In addition to cash advances, Brigit offers a few extra features to help you stay on top of your finances
Brigit has an option to notify you if your account balance is running low so you can request an advance if you need it. You can also set up automated advances to receive a transfer anytime your account balance is in danger of dropping below zero to avoid overdraft fees. However, this perk is only available as part of Brigit’s Plus plan, which comes with a $10 monthly fee.
- Income. You have to show your monthly income is above a certain amount, which they don’t specify on the site. Moreover, all this income must come from a single steady source. You must show you’ve received at least three paycheck direct deposits from the same employer before Brigit grants you an advance.
- Banking. You must have a checking account that’s at least 60 days old with a balance greater than $0. Additionally, you must show sufficient activity in your account, which means using it regularly to make payments, receive deposits, or check balances. Finally, you must show you have a sufficient end-of-day balance on your payday so Brigit knows it can safely collect your payment without overdrawing your account.
- Brigit Score. Brigit applies a scoring system similar to a credit score to all potential members. It’s based on your earnings, spending, and banking behavior. The score ranges from 1 to 100, and you must have at least a 70 to receive cash advances.
With the free plan, you get updates on your financial health, personalized tips for improving it, and opportunities to earn extra cash. The Plus plan also provides instant deposit, flexible repayment, credit monitoring, and identity theft insurance.
2. Varo
Varo is an online banking service that can give you faster access to your paycheck. With most traditional bank accounts, you have to wait up to two days for the payment to clear before you have access to the money. Continue reading “Brigit doesn’t offer cash advances to just anyone”