Brigit Credit Builder Review – Improving Credit Scores
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Brigit offers a fee-free, low-cost option to assist you in building your credit score.
8/10
Cost
8/10
Ease of use
9/10
Features
9/10
Services
8/10
What happens when a Hollywood star and one of the best players in the NBA back a personal finance company? Brigit Credit Builder is what happens, and today we are looking at all the details of this new concept in smart credit management.
Among other financial industry veterans, Ashton Kutcher and Kevin Durant are two powerful names behind Brigit. But it's the concept of Brigit truly differentiating itself from others. The personal finance company recognizes the challenges many Americans face today, including living paycheck to paycheck and struggling to make sense of all the financial jargon tossed around daily.
Brigit is a cash advance app offering additional financial products without interest and unnecessary fees. However, one product under the Brigit umbrella may be worth a second look: the credit-building program.
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What is the Brigit Credit Builder?
Brigit Credit Builder is one feature of the Brigit personal finance app. The app has many facets and features, including a fee-free cash advance of up to $250 without a credit check, identity theft protection, access to personalized financial insights, and other budget management tools.
One of the features highlighted is the Credit Builder. As the name suggests, it is a component of the app where the only goal is to help someone build their credit or improve their credit score. For anyone trying to start building credit or who has damaged their credit score in the past, it may be another option to get on the road to better credit scores.
Get cash – with no credit check or late fees
- Approval in minutes.
- No credit check.
- No late fees.
- Avoid overdrafts and worry less
With Express Delivery, you can get your cash in minutes, for a small fee. If you’re not in a rush, you’ll get it in 2-3 business days and it’s always free.
How does Brigit Credit Builder work?
Credit Builder is only one feature of the overall Brigit concept. It is designed to help you rebuild and repair your credit score while also enabling you to put money into savings each month. It works by providing you with a personal loan you may not need. This short-term loan is offered without a credit check and is interest-free, so you can make payments monthly and establish good credit habits.
But here's the catch: You don't get any money upfront with the loan.
By becoming a member of Brigit Plus and paying $9.99 per month for 12 months, you get a "loan" and pay yourself. Here's how:
- Brigit opens an installment loan in your name and deposits the money into a savings account with Coastal Community Bank.
- You will have a loan payment each month.
- The loan payment will be divided into two parts: one will repay the installment loan, the other will be deposited, and both will go into the savings account.
- You choose the amount you want to contribute each month, anywhere from $5 to $50.
- Each month, your payments are reported to the three credit bureaus. Because the payments are automatic, it will mean that on-time payments are reported, which should positively impact your score.
Once the loan is paid in full, you can access all the money you paid.
Basically, your monthly membership fee gives you a chance to "borrow" money specifically to make on-time payments and establish credit with the major credit bureaus (Experian, Equifax, TransUnion). But Brigit works like a layaway program to get the money you want to borrow. Yet, because your interest-free money funds the loan, it is much more like Brigit forces you to commit to saving money every month and report it to the credit bureaus.
It's literally helping you save and improve your credit. Using the credit-building feature, it claims members can increase their credit score by as much as 60 points at the end of the 12 months.
Oh, and again (because it's important enough to repeat), there is no interest charged and no upfront deposits required.
Once the credit builder is put in place and the payment activity is reported to the credit bureaus, your credit score will increase. Credit scores depend highly on payment history (how much you pay on time) and the credit mix (what types of credit and loans you have). With the Brigit Credit Builder, you will save money while making money.
How much does Brigit Credit Builder cost?
Brigit has two membership levels: a free and a paid one. The paid membership cost is $9.99 to $14.99 per month. While the free membership offers plenty of benefits, such as financial tips and advice and financial insights on your spending and savings habits, the free bank account is limited.
To access the Credit Builder benefit, you must be enrolled in the $9.99 Brigit Plus membership plan. You can cancel the plan at any time. However, numerous benefits are available, and Credit Builder makes the paid plan a smart choice for some people. Other benefits include $1 million in identity theft coverage, access to up to $250 cash advance without a credit check, and credit report monitoring tools — all of which are used to assist you in getting your finances on track.
Get cash – with no credit check or late fees
- Approval in minutes.
- No credit check.
- No late fees.
- Avoid overdrafts and worry less
With Express Delivery, you can get your cash in minutes, for a small fee. If you’re not in a rush, you’ll get it in 2-3 business days and it’s always free.
Features
App-based
If you love handling finances on your smartphone, you will appreciate how every task with the account is managed online or through the Brigit app, available for Android and Apple. The app itself is highly-rated.
Deep dive into your finances
In addition to building credit, Brigit offers tools to track upcoming bills, spending habits, and other insights into your money. This may be the personalized advice you seek to help you make smarter financial decisions.
