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Brigit App Review: A Smart Tool for Cash Advances & Credit Building

The Brigit app is a financial health tool designed to help borrowers get small cash advances till their next paycheck. It also offers credit-building tools and financial insights. With over 9 million users, Brigit positions itself as a comprehensive solution for those seeking financial stability without the challenges associated with traditional banking systems. However, it also has several peculiarities you need to be aware of.

Overview of Brigit

Brigit is designed to provide immediate financial assistance and long-term financial health improvements. Its primary offerings include Instant Cash advances, Credit Builder programs, and a suite of financial management tools. By connecting directly to users’ bank accounts, Brigit analyzes spending habits and income patterns to offer personalized financial solutions.

Pros and Cons of Brigit

33 Money personal loans may be considered quite questionable despite their benefits. Take a look at their pros and cons to make an intelligent decision.

Pros:

Cons:

Pros

No Credit Check Required: Users can access cash advances without impacting their credit scores.

Pros

Instant Cash Availability: Eligible users can receive cash advances quickly to cover their immediate financial needs.

Pros

Credit-Building Features: Brigit offers tools to help users build and improve their credit profiles over time.

Pros

Financial Insights: The app provides budgeting tools and spending alerts to promote better financial habits.

Cons

Monthly Subscription Fee: Access to premium features, including cash advances, requires a monthly fee ranging from $8.99 to $14.99.

Cons

Limited Cash Advance Amounts: Advances are capped at $250, which may not suit larger financial emergencies.

Cons

Availability Restrictions: Brigit’s services are not accessible in all states.

Cons

Potential Cancellation Challenges: Some users have reported difficulties in canceling their subscriptions, leading to unexpected charges.

How Does Brigit Work?

Brigit operates by linking to users’ checking accounts to monitor financial activity. This connection allows the app to analyze income patterns, spending habits, and account balances. 

To utilize these features, you need to download the Brigit app, create an account, and link your primary checking account to it. The app then continuously monitors the account to provide real-time financial support and recommendations.

Key Features

Brigit offers a range of features designed to support users’ financial well-being:

  • Instant Cash Advances: Eligible users can request advances ranging from $50 to $250, with funds typically available within minutes if Express Delivery is chosen.
  • Credit Builder Program: This feature allows users to build credit by setting aside a small amount of money each month. Brigit reports these contributions to the credit bureaus as loan repayments.
  • Financial Insights and Budgeting Tools: Brigit provides personalized budgeting tools, spending analysis, and alerts to help users manage their finances effectively.
  • Overdraft Prediction and Alerts: The app monitors account balances and predicts potential overdrafts, sending alerts to prevent overdraft fees.

Auto Advances: For users at risk of overdrafting, Brigit can automatically send a cash advance to prevent negative balances.

Eligibility Criteria

To access Brigit’s services, users must meet specific eligibility requirements:

Account Usage: Regular account activity, including daily transactions, helps in accurate financial analysis and service provision.

Active Checking Account: The account should have at least 60 days of activity.

Consistent Income: A history of at least three recurring direct deposits from the same employer or income source is necessary.

Positive Account Balance: Users should maintain a balance greater than $0 and have a cash cushion on payday.

How to Apply for a Brigit Loan

Applying for a cash advance through Brigit involves the following steps:

Set Repayment Date: Typically aligned with your next payday, this date can be adjusted within the app if necessary.

Download the Brigit App: Available on both iOS and Android platforms, users can download the app from their respective app stores.

Create an Account: Sign up using an email address and create a secure password.

Link Your Primary Bank Account to Your Profile: Connect the bank account that receives your regular income and is used for daily transactions.

Assess Eligibility: Brigit will analyze your account to determine eligibility based on income patterns, account balance, and transaction history.

Request an Advance: If eligible, you can request a cash advance up to your approved limit directly through the app.

Select Delivery Method: Choose between standard delivery (1-3 business days) or Express Delivery (within 20 minutes) for a small fee.

Fees and Costs

Here are some costs associated with Brigit loans to help you make an informed decision:

  • Monthly Subscription Fee: Access to premium features, including cash advances and credit-building tools, requires a subscription ranging from $8.99 to $14.99 per month.
  • Express Delivery Fee: For users needing immediate access to funds, Express Delivery is available for a fee between $0.99 and $3.99, depending on the advance amount.

While it seems modest, it may result in a quite high loan cost compared to other options. A $50 loan for two weeks with a $9.99 monthly fee and a $1 instant transfer fee, results in an APR of 537%.

Who Are Brigit Loans Suitable For?

Brigit’s services are tailored for individuals seeking short-term financial assistance and those aiming to build or improve their credit. The service can provide you with immediate funds to cover small emergencies but can’t turn to traditional loan options.

However, Brigit’s services may not be suitable for everyone. Individuals with irregular income patterns, newly opened bank accounts, or those unable to maintain a positive account balance might face challenges in meeting Brigit’s eligibility criteria. Additionally, users seeking larger loan amounts beyond $250 may need to explore alternative financial solutions.

Brigit Alternatives

If Brigit cash advances don’t meet your current needs, there are several apps that offer similar services. Here’s an overview of available alternatives:

1. EarnIn

EarnIn allows users to access a portion of their earned wages before payday without fees or interest. It offers a “Balance Shield” to prevent overdrafts and provides financial insights.

  • Loan Amounts: Up to $100 per day, with a maximum of $750 per pay period.
  • Costs: No mandatory fees; users can provide optional tips.
  • Standout Points: No subscription fees or credit checks, making it accessible for users with consistent income.

