Emergency situations are inevitable. Thus, we sometimes find ourselves in need of help — financially. Thus, this Brigit review will help you know more and understand fully how this platform can help you get through when a need arises.
While some of us live in a luxurious life, others (well, mostly) live on a paycheck to paycheck basis. So, when unexpected situations arise, these people are left finding help. This is when loan platforms like Brigit become really helpful.
Back in the days, there’s a traditional payday loan, which helps people get through financially tough situations, rather, immediate financial needs. Today, thanks to technology and the internet, financial apps came to life.
This basically refers to financial institutions offering loans to those who need it ASAP online. In just one click, you can immediately borrow money.
While different sectors take advantage of this new platform in borrowing money especially during emergencies, studies have shown that most users are from the younger generation — particularly the millennials.
In fact, in an article published by Forbes, it says that the young generation of today (popularly known as millennials) are so into anything digital that even in terms of handling finances or when they are in need of money, they ran into their smartphones looking for solutions. No wonder why mobile financial apps like Brigit became popular among the younger generation.
Anyway, so what is Brigit? How different it is from other financial apps out there? What makes it popular? What do we get from it?
This Brigit review hopes to answer all these questions you have in mind. Also, hoping that after this, you will get enlightened on whether or not Brigit is the right one for you.
Anyway, in particular, we are going to share information answering some of the most commonly asked questions like:
- What is Brigit?
- How does it work?
- How much does Brigit cost?
- How do you qualify for Brigit?
- What are the loan products that Brigit offer?
- What other services does Brigit offer?
- How is Brigit’s customer support?
- Is Brigit safe?
- What are the pros and cons of using Brigit?
WHAT IS BRIGIT?
Brigit is one of the popularly known financial wellness apps that help tide you over until your next payday. Yes, to put it simply, it is a loan app, a mobile device platform that gives you access to a source of credit to help you out in times of need.
Unlike other financial or loan apps, Brigit is relatively new in the business having founded only in 2017. However, it does work all over the United States.
The popularity of the app is not surprising given the fact that the team behind it consists of financial industry experts. This includes experts from leading companies like Deutsche Bank, Credit Suisse, Two Sigma, Amazon, as well as Expedia to name a few.
As they say, the team’s purpose for creating the platform was to “empower every day, responsible people to gain financial stability.” Furthermore, the team says they created a “simple, transparent and fair alternative” for financial relief. This is to help address the weaknesses in the traditional banking model.
Let it be clear though that Brigit is not a payday loan company. It charges no interest on the money it “spots” on you.
Think Brigit as a safety net. It is something that can help end costly overdrafts, at the same time, helps keep your bank account balance positive.
If you want to know more about Brigit, here’s a very insightful review by Common Cents Mike about this very interesting financial platform. To watch the video, just click the play button below:
HOW DOES BRIGIT WORK?
As part of our Brigit review, we are going to look into how it works, of course. This gives you an idea or a glimpse of how it performs in totality.
Brigit is totally different from the usual payday loan. It is, instead, more comparable to lines of credit. However, unlike a line of credit that charges interest, this one aims to help you avoid fees as well as costly APRs.
Signing up with Brigit is very easy, simple, and absolutely FREE.
Once you have signed up for any services provided by the app, you can access a maximum of $250. Although Brigit does not charge you for borrowing fees or interest rates, you are subject to pay for a monthly membership fee that costs $9.99.
Upon signing up for Brigit, you are entitled to connect one bank account to the app. The app will then scan your transactions to check your recent income, as well as your expense history.
For instance, you apply for a cash advance, Brigit will take you through a quick approval process. Yes, we used the word quick as it only takes about 90 seconds for the whole thing to get done. Once you’re approved, you can request money right there and then.
It is important to take note that requests for funds that were submitted before 11 in the morning (Eastern Time) on a business day will be credited to your account by 11:59 in the evening (local time) on the very same day. Meanwhile, fund requests that were made after 11 in the morning (Eastern Time) will be credited on the next business day.
For a verified debit card, this may qualify for Express Delivery, which means funds will be credited to the account within 20 minutes. This feature is still rolling out though so this may not be accessible right away.
As mentioned earlier, you can get as much as $250. The exact amount you will receive will depend on your needs, as well as your ability to repay without falling into what they call a vicious debt cycle. Ideally, you repay the debt once you have received your next paycheck.
Now here’s the thing, what if something happens and you are unable to pay Brigit right away?
The answer is simple, should you have additional unforeseen expenses, and you are unable to pay off at the scheduled time, Brigit offers free payment extensions within the app.
Truly amazing, right? More so, this gives users a little more flexibility with their repayment choices.
What more to like about Brigit is that once you are able to pay them back, you can request for more money when you need it. But of course, Brigit will continue working, constantly analyzing your account. Should the app predicts that you are running out of money way before your payday, you can set up your account immediately so the platform gets to send you a deposit immediately.
You see, it’s like something that gives you peace of mind especially at times when you feel like you are already running out of cash.
HOW DO YOU QUALIFY FOR BRIGIT?
To be brutally honest, Brigit is ideal for military families as it requires its borrowers a U.S.-based bank account, as well as a regular income.
What we find amicable with Brigit is that the company does not care about how terrible or excellent your credit is. It is not taken into account. No matter what your credit score is, you do not have to worry about it as Brigit will surely take you into consideration still.
