Brigit Review: Overdraft Protection & Cash on Hand
Payday loans and overdrafts are expensive. The Brigit app provides an alternative. You pay a low monthly fee and can get interest-free access to up to cash when you need it, plus free budgeting tools and low-balance alerts to keep an eye on your bank account.
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- Brigit offers financial planning tools for free.
- For a monthly fee, users can get access to an automatic overdraft protection loan of up to brigit-money-1656-overdraftprotection.
- Brigit doesn’t charge any interest or any fees.
Millions of Americans live paycheck-to-paycheck. Unfortunately, when you have just enough cash to get to the next payday, any unexpected expense can be a big problem. Surprise costs before your next paycheck could lead to overdraft fees or necessitate an expensive payday loan.
Brigit provides an alternative. For a $9.99-per-month membership fee, you can borrow up to $250 when you need it with no credit check and have the money deposited instantly into your bank account. The app also offers free budgeting tools anyone can use without paying for the membership.
This Brigit review will show you how Brigit works so you can decide whether using this service makes sense for you.
In this review:
- Brigit app: at a glance
- Brigit review
- Pros & cons of the Brigit app
- Who’s eligible for Brigit?
- Brigit customer service
- Other apps like Brigit
Brigit app: at a glance
|Brigit Plus Membership|
|Amount you can borrow||Up to $250|
|Interest rate||No interest|
|Time to fund||Instant once your debit card is verified|
Brigit is a personal finance app that aims to help you avoid overdraft fees when you’re unable to cover small unexpected expenses out of your bank account. The app also offers free budgeting tools, but its overdraft protection service is only available to paid members.
To become a paid member, download the Brigit smartphone app, connect your bank account, and go through Brigit’s 90-second approval process. Once approved, you’ll pay $9.99 a month and can receive a loan up to $250 in cash to help you cover a financial shortfall.
You don’t have to pass a credit check to receive the money, and it will be transferred to your bank account instantly.
Brigit charges no interest. You’ll repay the amount borrowed on your designated due date through an automatic withdrawal from your bank account. (You’ll get a reminder the day before.)
How much does Brigit cost?
There’s no cost to download the app or use Brigit’s free budgeting tools, including alerts when your bank account balance is low.
To take advantage of Brigit’s short-term loans and other premium features, you’ll have to pay the $9.99 monthly subscription fee. This is the only fee you’ll pay, though; there’s no delivery fee, transfer fee, late fees, or prepayment penalties on the loan.
Pros & cons of the Brigit app
- Free access to budgeting software with overdraft predictions that let you know when you might need an influx of cash.
- The option for auto advances into your bank account when funds are low.
- Quick access to borrowed money with no credit check provides a safety net that doesn’t hinge on your credit score.
- Flexibility in how you can use borrowed funds.
- Clear upfront fees and no hidden fees down the line.
- Ability to push back your payment due date instead of being charged late penalties.
- The $9.99 monthly fee is an ongoing expense, even when you don’t need to borrow.
- It’s an expensive way to borrow if you pay a $9.99 fee every month and occasionally need to borrow only a small sum.
- Not everyone can qualify. You need proof you’ve had a bank account open for a while and that it regularly has cash in it on payday.
Who’s eligible for Brigit?
To qualify for Brigit’s lending service:
- You must have recurring deposits from the same employer or other deposit source.
- You must have a checking account that has at least 60 days of activity, that has a balance above $0, and that has some extra cash left over after payday.
- You must have a “Brigit score” of at least 70. Your score is determined based on your earnings, spending behavior, and bank account history—including your average balance over time, how frequently you use your account, and how long your account has been open.
- You must be 18 years old or older and a U.S. resident.
- You must have an Android or Apple device and be able to download the app from the Google Play store or App Store.
How to get the app
You can download the Brigit app from the Google Play Store or Apple App Store. After you download the app, link your bank account if you want low-balance alerts or to become a paid member and eligible to borrow. After you connect your account, approval can take up to 90 seconds.
Brigit customer service
Other apps like Brigit
Many apps provide features similar to Brigit’s free budgeting tools and lending service. Compare options before deciding which is right for you.
- Some budgeting apps, including Mint, provide alerts if your bank account gets low and you’re in danger of overdrafting. However, they don’t all offer a cash advance service that gives you access to funds.
- The Dave app offers overdraft protection similar to Brigit. For $1 per month, you can receive advances up to $75. It also tracks your bills and bank account balance to alert you if you have an upcoming expense that could cause an overdraft.
- An app called Earnin offers a similar paycheck advance service on a pay-what-is-fair model. With Earnin, you can cash out up to $100 on days you work and repay automatically from your next paycheck.
- The MoneyLion app offers a membership option called MoneyLion Plus that gives users access to low-interest loans of up to $500 without a credit check. This app is best for people with better cash flow, because its monthly fee is $19.99 (though it offers ways to earn some of that back throughout each month).
Many bank accounts also include overdraft protection for a fee. Some banks, such as USAA, do not charge overdraft fees at all. Check out our list of the best free checking accounts to find bank accounts that help you avoid overdrafting before deciding whether Brigit membership is worth it for you.
Author: Christy Rakoczy