Brigit App Review – $250 Instant Cash, but Beware of Hidden Fees

Overdraft Apps » App Reviews » Brigit App Review – $250 Instant Cash, but Beware of Hidden Fees

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If you’re looking for some quick cash to carry you over to the next payday, the Brigit app makes it easy to instantly top up your bank account with just a few taps. Brigit doesn’t charge interest or late fees, and it doesn’t ask for tips. But despite boasting “no hidden fees”, it can be quite challenging to learn how much a Brigit cash advance will cost you. We put in the work to uncover all of the fees and detail the pros and cons in our Brigit app review.

Woman requesting a loan from Brigit on a phone

What is the Brigit app?

Brigit is one of the new breed of cash advance apps that make it easy and more affordable to borrow money. The app is free to download and simple to use. Brigit offers three main features:

Instant cash advances for up to $250.1 Your borrowing limit is based on the activity in your bank account, so there is no credit check. You can qualify for an advance within minutes of downloading the Brigit app, though your limit will likely be $50 – $100 to start. Brigit can also monitor your bank balance and send you an advance when your account is in danger of going negative, which can keep you from being in a tough spot and incurring costly overdraft fees. Your advance is automatically repaid when you receive your next paycheck, though you can change the date and there is no late fee if you need more time to repay.

Keep track of your finances. Brigit has helpful tools and alerts to monitor your bank balance, track your spending and earnings, and see all of your bills in one place. There’s nothing groundbreaking here, but these simple, handy tools do a good job of helping keep tabs on where your money is going and are free to use.

Build your credit. Brigit credit builder loans2 can help build your credit, which may make it easier to qualify for loans and credit cards, borrow larger amounts and enjoy lower rates. With a credit builder loan, you don’t receive any money upfront but your payments are held in a ‘locked’ savings account and returned to you at the end of 24 month loan term. Brigit reports your payments to all three major credit bureaus, so consistently making them on-time may have a positive impact on your credit score. You choose what you pay – as little as $1/month. The credit building feature is included in your monthly Brigit subscription. You’ll also have access to tools to help you track your credit score and $1 million in identity theft protection.

Get up to $250 instantly with no credit check >>> Get the Brigit app

How much does a Brigit cash advance cost?

Chart showing the cost of borrowing a $100 loan from Brigit

The Brigit app is free to download, but you’ll need to subscribe for $9.99 per month to access cash advances or set up and maintain a credit builder loan. Brigit doesn’t charge interest or late fees, nor ask for tips.

When you request a cash advance, you can have it sent to your bank account at no extra charge if you’re willing to wait up to three business days. If you want instant access to your funds, you’ll need to pay an express fee, and this is where Brigit has a disappointing lack of transparency. We believe that the express fee ranges from $0.99 – $4.99, but it will only be revealed to you when you are finalizing a cash advance…and after you’ve signed up for the $9.99 subscription fee.

While every other borrowing app we’ve reviewed clearly displays their fees in their app, website and terms and conditions, Brigit does not. In fact, it took us six rounds of emails with multiple customer support reps to get Brigit’s fee schedule provided to us. It’s disappointing that Brigit is so opaque about the express fee, especially since Brigit charges less for it than some other apps and the company boasts that there are “No hidden fees” in its pricing.

With all of that out of the way, how much does a cash advance from Brigit actually cost you? Well, if you borrow $100 once per month, you’ll owe the $9.99 express fee and will likely opt to pay a $4.99 express fee, for an effective cost of $14.99. This is a few dollars less than the $16.35 average cost we found in our analysis of the 15 most popular borrowing apps. Plus, if you use Brigit more than once a month, you’ll still pay the same subscription fee, which means your effective cost goes down a bit if you borrow from Brigit more frequently.

Oh, and here’s a pretty valuable little secret! In its Terms of Service, Brigit reveals a simple way get a free subscription! “Users that are eligible for Advances and/or Credit Monitoring may access an Advance and/or Credit Monitoring without paying the Membership Fee. To do so, email [email protected] and state that you would like an Advance and/or Credit Monitoring without subscribing to Brigit Plus.” ????

Low fee cash advances from up to $250 >>> Check out Brigit

Is Brigit legit?

Brigit app for cash advances on a phone screen

Brigit was founded in 2019 and boasts that it has over 4 million users and more than 250,000 ratings on the App Store and Google Play. The company has raised $115 from top tier venture capital firms and several celebrity investors, including Ashton Kutcher and Kevin Durant. (You’ll see their photos prominently displayed on the hellobrigit website!)

Unlike many apps like Brigit, you don’t need to move your direct deposit and there is no Brigit debit card. If you use Brigit’s credit builder loan, your money is held in an account with Coast Community Bank, where deposits of up to $250,000 are insured by the FDIC. If you no longer want your credit builder loan or are having trouble keeping up with payments, you can cancel at any time with no fee, plus any payments you have made will be returned to your linked bank account.

Brigit uses robust 256-bit encryption (also known as ‘bank level’) to keep your data safe. When you subscribe to Brigit, you’re also covered for up to $1 million in identity theft protection. Brigit doesn’t ask for your Social Security Number.

Should you take out a Brigit cash advance?

Brigit app on a phone screen

Finally, a few things to note to set your expectations with Brigit. You need a regular, recurring paycheck (i.e. every other Friday) to qualify for Brigit advances, so if you’re looking for a cash advance for Uber drivers or DoorDashers, it may not be the best app for you. There are some additional criteria to qualify, including having a bank account that is at least 60 days old and has a positive balance, and you’ll need to have received at least three direct deposits. Your advances may be capped at just $50 to start, but your limit can increase up to $250 based on your bank account history and a track record of on-time repayment of your Brigit loans.

Brigit does let you know if you are eligible for advances before you subscribe, so you’re not paying for a service that you can’t use. However, you’ll be charged the subscription fee every month whether you take out an advance or not, so be sure to cancel Brigit if you’re no longer using it by emailing [email protected]. (Deleting the app will not cancel your subscription.)

Overall, Brigit makes it easy to get instant cash advances, with a reasonable $250 limit. Its automated tracking of your finances isn’t fancy, but can come in handy, especially with automated advances that may keep your bank account from dipping below zero. Brigit is one of the lower cost apps for $100 loans that we’ve reviewed, though the monthly subscription fee can get expensive if you’re not regularly requesting advances and we are disappointed that express fees aren’t more clearly disclosed.

Get up to $250 instantly with no credit check >>> Get the Brigit app

Watch our Brigit cash advance app review

WAIT! High overdraft fees aren’t the only way your bank is costing you money.

With inflation overheating, you’ve probably heard that interest rates are climbing sharply. That means that for the first time in years, it’s a great time to shop around for a high interest savings account.

The national average interest rate for savings accounts is currently 0.23% APY – that means that if you have $2,500 in a savings account, you’d earn just $5.76 after one year! Move those hard-earned savings to an FDIC-insured bank paying 3.50% APY and you’d earn $81.73 more!

Don’t let your hard-earned savings sit there doing nothing. Check out the rates that you can earn at other banks:

  1. Subject to Brigit’s approval and policies.
  2. The Brigit Credit Builder (included in the Brigit Plus membership) 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.

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