Anyway, to be clear, Brigit loan sets a significant number of qualifications for potential users, which include the following:
- Monthly income that is over the required amount from a single income source ($1,500 monthly)
- At least 3 recurring paycheck direct deposits from the same employer
- A checking account that has sufficient activity (at least 60 days)
- A minimum average end of day balance in your account on payday
- Have funds left in your bank account roughly up to two days after your payday
- Your checking account should be in a bank that Brigit supports (some of which we mentioned earlier – note that Brigit Loan works with more than 6,000 banks as well as credit unions)
Furthermore, you must also qualify on the following requirements:
- Must be at least 18 years old or older
- Must be a resident of the United States
- Must have an Android or Apple device and be able to download the app from the Google Play Store or App Store
In addition, for your information, when signing up for the service, you will be asked to provide the following personal information:
- Full name
- Email address
- Phone number
- State of residence
- Bank account information
- Paychecks from your employer
HOW MUCH DOES BRIGIT COST?
Our Brigit review will not be complete without us talking about costs. It’s one of the most important things that one should know anyway before dealing with any financial company.
Anyway, as mentioned earlier, Brigit does not charge any interest rate.
However, it does have a reasonably small monthly account fee amounting to $9.99. Apart from that, you will not pay anything else. Rest assured there are no hidden charges as well.
If you come to think about it, $9.99 for a monthly fee is nothing compared to paying off interest rates that can get really dragging sometimes. Needless to say, it costs a headache for some.
Don’t worry, Brigit is not as clingy as you thought. In fact, you can turn the service on and off as needed. While you are given the choice to sign up for Brigit’s premium service, it’s not a prerequisite. You can definitely download the free app in the meantime, and eventually upgrade to their paid service should you need to tap into an advance on your paycheck.
WHAT ARE THE LOAN PRODUCTS THAT BRIGIT OFFER?
As mentioned earlier Brigit offers an alternative to the usual payday loan. Unlike the traditional payday loan, this mobile app makes money more accessible in just a click of a finger.
What makes it even more engaging is the fact that it does not charge any interest rates. The only amount you need to put out there is the monthly membership fee amounting to $9.99, which is very reasonable and well, cheap as compared to your monthly Netflix subscription!
WHAT OTHER SERVICES DOES BRIGIT OFFER?
Unfortunately, apart from the service we mentioned, Brigit does not offer any other services. It is safe to say that they are merely focused on providing credit to help you when it feels like you are about to overdraw your account.
HOW IS BRIGIT’S CUSTOMER SUPPORT?
Given its relatively new status, it does not surprise us that the platform still lacks a review page on Better Business Bureau or Trustpilot. However, should you look into Google Play as well as App Store, you will find excellent reviews about the app. It’s actually a 4.8 out of 5-star for iPhone users, while Android users give the app a 4.2 out of 5 stars.
One thing we noticed though is that some of the reviews have complained about delays in getting responses to their concerns from Brigit’s customer support team.
Although the platform has a support team that is available 24/7, the problem is that they can only be reached through email, which we thought is the reason for the delay, and is totally understandable.
Again, the platform is new, and it has still so much room for improvement. Who knows, in the coming days or months, customer support via Live Chat and phone may be made available already. We will see.
IS BRIGIT SAFE?
Just like any financial app, Brigit is very particular when it comes to the safety of their clients/customers’ personal information.
The platform uses a 256-bit SSL encryption system. This enables the platform to keep all user information as well as sensitive banking data secure.
Contrary to other lending platforms, Brigit does not require your SSN during sign up.
Meanwhile, if you feel like you no longer need the platform, Brigit also explains the information they will delete, as well as the information that they will retain.
WHAT ARE THE PROS AND CONS OF USING BRIGIT?
To complete our Brigit review, we are sharing with you the pros and cons we’ve seen on Brigit. This will help you gauge the efficiency of the app, and also if it does will work for you.
- It offers a cheaper funding option compared to traditional payday loans as well as bank overdrafts.
- It is easily accessible on all mobile platforms.
- It does not charge anything else apart from the monthly subscription fee.
- Brigit ensures you are notified 24 hours before your due date. This ensures you do not miss your obligation.
- It is very convenient as it automatically deducts from your account.
- It provides quick access to loaned money without having to worry about credit checks.
- It provides flexibility on how you can use your borrowed money.
- It has clear and straightforward fees, with no hidden fees down the line.
- It provides you the ability to push back your payment due date instead of facing late penalty charges.
- Its algorithmic overdraft predictions help reduce unnecessary bank charges.
- It does not require you to provide your social security number as most online financial platforms do.
- It comes with a monthly subscription fee amounting to $9.99 — regardless if you do or do not use funds for a particular month.
- There’s the possibility to wait for a few days before you get to use your borrowed funds.
- It provides a low monthly loan limit (which we totally understand though given the fact that it does not charge anything apart from the monthly subscription fee).
- It only provides customer support via email.
- You are not allowed to sign up using a joint account.
- Not everyone qualifies to borrow money as it needs proof that you have had bank account open for a while and that it regularly has cash in it specifically on paydays.
FINAL THOUGHTS ON BRIGIT REVIEW
Overall, we have to say that the Brigit app provides a practical alternative to the usual payday loan out there, as well as other short-term loan options in the market. Unlike these kinds of loans, Brigit does not charge any interest rates or late payment charges. What it does require is a monthly subscription fee, which, if you come to think about it is lower as compared to bank overdraft fees.
We like the fact that Brigit gas an automated system that alerts you when you may require an overdraft already, allowing you to access the platform’s credit facility. Also, we like the fact that it gives multiple loan extensions to push your due date especially when you are faced with financial challenges. Needless to say, they do this yet not charge you for late payment fees.
The only downside is that the monthly subscription fee has to be paid on a monthly basis (obviously) whether you use Brigit’s service or not, which means, unless you will use it regularly, better not sign up for Brigit. Another thing is that you need to connect the app to your bank account.
But other than these two things, we got to say that Brigit is a good financial platform especially when you need money for unexpected expenses.
So, given everything that we’ve shared with you, how do you find Brigit? Do you think it’s the financial platform that you are looking for?