receiving the cash advance, borrowers should confirm their payback date, which is typically aligned with their next paycheck. This ensures that they have a clear understanding of when the repayment is due.

  2. Ensure Sufficient Funds. On the agreed-upon payback date, borrowers should ensure that they have sufficient funds in their checking account to cover the repayment amount. It's essential to consider any other upcoming expenses to avoid overdrafting.

  3. Automatic Repayment. Bree facilitates automatic repayment of the loan amount from the borrower's checking account on the payback date. The repayment amount, which includes the borrowed amount and any applicable fees, is automatically deducted from the borrower's account, eliminating the need for manual repayment.

  4. No Fixed Repayment Terms. Unlike traditional loans, Bree loans do not have fixed repayment terms or schedules. Instead, borrowers are required to repay the loan when they receive their next paycheck, providing flexibility in managing repayment.

  5. Keep Track of Repayment. Borrowers should keep track of their repayment date and ensure that they have sufficient funds in their checking account to cover the repayment. Bree may send reminders or notifications to borrowers to remind them of upcoming repayments.

  6. Monitor Account Activity. Borrowers should monitor their checking account activity to ensure that the repayment transaction is processed successfully. It's essential to check for any discrepancies or issues with the repayment process and contact Bree's customer support if assistance is needed.

Alternatives

Nyble

Nyble offers a credit line ranging from $30 to $150 with no interest or fees for accessing this credit line. Users have the option to subscribe to a premium membership at $11.99 per month, providing additional services such as instant funding. With a paid membership, users can access their credit line within 1-30 minutes, while those with a free membership can expect the funds in 1-3 business days. Nyble's model emphasizes flexibility and convenience for users seeking a manageable credit line.

KOHO

KOHO's Overdraft Protection service provides users with coverage of up to $50, extending to $250 for those maintaining a $5/month subscription. Users with a KOHO account can benefit from this service, subject to additional requirements. The $5/month subscription fee grants users access to expanded overdraft protection, showcasing KOHO's commitment to providing users with a safety net against overdraft fees, coupled with a subscription-based approach.

iCash

iCash specializes in payday loans ranging from $100 to $1,500, with specific rates varying by province. The company stands out by offering instant payday loans 24/7, providing a quick and accessible solution for individuals facing urgent financial needs. iCash's province-specific rate structure reflects an effort to accommodate regional variations in financial regulations and ensure transparency in its payday lending services.

Cash Money

Cash Money provides payday loans in the range of $100 to $1,500, with rates varying by province. Similar to iCash, Cash Money distinguishes itself by offering instant payday loans, catering to individuals seeking immediate financial assistance. The company's commitment to prompt service aligns with the nature of payday loans, addressing the time-sensitive financial challenges faced by its customers.

Editorial Opinion

In assessing Bree's services, it is evident that the company addresses a significant need in the financial market by providing accessible and transparent cash advances to individuals facing short-term cash flow challenges. Bree's commitment to no-interest loans, flexible repayment options, and optional tipping mechanisms reflect a customer-centric approach aimed at alleviating financial stress for its users. While Bree's services offer convenience and relief from traditional banking constraints, prospective users should carefully consider their financial circumstances and weigh the costs and benefits associated with utilizing such services.

Important

Keeping your Debt-to-Income (DTI) ratio below 30-40% of your monthly income is crucial. This will help you avoid potential financial problems in the future. Additionally, always assess the necessity and feasibility of taking a loan, ensuring you can comfortably manage its repayment.

How to Choose a Lender

  1. Verify that the lender is registered with the appropriate regulatory authorities in Canada, such as the Financial Consumer Agency of Canada (FCAC), or is licensed to operate in your province.
  2. Check if the lender is a member of reputable industry associations in Canada, such as the Canadian Bankers Association (CBA) or the Canadian Lenders Association (CLA).
  3. Thoroughly review all terms and conditions outlined in your loan agreement. Understand the repayment schedule, interest rates, fees, and any penalties for late payments or defaults.
  4. Ensure that the contract clearly states the annual percentage rate (APR) and the total cost of borrowing, including any administrative fees or additional charges.
  5. Familiarize yourself with your rights regarding loan cancellation or early repayment. Canadian consumers have the right to cancel a loan within two business days after signing the agreement, without penalty.
  6. Research the lender's reputation by checking customer reviews, complaints, and feedback on reputable online platforms, as well as through resources provided by organizations like the Better Business Bureau (BBB).

Methodology

At Finanso, we've carried out a comprehensive analysis of over 70 lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.

In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.

At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.

Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.

Additional Resources

Sources

FAQ

How much can you borrow from Bree?

Bree offers cash advances of up to $250 to eligible borrowers. This amount serves as a lifeline for individuals facing unexpected expenses or short-term cash flow challenges. By providing access to small-dollar loans, Bree aims to offer practical financial assistance while promoting responsible borrowing practices. While the loan amount may be modest compared to traditional lenders, it can be a valuable resource for those in need of immediate funds to cover essential expenses.

Does Bree approve everyone?

While Bree strives to provide financial assistance to a wide range of individuals, not everyone is guaranteed approval for a loan. Bree assesses each application carefully, considering factors such as income stability, banking history, and repayment ability.

While Bree does not perform traditional credit checks, it does verify applicants' banking details and transaction history to determine eligibility. While Bree's eligibility criteria are designed to be inclusive, approval is not guaranteed for every applicant.

Is Bree a legitimate company?

Yes, Bree is a legitimate company that operates within the bounds of Canadian financial regulations. As evidenced by its Trustpilot rating and positive customer reviews, Bree has established a reputation for reliability and transparency in its operations.

Additionally, Bree adheres to industry best practices and complies with relevant laws and regulations governing the provision of financial services in Canada. As such, borrowers can trust that Bree is a reputable and trustworthy lender.

Is Bree a good lender?

The answer to whether Bree is a good lender depends on individual circumstances and needs. Bree's commitment to no-interest loans, transparent fees, and flexible repayment options make it an attractive option for individuals facing short-term financial challenges.

Additionally, Bree's high satisfaction rates and positive reviews on platforms like Trustpilot speak to its reliability and customer service excellence. However, as with any financial product, borrowers should carefully consider their financial situation and needs before choosing Bree or any other lender.

Company documents

Privacy Policy
Terms of Use

Our mission at Bree is to help Canadians like you move towards financial wellness.

© Bree
Financial products
Bree
Cash Advance
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
up to a $250
Rate
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Effective interest rate on the product

$2.99 monthly membership fee
Term
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Loan term for the financial product

1 to 61 days
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Rating by Finanso®
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Rating by Finanso®
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