Brigit: Borrow & Build Credit
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4.6
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Developer
Brigit
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Category
Finance
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Version
332.0
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Android OS
6.0 and up
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Downloads
1M
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Content rating
Rated for 3+
Pro
👍 1. Convenient Borrowing: One major advantage of the Brigit: Borrow & Build Credit application is its convenience. Users can easily request instant cash advances up to $250, directly into their bank accounts without going through the hassle of a traditional loan application process. This can be a lifesaver during unexpected financial emergencies or when faced with temporary cash flow challenges.
👍 2. Credit Building Opportunities: Another advantage of Brigit is that it provides users with an opportunity to build their credit. By linking their bank accounts, Brigit analyzes users' financial behavior and makes recommendations to positively impact their credit score. This can be particularly beneficial for individuals with limited credit history or for those attempting to rebuild their credit profile.
👍 3. Smart Budgeting Assistance: Brigit also offers smart budgeting assistance to help users better manage their finances. The app provides insights into spending patterns, offers personalized financial tips, and sends alerts when potential overdrafts are detected. This feature can help users stay on top of their financial health and make more informed decisions about their expenses.
Con
👎 1. Limited loan options: Brigit primarily offers small, short-term loans with a maximum limit of $250. This may not be sufficient for individuals who require larger sums of money or longer repayment terms. Additionally, Brigit does not offer any other types of loans, such as mortgages or auto loans, limiting its usefulness for those specific financial needs.
👎 2. High fees and interest rates: While Brigit aims to provide an alternative to traditional payday loans by offering lower fees and interest rates, their rates can still be relatively high compared to other borrowing options. This could potentially lead to borrowers paying a significant amount in fees and interest, particularly if they struggle to repay the loan within the given timeframe.
👎 3. Limited credit-building impact: Brigit emphasizes its ability to help clients build credit by reporting payments to credit bureaus. However, the impact on credit scores may be limited since Brigit reports only to one of the three major credit bureaus, Experian. This may not have a significant effect on overall credit history or improve credit scores as much as reporting to all three bureaus would.
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