Have you ever thought about an occasional paycheck advance? Asking friends or family for a paycheck advance for an emergency expense is not always convenient, so different financial companies, like Brigit and Credit Karma, can come to our aid. Today we want to do an independent review of Brigit, a platform allowing you to get up to $250 and boost your credit score simultaneously. No credit check or upfront deposit, or credit cards are required!
In our Brigit app review, we will examine:
- How to use the Brigit app to build your credit score and prevent overdraft fees?
- What are the terms and conditions of getting paycheck advances and other loans?
- How does the Brigit app help you to increase your credit score and avoid overdraft fees?
- What are the pros and cons of the credit builder platform?
- What do users think about the Brigit app compared to established platforms like Credit Karma?
- And the other questions that will help you to decide whether to use this application for paycheck advances, credit builder loans, cash advances, and other services?
The reading time of the Brigit app review is about 10 minutes. We hope that it will be helpful to you!
Pros and Cons of Brigit
Let’s start the Brigit app review with a brief overview of the benefits of this platform:
- It offers credit monitoring tools, net spend & budgeting tools, and identity theft protection;
- You can opt in for a credit-builder loan to build your credit score, which is better than any payday loan, and your payments will be reported to the major credit bureaus;
- Similar to Credit Karma, you can track your expenses and spending habits with your credit cards, as well as find ways of smart budgeting;
- Another significant benefit of the credit builder app is that no credit check is required to receive a cash advance;
- Asides from the credit-builder loan available, another significant advantage is overdraft protection – Brigit will alert you with overdraft predictions on your account balance before upcoming expenses to avoid overdraft fees;
However, this platform also has a few significant disadvantages:
- Brigit requires access to your bank account to function correctly;
- You need to pay $9.99/month with your credit cards to access all features and services of Brigit plus (like the credit-builder loan);
- It may promote a habit of spending more money than you earn.
How does Brigit Work?
The company’s primary goal, as stated by CEO Zuben Mathews, is to help people in the United States improve their credit scores better than they would with a provider like Credit Karma. To do this, they offer two services:
- A cash advance option without interest charges – when they make a direct deposit of $50-$250 to your linked bank account when you’re about to overdraft.
- A credit builder, which helps you create separate bank accounts and make direct deposits of small amounts of money (minimum deposit is $5) to improve your credit history.
Brigit fights against so-called costly overdraft fees, known by everyone who has a checking account or a debit card. We will explain the specific working methods of both products in the next section.
What Do You Need To Do To Access Brigit Products And Services?
- Download the app or open the company website. It is available for any smartphone or desktop computer with an IP address in the United States.
- Enter your email address and phone number. You will get an SMS with the code to confirm your phone number and proceed.
- Create a 4-digit PIN and choose one variant which suits you. A 4-digit PIN is an additional layer of security against identity theft protection. Speaking of variants – Brigit will ask you what you need and will set up tools for you.
- Enter your first and last name.
- Connect your existing bank account or credit cards.
- Confirm your recurring payment dates.
We’re almost done! You need to confirm the dates when you get paid to set up repayment dates.
Brigit will not check your credit score, but there are a few boxes that need to be checked before qualifying for a credit builder loan, amongst other features:
- The average paycheck must be over $400;
- You must receive $1,500+ a month from the same company;
- Have three or more recurring payments from your company;
- The bank account is currently above $0;
- You use your linked bank account frequently (for example, buying goods with a debit or credit card);
- This bank account or credit account was opened more than 60 days ago;
- A verifiable email address and phone number
The critical thing to remember – the first three requirements are crucial for the approval of your application.
Suppose you work for a company or with side gigs that pay you in various frequencies (many taxi services and food deliveries work similarly). In that case, your application for cash advances, paycheck advances, and bright credit builder loans can be denied due to the irregular work schedule and payments.
You should also remember that the service provider reserves the right to decide on the amount they can deposit into checking accounts in each similar situation.
As mentioned above, Brigit has two leading short-term finance solutions.
Let’s start with Brigit Credit Builder.
This product is designed for people who want to improve their credit history or create one from scratch. So how does it work?
Your credit score is 35% based on how you make your cash advance payments. To show the credit bureaus in your credit report that you pay your cash advances, student loans, and personal loans timely, Brigit will create a separate checking account under your name and “give you a loan,” the amount you determine yourself.
Brigit connects to your primary bank account and withdraws as much money as you specify, from $1 to $50, once a month. Each month this money goes as if it were “paying off a loan,” which Brigit reports to all three credit bureaus.
In reality, it works as a saving account – when 12 or 24 months have passed; you can receive funds you’ve deposited earlier and use them.
That’s how your credit history is built and your personal finance made better!
The second of Brigit’s financial products is called Instant Cash. Its purpose is to help you avoid resorting to overdrafts or a payday loan.
At first, Brigit connects to your bank account to send notifications every time you get close to an overdraft so you can avoid an overdraft fee. Then, if you agree to the terms and conditions of the automatic credit builder loan, Brigit will send a small amount of money to your checking account without your approval. This advanced feature is also made to keep you from paying overdraft fees.
Such a paycheck advance works just like a regular cash advance. You’re paying the money back under the standard interest-free loan terms, meaning you should pay back only the loan amount with no additional fees at the time of your next paycheck.
Note that you can’t spend paycheck advances to pay bills or buy expensive items – it’s not a full-fledged cash advance but rather a one-time help to reduce your financial stress.
Note: These services are only available when you buy a paid Brigit subscription.
Similar to a company like Credit Karma, the Brigit app also has a free service to promote financial education and increase credit scores among its members. In addition, you can use Brigit for your credit check to track your budgeting, student loans, expenses, income, and which products and services you spend the most on.
