Even when everything is going according to plan, life is expensive. So when unexpected things happen, they can be very financially stressful. Whether it’s an unexpected car repair, veterinary emergency, or a shockingly huge utility bill, sometimes you need extra cash, and fast. That’s where Brigit Instant Cash1 can help. It’s designed to provide you with a financial safety net when you need it, without the high fees or interest rates that come with traditional payday loans. Here’s the lowdown on how Brigit Instant Cash works and why it’s worth keeping in mind for your financial emergencies.
What is Brigit?
Brigit is a personal finance app with tools to help you track your expenses, budget effectively, and access cash advances before your next paycheck arrives. Brigit is different from payday lenders, because there’s no interest and no hidden fees. It’s designed for those times when your bank balance is dipping dangerously low, when emergency cash can help you avoid overdraft fees or the need to borrow at high interest.
How Does Brigit Instant Cash Work?
1. Signing up and getting started
Getting started is simple—you just need to get the Brigit app and sign up for an account. To set it up, you’ll link your primary checking account and verify your income. Brigit’s algorithm will analyze your account to make sure you meet their criteria for a cash advance. It will look at things like your average bank account balance, your spending habits, and whether your paychecks are coming in regularly—basically making sure you’ll have enough money to repay the advance without causing you financial distress.
2. Qualifying for an advance
Once you’re signed up, Brigit will start monitoring your bank account balance. If the app predicts that you might be running low and at risk of overdraft, it will notify you. The amount you can borrow usually ranges from $50 to $250, depending on your needs and your financial health.
3. Receiving your funds
If you accept the cash advance, Brigit deposits the money right into your bank account. In most cases, you’ll receive the funds within 2-3 days. If you need the cash right away, you can opt for Express Delivery for a small fee to get the money deposited within about 20 minutes.
4. Repayment
Repayment is straightforward and automatic. When you take out an advance, you agree to a repayment date—usually your next payday (but you can choose a different day if you want). Brigit will automatically withdraw the amount you borrowed from your bank account on the due date. You don’t have to worry about late fees or penalties because Brigit aligns the repayment with your incoming paycheck, making sure the funds will be available. And if you need more time to pay it back, you can request an extension—for free.
5. Membership and fees
Brigit offers three levels of service: a free basic version that provides financial insights and budgeting tools; Plus, which adds Instant Cash, credit monitoring, identity theft protection and automated advances; and Premium, which includes all the same features as Plus and adds free express delivery of Instant Cash funds. The Plus membership costs $8.99 per month, which is a flat fee for access to all of the additional services. Premium is $14.99 per month.
The benefits of Brigit Instant Cash
– No hidden fees: One of the biggest advantages of Brigit Instant Cash over traditional payday loans or overdraft protection programs is that what you see is what you pay. The $8.99 monthly fee is transparent, and there are no additional charges, even if you frequently need advances.
– Avoid overdraft fees: since Brigit monitors your bank account and predicts when you might run low on cash, it helps you avoid overdraft fees by providing advances when you need them. This predictive feature can save you significant money, especially if you often get hit with overdraft charges by your bank.
– Improve financial health: Brigit isn’t just about providing instant cash; it’s designed to help you improve your overall financial health. The app includes budgeting tools, financial tips, Credit Builder2, and the option to track your credit score, all of which can aid in building a stronger financial future.
1Not all members will qualify for advances. Depending on eligibility, advances range from $50 – $250. Subject to Brigit’s approval and policies. Express Delivery is optional and a fee may apply. Most users receive their Express Delivery within 20 minutes. Brigit monthly subscription required. Instant Cash is not available in all states.
2Impact to score may vary. Some users’ scores may not improve. Results will depend on many factors, including on-time payment history, the status of non-Brigit accounts, and financial history. Results show that customers with a starting credit score of 600 or below were more likely to see positive score change results. A Brigit premium subscription is required. Credit Builder loans are not available in all states. The Brigit Credit Builder is a service provided by Brigit and its bank partner, Coastal Community Bank, Member FDIC. The Brigit Credit Builder product is separate from the Brigit Instant Cash Advance service. Brigit Credit Builder installment loans are issued by Coastal Community Bank, Member FDIC, subject to approved underwriting practices.