No additional fees
Other than the $9.99 to $14.99 monthly subscription fee and the minimum monthly payment you must pay on your loan amount, there are no other fees associated with Brigit. You are not charged interest or any late fees either.
No credit checks
Brigit offers its services without the use of a credit check. Why is this important? Anytime a creditor or lender reviews your credit profile, it is recorded in your credit report. These are referred to as either a hard or soft credit pull, depending on the nature of the inquiry.
These pulls can stay on your credit report for up to two years and can result in decreasing your credit score. When you’re trying to build up your credit, the last thing you want is an unnecessary mark simply because you need to access a financial product.
Real-time account alerts
Brigit sends you notifications for everything, including when your finances need a little boost to cover upcoming bills. You will be in the know and less likely to be caught off guard as you’re working on building up your credit and savings.
Payday advance
You can request up to $250 or as little as $50 with the Brigit payday loan and get instant cash that will be repaid from your next paycheck.
Who is Brigit Credit Builder best for?
Brigit is designed for people with either no credit history or bad credit. If you are struggling to build credit or feel overwhelmed by all the minimum payments you have to make, Brigit could be the lifeline you are looking for.
Who shouldn’t use Brigit Credit Builder?
One downside to Brigit is all customer service takes place online. All account management is either online or through the app. If you like getting a real human on the phone when there’s an issue, then Brigit may be a frustrating experience for you.
Pros and cons
Pros
- The $9.99 per month is cheaper than paying interest on small loans, overdraft fees, and credit monitoring.
- You can significantly improve your credit score with on-time payments to Brigit.
- The Brigit Plus membership includes numerous helpful features, in addition to the Credit Builder.
- Transparent language and no hidden fees.
- No credit check required for approval, so your credit score isn’t dinged because of a credit inquiry.
Cons
- While $9.99 may be worth it to receive all the features of the Brigit Plus membership, the cost does add up. It will cost you $119.88 to build your credit score.
- No control over the amount of the installment loan.
- Customer service is all online.
How Does Brigit compare to other credit builder services?
Credit Builder | Products Offered | Cost |
Brigit Credit Builder | Identity theft protection, up to $250 cash advance, money budgeting advice and tools, credit builder loans | $9.99 to $14.99/month |
Chime Credit Builder | Secured Visa credit card, which reports on-time payments to credit bureaus | $0 |
Earnin | Up to $750 in cash advance against your paycheck, savings accounts, budgeting tools | $0, but "tips" welcomed |
Moneylion | Early payment, investment accounts, crypto, credit builder, cash advance | $19.99 |
Chime Credit Builder
Like Brigit, Chime is not a bank. It is a fintech company that partners with banks to offer FDIC-insured products and services. One of these products is the Chime Credit Builder Secured Visa credit card. The secured card requires you to use a Chime Spending Account.
The card then works like any other credit card, and you can use it wherever Visa is accepted. The payments will be made on time, which reports positive payment history to the three credit bureaus.
Earnin
If you need help avoiding overdraft fees and running short on money, the Earnin app may be another solution. This app gives you access to your direct deposits - before they are deposited. You can access up to $750 of your paycheck in advance to avoid costly overdraft fees and reduce financial stress. You can also use savings accounts and money management tools through Earnin.
MoneyLion
MoneyLion is similar to Brigit, with up to $300 in cash advances available, access to savings and money management tools, and other services. However, MoneyLion’s Credit Builder program allows you to access your loan upfront instead of tucking it away, so you don’t use it while building your credit. You have access to up to $1,000 without interest, which could be helpful if you have a financial emergency.
Get cash – with no credit check or late fees
- Approval in minutes.
- No credit check.
- No late fees.
- Avoid overdrafts and worry less
With Express Delivery, you can get your cash in minutes, for a small fee. If you’re not in a rush, you’ll get it in 2-3 business days and it’s always free.
FAQs
Will it impact my credit score to apply for the Brigit Credit Builder?
The good news about this program is there is no credit check required. This means your credit report will not be pulled. Therefore there will be no pulls reported. Every time a lender reviews your credit report means a possible change in your credit score, but in the case with Brigit Credit Builder, there’s no need to worry.
How much loan do I qualify for?
Brigit will calculate the amount of the initial installment loan by determining an amount you can afford to pay back in monthly payments. The loan is a fixed size, so you do not have control over the amount. The term length is 12 to 24 months. All money you paid towards the installment loan will be given back to you.
Can I cancel before the end of the 12 months?
Yes. However, any balance you owe gets paid from any funds you have deposited in your savings account. Any additional account balance will be transferred to your personal checking or savings account.
Is Brigit legit?
There are numerous programs out there to help build your credit. Brigit offers a fee-free, low-cost option to assist you in building your credit score. Although membership is required to take advantage of all the benefits Brigit offers, it could be just the tool you need to get your credit score — and your entire financial future — headed in a positive direction.
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Writer
Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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