About Company
Brigit is a comprehensive financial app designed to provide users with convenient and timely solutions to manage their finances. One of its key features is the provision of paycheck advances, allowing users to access up to $250 for immediate cash needs. This service aims to assist consumers in avoiding costly overdraft fees that may arise from their bank accounts.
In addition to Brigit advances, the company offers a range of valuable financial tools. Users can actively monitor their credit score, benefiting from identity theft protection, and even explore opportunities for additional income through side gigs. For those looking to build their credit, Brigit provides access to credit builder loans, contributing to their overall financial well-being.
However, it's important to note that these features come at a cost. Brigit charges a monthly membership fee of $9.99, which, while providing access to a suite of financial tools, can accumulate over time. While a Brigit advance can be a helpful solution in urgent situations, it's essential to recognize that it may not serve as a long-term strategy for comprehensive financial management.
Key features
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Cash Advances. The company provides users with instant cash advances to cover unexpected expenses or bridge the gap between paychecks.
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Credit Building. Brigit offers a credit builder feature that allows users to improve their credit scores.
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Monthly Membership Fee. To access the full suite of features, users pay a monthly fee of $9.99. This fee provides them with ongoing access to a range of financial tools and services offered by Brigit.
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Paycheck Advances Amount. One of the standout features of Brigit is its ability to provide users with paycheck advances of up to $250. Additionally, unlike traditional loans, Brigit does not charge interest on these advances.
Pros and cons
Pros
Cons
Reliability
Brigit has established itself as a reliable cash advance app, evident from its impressive user ratings on both the App Store and Google Play. With a 4.7+ rating and feedback from over 401k reviews, the app has garnered a positive response from a substantial user base.
User ratings serve as a valuable indicator of reliability, and Brigit's high rating reflects a consistent satisfaction among users. This positive feedback suggests that users have found Brigit to be a dependable solution for managing their finances, particularly in terms of accessing paycheck advances and utilizing the various features offered by the app.
How to apply for a Brigit loan?
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Sign Up. To start the Brigit loan application process, first, download the Brigit app from your preferred app store. Once installed, proceed to link your checking account within the app. Choose a suitable plan, keeping in mind that a paid monthly subscription is required for access.
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Check Eligibility Criteria. Ensure that the connected checking account meets the eligibility criteria, including being active for at least 60 days, maintaining a balance above $0, and having at least 3 recurring deposits from the same source.
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Request an Advance. After setting up your account and confirming eligibility, move on to requesting an advance through the app. This step allows you to access funds up to your approved amount. During the request, you'll also be prompted to select a repayment date, typically aligned with your upcoming payday.
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Receive Funds. Once your advance request is approved, you will receive direct deposit into your bank account. If you require immediate access, a small Express Delivery fee may apply; otherwise, the funds will be delivered within 2-3 business days at no extra cost. Notably, Brigit takes a straightforward approach by not charging interest or tips on the advanced amounts, contributing to a transparent borrowing experience.
Conditions and requirements
Conditions
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Advance Amounts. Brigit provides advance amounts ranging from $50 to $250, allowing users to access funds based on their specific financial requirements.
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Fees. Users are subject to a monthly subscription fee, with options at $9.99 or $14.99. This fee provides access to Brigit's suite of financial tools and services. Additionally, there is an optional fast-funding fee, ranging from $0.99 to $3.99, for users who prefer expedited access to their funds.
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Repayment is conveniently withdrawn from your linked bank account on the date determined by Brigit, typically aligning with your next payday.
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Time to Fund Without Express Fee. Users can expect to receive their funds within 1 to 3 days without opting for the optional express funding fee.
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Time to Fund With Express Fee. For those in need of immediate access to funds, Brigit offers an express funding option with a processing time as quick as 20 minutes. Users can choose to pay an additional fee for this expedited service.
Requirements
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Checking Account Requirements. Brigit doesn't conduct credit checks but requires users to have an active checking account with regular direct deposits. Your primary checking account should exhibit sufficient activity. Using it daily allows Brigit to accurately predict your spending and earning patterns. Using your account consistently for a few weeks should fulfill this requirement.
