Have you ever thought about an occasional paycheck advance? Asking friends or family is not always convenient, so different financial companies 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 is required!
In our Brigit review, we will examine:
- How to use this online application?
- What are the terms and conditions of getting the loan?
- How does Brigit help you to increase your credit score?
- What are the pros and cons of this platform?
- What do users think about Brigit?
- And the other questions that will help you to decide whether to use this application?
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 with a brief overview of the benefits of this platform:
- It offers credit monitoring tools and protection of your identity;
- You can opt-in for a credit-builder loan, and your payments will be reported to the major credit bureaus;
- You can track your expenses and spending habits, as well as find ways of smart budgeting;
- Another significant benefit is that no credit check is required to receive funds;
- One of the significant advantages is control of overdrafts – Brigit will alert you in case of insufficiency of the funds before upcoming expenses;
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 to access all features of the app (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 is to help people improve their credit scores. To do this, they offer two services:
- An instant loan without interest charges which is an alternative to payday credits – 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 method 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.
- Enter your e-mail 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 for your app. 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.
- 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 payday advance feature:
- 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 was opened more than 60 days ago;
The critical thing to remember – the first three requirements are crucial for the approval of your application.
Suppose you work for a company that pays you in various frequencies (many taxi services and food deliveries work similarly). In that case, your application 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 in each similar situation.
As mentioned above, Brigit has two leading short-term finance solutions.
Let's start with 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 loan payments. To show the credit bureaus that you pay your loans timely, Brigit will create a separate 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!
The second of Brigit's financial products is called Instant Cash. Its purpose is to help you avoid resorting to overdrafts or payday loans.
At first, Brigit connects to your bank account to send notifications every time you get close to an overdraft. Then, if you agree to the terms and conditions of the automatic loan, Brigit will send a small amount of money to your 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 loan. 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 this money to pay bills or buy expensive items - it's not a full-fledged loan but rather a one-time help to reduce your financial stress.
Note: These services are only available when you buy a paid Brigit subscription.
The app also has a free service to promote financial education among its members. In addition, you can use Brigit to track your budgeting, 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.
Brigit Fees & Rates
Many consider Brigit the best alternative to payday loans. If you take a typical 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.
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 report it to the credit bureau, and your credit history will be damaged.
As for the 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' financial stress" because its services do not lead to debt traps. It’s not profitable for Brigit to make you take out more and more loans; its primary goal is to be useful for as long as possible so that you continue to include the subscription fee into your monthly expenses.
The bottom line is that you don't take out a new loan to pay off the existing one, you don't pay 400% APR, and you just avoid overdraft fees for a small $10 monthly fee.
Of course, it's worth mentioning that the app is free to use, but neither Instant Cash nor a Credit Builder are accessible without a subscription.
The free tools allow you to track your finances better, watch helpful videos, and get notifications whenever you get close to an overdraft. 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. 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.
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 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 loan 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
User 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 loan" or "how do I cancel my subscription?"
However, customer support is available to you anytime, Monday through Sunday, seven days a week. If you can't call and don't want to communicate with a machine, just send your request to their mail, 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 score;
- Avoid getting into an overdraft until your next paycheck;
- Become more educated in personal finance and learn how to manage your money.
As we said above, Brigit is not a company that simply provides short-term loans for any purpose; it is an organization that reduces users' financial stress. The money you get with Brigit cannot be used to pay bills, rent, and utility, nor can it be used to refinance existing loans.
Apps Like Brigit
There are several alternatives with the same features you can use instead of Brigit. Here are their key differences:
|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%|
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How we Review
For this review, we only used information from public sources. We are independent writers, 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.