2. Dave

Dave offers cash advances to help avoid overdraft fees and provides budgeting tools to track expenses.

  • Loan Amounts: Up to $500, though initial limits may be lower.
  • Costs: $1 monthly subscription fee; express transfer fees range from $1.99 to $13.99.
  • Standout Points: Low monthly fee with access to budgeting tools and alerts for potential overdrafts.

3. Albert

Albert provides cash advances, automatic savings, budgeting assistance, and access to human financial advisors through its “Genius” feature.

  • Loan Amounts: Up to $250.
  • Costs: “Genius” subscription at $14.99 per month.
  • Standout Points: Combines cash advances with personalized financial advice and automatic savings features.

4. MoneyLion

MoneyLion offers interest-free cash advances, credit-builder loans, and banking services with a debit card.

  • Loan Amounts: Up to $500 for cash advances; credit-builder loans up to $1,000.
  • Costs: No fees for standard cash advances; a $19.99 monthly fee applies for the Credit Builder Plus program.
  • Standout Points: Provides a combination of cash advances and credit-building loans, along with comprehensive banking services.

5. Empower

Empower offers cash advances, budgeting tools, and automatic savings features.

  • Loan Amounts: Up to $250.
  • Costs: $8 monthly subscription fee; express delivery fees range from $1 to $8.
  • Standout Points: Provides a free 14-day trial and offers financial management tools alongside cash advances.

6. Cleo

Cleo provides cash advances, budgeting assistance, and spending insights through an AI-powered chatbot interface.

  • Loan Amounts: Up to $250.
  • Costs: $5.99 monthly subscription for premium features; instant transfer fees range from $3.99 to $8.99.
  • Standout Points: Engaging AI interface with personalized financial insights and a focus on user interaction.

7. FloatMe

FloatMe offers small cash advances to help avoid overdraft fees and provides balance alerts.

  • Loan Amounts: Up to $50.
  • Costs: $3.99 monthly subscription fee.
  • Standout Points: Designed for users needing minimal advances with low subscription costs.

8. Klover

Klover provides cash advances without credit checks and offers financial management tools.

  • Loan Amounts: Up to $200.
  • Costs: No subscription fees; the app monetizes through optional data-sharing agreements.
  • Standout Points: No fees or tips required, making it a cost-effective option for users comfortable with data sharing.

9. Vola Finance

Vola offers cash advances and budgeting tools to help manage expenses and prevent overdrafts.

  • Loan Amounts: Up to $300.
  • Costs: Monthly subscription fees starting at $2.99.
  • Standout Points: Emphasizes financial education and offers personalized budgeting assistance.

Conclusion

Brigit offers several financial tools designed to provide immediate assistance and promote long-term financial health. With features like Instant Cash advances, a Credit Builder program, and proactive account monitoring, Brigit addresses common financial challenges faced by many individuals. While the monthly subscription fee may be a consideration for some, Brigit cash advance loans can help you cover urgent needs without paying extra interest. Before applying, assess your needs and circumstances to determine if Brigit aligns with your financial goals.

FAQ

Is Brigit Legit?

Yes, Brigit is a legitimate financial service provider with a user base exceeding 9 million. The app boasts a 4.7+ rating based on over 562,000 reviews on the App Store and Google Play, reflecting a high level of user satisfaction.

How Much Does a Brigit Loan Cost?

Access to Brigit’s Instant Cash feature requires a subscription to either the Plus plan at $9.99 per month or the Premium plan at $14.99 per month. The Premium plan includes free Express Delivery for cash advances. Plus subscribers may incur an additional fee ranging from $0.99 to $3.99 per transaction for expedited transfers.

What Is the Maximum Cash Advance Amount?

Brigit offers cash advances ranging from $50 to $250. The exact amount a user qualifies for depends on their Brigit Score, which assesses factors like bank account health, spending behavior, and earnings profile.

How Does the Credit Builder Program Work?

Brigit’s Credit Builder program is designed to help users establish or improve their credit scores. Upon enrollment, users set aside a small amount of money each month, starting as low as $1. Brigit reports these monthly payments to the three major credit bureaus—Experian, Equifax, and TransUnion—as loan repayments, thereby building positive payment history.

Can I Use Brigit If I Have Bad Credit?

Yes, Brigit does not perform traditional credit checks when evaluating eligibility for its services. Instead, the app analyzes users’ bank account activity, income patterns, and spending habits to determine eligibility.

Is Brigit Available in All States?

While Brigit strives to serve a broad audience, its services are not available in all states due to varying regulatory requirements. Users need to download the app and enter their information to determine availability in their specific location.

How Do Automatic Cash Advances Work?

Brigit’s Auto Advances feature is designed to prevent users from incurring overdraft fees. The app monitors linked bank accounts and predicts potential shortfalls. If an overdraft is anticipated, Brigit can automatically provide a cash advance to cover the deficit.

What Happens If I Can’t Repay on the Due Date?

Brigit allows users to request an extension directly through the app without incurring late fees or penalties.

Does Brigit Report to Credit Bureaus?

The Instant Cash advances provided by Brigit do not impact users’ credit scores, as they are not reported to credit bureaus. However, the Credit Builder program is specifically designed to help users build credit.

How Secure Is My Data with Brigit?

Brigit prioritizes user security and implements bank-level encryption and security protocols to protect personal and financial information. The app does not store users’ bank login credentials and ensures that all data transmissions are safe.