This post was last updated on July 11th, 2020 at 01:31 pm
A comprehensive review of the Brigit Loan App.
Living on a paycheck budget can be a nightmare, especially if you have to deal with constant unexpected spending like health emergencies.
Whether you are a low-income earner, a student with a bad credit loan, or an individual with lots of financial tasks to pay for every month, you should know how bad it feels when you start to balance your checking account, and it is close to zero.
A lot of people are stuck with a pile of credit card debts that would take years of hard labour to recover from. Don’t pay extra late fees on your bills or get stuck with insufficient funds error from your bank while trying to make important transactions.
Are you trying to break out from the financial burden? Tired of having a bad credit score? Brigit Loan app is your go-to for assistance regarding loans and financial freedom.
Before signing up for a service, it is best you fully understand the working principles, terms & conditions that are attached to them. This Brigit review is a thorough breakdown of the Brigit Loan App. This review will help you understand Brigit and how to get the best out of this financial service.
Brigit Review – What Is It All About?
Brigit is a personal financial app that helps you monitor and analyse your account to avoid overdraft fees when you are stuck with paying minor unexpected expenses from your bank account.
Brigit works with the latest financial algorithm to foresee if your bank account will run out of money before your next payday. If you are predicted to go low on cash, Brigit then offers you $250 to help you settle your debts until your next paycheck. Brigit helps you to avoid paying No Sufficient Fund fees (NFS) to your bank by helping you settle out minor expenditures.
NFS fees are charged to your bank account when you are paying a fee that is higher than the balance in your bank account. Brigit financial app can predict, and help you avoid paying such extra fees.
Once you repay the $250 loan to Brigit, you qualify for more credit. A notable feature about this service is that you won’t be charged any interest for every loan you borrow, you only pay what you borrow (no extra fees).
How much does Brigit cost
Brigit is 100% free to use, simply download the application from either the Android Google PlayStore or the iOS Store for iPhone users.
Brigit loan app gives you a free financial analysis and budgeting tools, and an automated alert system that notifies you when your account balance is low.
To get the best features from Brigit, you have to become a premium member by paying $9.99; this gives you access to premium services like short-term loans. You don’t pay extra fees for late repayment of loans, delivery, and transfer; it is entirely free.
Brigit Review: Pros and Cons of Brigit Loan App.
- Free to use. No sign-up fee except for premium members.
- Excellent customer care service. All queries get almost instant replies.
- Settle upfront fees and no hidden charges down the line.
- Free access to financial budget software to tell you when a cash inflow may be necessary.
- Option to automatically get loans if your account runs low before your next paycheck.
- Fast access to loans with no credit check. Provides a secure loan platform that doesn’t depend on your credit score.
- No restrictions on how borrowed funds are spent.
- Loan payback dates can be pushed back, thus no penalties or extra fees for late payment of loans.
- Less expensive than bank overdraft and payday loans.
- Easy access via its mobile applications.
- Quick notifications about your bank account.
- Automatic loan repayment system for easy convenience.
- Privacy: Social Security Number (SSN) is not required during sign up.
- Recurring $9.99 monthly subscription fee for premium members.
- Loans might take a few days to get delivered.
- Joint bank account can’t be used for signing up.
- Customer support service only available via Email.
- New bank accounts and dormant bank accounts can’t apply.
- Does not support Windows smartphones.
To qualify for Brigit financial service, you need to meet up to the following requirements:
- You must be a resident of the United States of America.
- You must be 18 years or older.
- You must have access to a smartphone (Android or iPhone), and download the app from their respective app stores.
- Your account balance must be active for at least 60 days and has a minimum of $1 balance.
- Your “Brigit score” must be 70% or more. Several factors determine this score and they include;
○ Spending behaviour.
○ Bank account history.
○ Net average balance.
○ How frequent your account is used.
○ How long your account has been active.
- Your account must have a repeated deposit from your employer or other deposit sources.
How does Brigit work
Brigit Loan App is entirely different from the traditional payday loan system that we are used to. It is very similar to lines of credit. Although they are distinct similarities, Brigit does not charge extra fees; this loan system was created to help you settle your debts, avoid overdrafts and expensive APRs.
When you meet up to the requirements and sign up, you get access to a standard $250 loan every month; this loan does not attract an interest rate.
Brigit uses an automated system that predicts the trend of your bank account and automatically gives you a $250 loan instead of paying those unnecessary bank overdrafts that are usually between $30 – $50 for most banks, it sends you a notification about your low account balance and then funds your account.
Brigit automatic loan varies from one borrower to another. Still, everyone is entitled to a $250 credit that is repayable on your next payday. You can also extend when you want to repay the loan. You are eligible to get loans as frequently as possible provided that you pay the existing loans, the more you pay, the more you get.
In addition to this, using Brigit will help you avoid extra penalties from non-sufficient fees (NSF), you won’t have to deal with late payment fees, avoid expensive payday loans, and credit card debts.