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Account History. The checking account must have at least 60 days of account history. If your account is newly opened, it's advisable to wait until it reaches the 60-day mark. For accounts open for over 60 days, wait for one business day. If the requirement is still unmet, contacting Brigit is recommended.
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Account Balance. Your checking account balance must be greater than $0 for optimal use of Brigit's services. Maintaining a positive balance and ensures a smoother experience in maximizing your bank account health.
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Deposit or Income Requirements. To qualify for Brigit Instant Cash, you need to have at least three recurring deposits from the same employer or deposit source. This ensures a stable financial background for utilizing Brigit's services.
Ways to receive the money
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Debit Card Addition. For expedited access, add your debit card associated with your connected checking account. You can do this in Settings --> Connected Bank or during the advance request process.
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Typical Schedule. If an advance is requested before 10:00 am EST on a business day, it will arrive to your account the same day by 11:59 pm (local time). If the advance request is made after 10:00 am EST, it will arrive on the following business day by 11:59 pm (local time). If an advance is requested at any time on a weekend (Saturday or Sunday), it will arrive on the following business day by 11:59 pm (local time).
Products
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Instant Cash. Brigit offers interest-free cash advances with no late fees. Users can access funds quickly to cover expenses and avoid overdrafts. The company warns users when their account may not cover expenses and can automatically advance the needed amount.
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Credit Builder. Brigit's Credit Builder loan allows individuals to build their credit history. With instant approval and no credit check, users can start building credit by saving as little as $1 a month while Brigit reports each payment to three major credit bureaus, helping users establish a positive payment history and improve their credit.
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Finance Helper. This product provides insights into users' finances. From upcoming bills to spending insights, users can gain a comprehensive understanding of their financial situation. Connecting a regular bank account allows users to access personalized insights and recommendations, helping them save money and manage their expenses effectively.
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Earn & Save. Brigit helps users find ways to earn extra money and save on expenses. Users can explore the in-app job board to find full-time or part-time opportunities that fit their lifestyle. Additionally, the company provides financial insights and options to earn money through surveys, games, and other means. Exclusive partnerships offer savings on insurance costs, debt repayment strategies, and opportunities for rewards and cashback on daily expenses.
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How to repay a Brigit loan?
Repayment of the loan with Brigit is a straightforward process. The amount due is conveniently withdrawn from your linked bank account on the date determined by Brigit. This repayment date is typically aligned with your next payday, providing a seamless and automated way to settle the loan amount without the need for manual intervention. This approach ensures that users can easily manage their loan repayment within the context of their regular financial schedule.
Reasons for getting rejected for a Brigit loan
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Inactive Checking Account. Brigit requires an active checking account, and if the account is not in use or lacks regular direct deposits, it may lead to rejection.
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Insufficient Account History. If the checking account has less than 60 days of history, it may impact eligibility for a Brigit loan.
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Low or Negative Balance. Maintaining a balance above $0 is crucial. Accounts with low or negative balances may face rejection.
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Lack of Recurring Deposits. To qualify for Brigit Instant Cash, having at least three recurring deposits from the same source is necessary.
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Failure to Meet Eligibility Criteria. Failure to meet any of the specified eligibility criteria, including insufficient activity, balance, or deposit history, may result in rejection.
Loans like Brigit
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Speedy Cash
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Ace Cash Express
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Check Into Cash
Check Into Cash is a reputable financial service provider that offers Installment Loans. These loans allow individuals to borrow a certain amount of money, typically ranging from $50 to $5,000, depending on the laws of their state. The maximum loan amount varies from one state to another, ensuring compliance with local regulations. With Check Into Cash, borrowers can access the funds they need to cover unexpected expenses or manage financial challenges.
Approved Cash
Approved Cash is a trusted financial institution specializing in offering payday loans and cash advance services, catering to individuals needing immediate financial assistance. Whether you're facing unexpected expenses or find yourself short on funds, Approved Cash is here to provide the solution you need today. Applying for their loans is straightforward, ensuring quick access to the required funds.
Editorial opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
