How Does Brigit Work?
Even the most financially savvy people need a little help with budgeting and managing their money. There are so many bills, subscriptions, and other expenses that it can be nearly impossible to keep track of it all. Brigit aims to help those people with tools for budgeting, spend analysis, and credit building. The company’s technology connects securely to users’ bank accounts and runs in the background, providing notifications for upcoming bills and giving users insights on side gigs and ways to earn extra income.
How can I use my budget?
| According to Consumer.gov,
A budget is something you use every month. A written budget will help you:
Your budget can help you save money for the future. You can make savings one of your expenses. You might find ways to spend less money. Then you can put money into savings every month – maybe into a bank or credit union. |
Brigit offers a few subscription plans that range from a free entry-level plan to the premium subscription, which costs $14.99 per month. Depending on the plan, users gain access to different features, such as the Plus Plan, which includes cash advances, credit monitoring, credit score simulators, and identity theft protection. The top Premium Plan adds Brigit’s Credit Builder service and includes free express delivery for users that qualify for cash advances.
What is Brigit?
Brigit has been in business for around six years. The New York-based company claims more than four million users and notes that it has saved more than three-quarters of a billion dollars since 2019. That said, Brigit has had more than its fair share of run-ins with with regulators and users, racking up Federal Trade Commission (FTC) actions and several negative reviews on the Apple App Store and Google Play Store. Late in 2023, the FTC began taking action against the company, saying that its cash advance service misled consumers, asking for an $18 million settlement in refunds. The government entity also asked that Brigit take steps to protect its users going forward, including that it disclose fees and options, obtain consent before enrolling users in controversial programs, and giving them more an easier path to cancellation.
What is Brigit Credit Builder?
Brigit’s Credit Builder is a part of the Brigit app available to the highest tier members. As part of the program, the company opens an installment loan and deposits payment funds into an FDIC-insured account. Users cannot access the funds in that account, but Brigit reports payment activity to the three major credit reporting bureaus. The company offers low monthly payments, with some users reporting paying as little as $1 per month, but the program is not useful for obtaining large loan sums, as it is primarily a one-year loan targeted at improving the borrower’s credit score.
Brigit Features
Brigit’s app has a long list of useful financial tools to help users build their credit and start saving for the future. Even so, the company’s track record for transparency and disclosures leaves much to be desired, and has caused many users to report a less than stellar experience with Brigit. If you’re considering taking advantage of any of the company’s many features, it’s a good idea to research other options and ensure that its product line is the best for your current situation. Brigit offers:
- Credit monitoring with full access to credit scores and score updates
- Budgeting tools with monthly spend analysis and other features
- A side gig job search tool
- Identity theft protection with up to $1 million in reimbursements
- Credit building with small loans designed to improve users’ credit scores
- Cash advances of up to $250 before a payday
Brigit Pros and Cons
Brigit might sound like a dream app for people struggling with debt and credit usage, but the company’s offerings aren’t the best for every user. Like everything else in life, Brigit’s products and services have ups and downs.
Pros
- Useful budgeting tools
- Credit building for users with spotty histories
- Overdraft protection and budgeting tools
Cons
- Minimum account balance might be too high for some users
- Credit builder loan maximums are low
- Subscription fees can be high
Financial Tool Options:
- The Best Personal Loans for Fair Credit
- The Best Debt Consolidation Loans
- Accredited Debt Consolidation Program
- Credible Personal Loans
How Does Brigit Work?
Brigit’s features are available to all users, but there are some conditions that must be met first for a cash advance:
- Users must have been active for at least 60 days
- They must have a non-zero balance
- They must have at least three recurring deposits from the same source
Brigit assigns scores to users based on those factors that range from 0 to 100. Depending on that score, the user may be qualified for a range of loan/cash advance amounts. The company’s entry-level score is 40, and it’s calculated based on the user’s bank account and activity, spending behavior, and monthly recurring deposits.
It’s worth pointing out that the Brigit credit builder feature has more stringent requirements than the standard app, so if you’re only planning to use the budgeting or bill pay feature, you won’t have to provide such in-depth background information or meet as many requirements.
Other Options:
The Best Budgeting Apps to Stop Overspending
Brigit Reviews
Brigit has a 4.3/5 star review rating on Trustpilot and a 4.12/5 on the Better Business Bureau’s (BBB) review services. The company’s reviews seem to be primarily split between one- and five-star ratings, with many users complaining that the monthly subscription fees took them by surprise, or that Brigit’s customer service team is too slow to respond. Some reported that the company did not respond at all to their inquiries. Negative customer reviews on the BBB’s site focus on billing misunderstandings and charges that were not expected.
Trusted Company Reviews Evaluation: How Does Brigit Work?
Brigit can be a great option for people who need to rebuild their credit histories or those who want a relatively friction-free climb up the credit ladder. That said, there’s enough doubt about its policies, communication, and customer service to raise red flags in anyone’s mind. If you’re considering Brigit or any other credit-building tool, it’s important to research the company and its offerings before making a decision to move forward. Even if the company can “fix” your credit issues, the end result isn’t always as positive as you expected it to be, so be sure to research the options before getting started.
Is Brigit Legit?
Brigit is a legit option, and the company has thousands of users to back up that assertion. Despite that, it has also earned more than its fair share of negative reviews, so it’s a good idea to research before diving in.
Is Brigit Worth It?
Brigit can be a useful financial tool for many users, but its fees and requirements might put it out of reach for many users. If you find yourself in a challenging situation, it’s best to shop around before settling into a long-term situation with any company, including Brigit.
Who is Brigit Best For?
Brigit is best for people who have no other options to build credit. The company’s offerings are a good way for borrowers to get back on track and start budgeting in real time.
Brigit Alternatives
Brigit is far from the only option in the space. There are several other companies, some run by large national banks, that offer similar functionality:
- Chime Mobile Banking – Budgeting, paycheck advances, and financial tools
- Empower – Offers cash advances, overdraft reimbursement, and more
- Cash App – Send and receive money, buy stocks and bitcoin, and more
- Money Lion – Saving, investing, overdraft protection, and borrowing