Although your bank account needs to be active, and you need to have a regular income before being eligible, Brigit does not use your credit score as a requirement. So, if you have a perfect credit score or an awful credit score, you will still get loans from Brigit.
To qualify for Brigit loans, your monthly income must be higher than the loan amount you want to apply for. The higher your monthly income, then higher loan you can apply for.
Although this loan service is customer-friendly and has minimum requirements, your bank account needs three recurring deposits from one employer. Different sources of income is not a factor for Brigit’s minimum income requirement, so three deposits from three employers (1 each from an employer) won’t make you eligible.
Your bank account must be a checking account, and your salary must be received through direct deposits. If you get paid via ATM deposits, cash transfer, or paper check, you won’t be eligible. Your account needs to be operational for more than 60 days, but you won’t qualify if you are using a joint account.
You also need a cash cushion in your bank account at the end of every payday. A Cash cushion is a separate fund available in your bank account that is kept solely for emergency cases such as repairs, and other unforeseen expenses from our daily activities.
Brigit repayment process is automatic for convenience. You will get a notification 24 hours before your repayment date after which the money will be automatically deducted from your bank account. However, you can extend your payment date, so even if you have the money in your account, it won’t be deducted. Your loan repayment date can be extended up to three times, and no extra charge is incurred for repayment extension.
How Does Brigit Fare Against It Competitors?
In this Brigit review, we take a look at how Brigit stood out against it competitors.
|Brigit||Cashnet USA||Advance America Cash||Rise Credit Loan|
|No fixed payment period.||Loans are paid back within a week or a year, depending on the loan type.||Loans to be repaid in 30 days.||Loan repayment differs based on loan terms, between 7 to 26 months.|
|Minimum credit score not required.||A credit score of 300+ is required.||A credit score of 300+ is required.||A credit score is needed, but a bad credit score is allowed.|
|0% interest rate, but a monthly membership fee of $9.99.||Depending on your loan type, interest rates range from %86.9 to %1140.||$22 interest on every $1000 borrowed.||Annual interest rates ranging from %36 to %299.|
|Loan between $250 and maximum $1000.||Loan starts from $255 to $3,400.||Loan starts from $100 to $5,000.||Loan offers from between $500 to $5,000.|
Some likely questions you may have to ask has been treated in this Brigit review.
QUES: How do I increase my loan amount?
ANS: You cannot manually increase the loan amount you are eligible to apply for on Brigit. This service is aimed at bringing you financial freedom, so loans are issued based on how much the algorithm predicts that you will need to help you avoid overdrafts. Your ability to comfortably pay back your loans will also help increase your loan amount.
QUES: When will I get the Brigit Funds?
ANS: For standard delivery, if you request for a loan on a business day before 10:00 am EST, the fund will arrive in your bank account by at least 11:59 pm on the same day. Funds requested after 10:00 am EST will arrive the next day before 11:59 PM. For express delivery, it takes within 20 minutes for the fund to arrive in your account balance.
Note: All deliveries are processed during business days (Monday – Friday) excluding bank holidays and weekends.
QUES: What are Auto Advances?
ANS: Brigit automatic advance is a premium feature that protects you from bank overdrafts and NFS by automatically sending you cash once your account is running low. Your spending pattern and account balance work with the auto-advance feature.
You can turn off auto-advance if you feel you can control your overdrafts.
You are still eligible for loan advances when you turn off your auto-advance.
Once loan auto-advance is turned off, you will ONLY get loans when you MANUALLY apply for them.
QUES: How do I cancel my advance?
ANS: Loan advances are automated; thus, they cannot be cancelled once they are sent out. However, if you don’t need the loan, wait until it gets delivered, then head over to Safety Net history dashboard to repay the loan immediately. No extra fee is charged.
QUES: How many Brigit outstanding loans can I have?
ANS: All users are eligible for only one outstanding loan advance at a time. To get more advances, you need to pay your outstanding loans.
QUES: How long does it take to apply for new loan advances?
ANS: After paying your outstanding loan, the system might take some time to verify it. If you need cash and your payment is still verifying, kindly wait between 2-5 days for complete verification, after which you can apply for another.
QUES: Is Brigit secure?
ANS: YES, it is! Brigit uses the same 256-bit encryption used by the top banking firms in the United States. All your data is secured with the best data encryption technology available.
QUES: Why does Brigit need my bank account info?
ANS: As a financial planning application, Brigit needs your account information to know when you need the money and where to send it to. Sending cash is an automated process, so you don’t need to type in your account details every time you are requesting for funds.
Brigit Review – Final Verdict
Brigit is on a mission to solve a problem in the banking loan system that is affecting millions of Americans. They deserve accolades for their great work and their noteworthy %0 interest rate. If you need financial assistance, Brigit is your top choice, their customer care response time is impressive, and they give their best in customer satisfaction. Avoid those expensive overdrafts today and enjoy the financial freedom that Brigit has to offer.
Brigit is a temporary lifeline that will keep you in track when it comes to managing your finances. Sign up now to start your journey to a debt-free life.