The app also conducts regular credit monitoring and sends you alerts every time it receives essential news. It lets you see your credit score and sends notifications of any changes or potential threats that could affect your credit history, besting Credit Karma in its services.
Brigit Fees & Rates
Many consider Brigit the best alternative to payday loans and cash advances. If you take a typical credit builder loan, you need to pay a 10 to 400% annual percentage rate, and the cost of a credit at Brigit is $0; the only thing you have to pay is a membership fee of $10 and agree to the underwriting practices.
Compared to Credit Karma, the company has no penalties for late loan payments. Besides, you can earn extension credits, which you can use to prolong your loan repayment period. However, you must have a successful repayment history within the app to achieve them. If you still don’t make payments on time, the app will deliver a credit report to the credit bureau, and your credit history will be damaged.
As for the Birgit Credit Builder, it also doesn’t require any additional fees, nor does it have interest rates.
One of the good things about Brigit is that it indeed follows its mission to “reduce users’ stress in personal finance” because its services do not lead to debt traps. It’s not profitable for Brigit to make you take out more loans and auto cash advances; its primary goal is to be useful for as long as possible so that you continue to include the subscription fee in your monthly expenses.
The bottom line is that you don’t take out a cash advance to pay off the existing one, you don’t pay 400% APR, and you just avoid overdraft fees for a small $10 monthly membership fee.
Of course, it’s worth mentioning that the app is free to use, but neither Instant Cash nor a Credit Builder is accessible without a subscription.
The free tools allow you to track your finances better, watch helpful videos, and get notifications to help you avoid an overdraft fee. These features are also very useful and practical.
Brigit Safety and Security
Brigit is a secure application. First, it encrypts all information and doesn’t give employees open access to checking accounts. Second, it commits not to share your information with third parties. Besides, Brigit is one of the few apps that doesn’t need your Social Security number to sign up, compared to established companies like Credit Karma.
The biggest problem that confuses many is that Brigit connects directly to your bank account and sees all your transactions and account balance. However, don’t worry; the app can’t withdraw money from your checking account automatically. The only exceptions are the small monthly payment you make while using the Credit Builder and a monthly subscription.
Trustworthiness & BBB Rating of Brigit
Regarding application reliability, we always prefer to ask those who have already used its services. Thus, consumers rate Brigit differently:
- BBB gave it a “B” rating, while users gave it a 1.53/5;
- On the Trustpilot website, members of the app left only three reviews with a total rating of 2.8/5;
- The app received the most reviews on the App Store with a total score of 4.8/5;
- Android smartphone owners rated the app at 4.5/5 – more than 70,000 users voted.
Brigit Mobile Support and Accessibility
The app is available on both the Google Play Store and the App Store, which means you can use it on your tablet, iPhone, or any Android smartphone. However, if you want to take a cash advance through the desktop version of the site, you won’t get it – you can only enter your number on the website to get a link to download the app.
Customer Service at Brigit
Compared to Credit Karma, customer service support is the company’s weak point. Judging by people’s feedback, what annoys them the most is that the company does not leave its contacts in the public domain. As a result, the only understandable way to get in touch with them is a robot answering all your questions, always with the same templates.
In addition, once you’ve called, you can’t be sure you will get the help needed. For example, call center employees often don’t know the answer to the most popular questions, such as “why can’t I get a cash advance” or “how do I cancel my subscription?”
However, customer support is available to you anytime, Monday through Sunday, seven days a week. If you’re with a resident license in New York or the 49 other states, If you can’t call and don’t want to communicate with a machine, just send your request to their e-mail address, which you can find inside the app, and get an answer within 24 hours.
Is Brigit a Good Choice for You?
According to our survey, Brigit is best suited for people with a stable income who want to improve their financial situation without additional credit through education. This app will help you achieve the following goals:
- Improve your credit scores with Brigit credit builder;
- Avoid getting into an overdraft until your next paycheck;
- Become more educated in personal finance, and learn how to manage your money with budgeting tools.
As we said above, Brigit is not a company that simply provides short-term loans or cash advances for any purpose; it’s your bank partner that reduces users’ financial stress. The cash advances you get with Brigit cannot be used to pay bills, rent, and utility, nor can they be used to refinance existing loans.
Apps Like Brigit
There are several alternatives with the same features, like the credit builder loans you can use instead of Brigit. Here are their key differences in the non Brigit apps:
|Amount of a loan||$50 to $250||$5 to $200||$100 to $1,000, but not more than $100 per day||$25 to $250|
|Fees||$10 per month paid plan||$1 monthly membership, $2 to $6 to get a loan faster||No fees, up to $14 tip||$1 to $8 to get a loan instantly|
|How quickly can you get a loan||If you request money till 10 A.M., you’ll receive it the next business day morning if it’s a weekend, and only 20 seconds if it’s a work day||Up to 3 days. If you pay an express fee, you’ll get your money within 8 hours||Within the same day||12 to 72 hours if you don’t pay for instant delivery of a loan|
|Repayment date||Next paycheck, but it can be extended a bit||As you decide. Your lender agrees, but usually until your next paycheck||Next paycheck||Your next payday|
|Annual rate||0%||From 400%||0%||Over 300%|
How we Review
For this Brigit app review, as an advertiser disclosure, we only used information from public sources. We are independent writers with all rights reserved on content, so we considered not only positive user reviews but also negative complaints on the BBB website. The review process included:
- Researching all of the company’s products.
- Going through the registration phase.
- Researching all the information available on the website and app.
- Researching business competitors.
- Checking user reviews.
- Asking for customer support.
We try to objectively assess the experience that awaits everyone who wants to use the company’s services.