The Silicon Review
"We want you to have a stable financial future, and we want to help you get there. Because when your bottom line improves, our bottom line improves."
No matter what your financial situation looks like, whether you’ve got a cushy savings account, you’re living paycheck to paycheck, or somewhere in between, one thing is for sure: managing your money is important. Budgeting effectively is what allows us to move towards our big financial goals such as paying off debt, buying a home, or saving for retirement. In this world of the internet and technology, everything is easier now. But managing your finance can be a tedious task on your own. So, it’s better to download an app and fulfill your requirements. These days, apps are ruling our world and mobile app development has brought much advancement in the finance industry also. In fact, mobile app development does a great job regarding financial and Blockchain technology. This technology makes things easier for people who need to handle their earnings and expenses efficiently.
Brigit is a holistic financial health app that helps you cut your stress, build your credit, save, and budget for your future. They don’t insert any hidden fees when you’re not looking. With their simple tools, they teach you financial literacy so you can understand and anticipate your expenses, manage and protect your credit, and make sure you have access to emergency funds if you need them. With experience at Amazon, Deutsche Bank, Palantir, Two Sigma and more, Brigit experts not only have the tools to solve financial insecurity—they’ve witnessed the problem firsthand.
Brigit vs. Overdraft Fees
Overdraft fees are expensive and often not easily understood. When a transaction causes your checking account balance to fall below zero, your bank or credit union might pay for the transaction or decline it and, either way, could charge you an overdraft fee or nonsufficient funds fee (NSF). That fee is usually around $34. With some financial institutions, if you make multiple transactions with a negative balance, you can be charged multiple fees and could wind up hundreds of dollars in the hole.
At Brigit, they find overdraft fees atrocious. Overdraft fees are expensive for customers, and they are the bank’s way of exploiting their customers out of their hard earned money. Enough is enough – Brigit is a much better solution than overdraft protection. If you’re in a pinch, it’ll even give you a small advance on your next paycheck with no interest. And, arguably, the app’s most helpful feature is that they have financial advisors (aka real professionals, not bots) available via text to answer questions based on your specific financial situation and goals. You can create invoices, snap pictures of receipts for tax purposes, categorize spending, track time worked, accept payments, access profit and loss reports, and even chat with clients right on the app.
How Brigit helps solve the overdraft problem.
Overdraft fees can take you by surprise and are deceptive
Your bank is legally required to ask if you want ATM and one-time debit card transactions covered as part of an overdraft program. However, according to a PEW study, more than half of those who incur a debit card overdraft penalty fee do not believe that they opted in to overdraft coverage. Additionally, most overdrafters don’t learn of their overdraft for two or more days.
Brigit takes out the “surprise factor.” With the Brigit app, you get free account alerts when your balance is low and lots of notifications when Brigit sends and withdraws money from your account.
Overdraft fees are really, really expensive
On average, people who pay overdraft fees also incur additional fees, for a total of $69 the last time their account was overdrawn. Most transactions that cause an overdraft are $50 or less. If you were to calculate the interest on overdraft fees, you would understand how expensive these fees actually are. The annual percentage rate (APR) of interest charged on overdrafts are as high as 5,500 percent. That can translate to people paying well over an entire paycheck’s worth of overdraft fees annually.
Brigit saves you overdraft fees by helping you not incur them in the first place.Don’t you wish you could save what you pay in overdraft fees for better things? By sending you money when your balance is low, Brigit helps you avoid the bank penalties. The best part is Brigit’s fee is flat and much lower than one overdraft fee.
Overdraft fees can hurt your standing with the bank
In a popular Pew study, 13 percent of people who paid an overdraft penalty say they no longer have a checking account. Faced with fees that are too high to afford, many people leave the banking system altogether. Wouldn’t you agree that the bank’s overdraft protection policies are counter-productive to helping people?
Brigit keeps you in good standing with your bank and has your back. They integrate with most banks to allow for a seamless deposit of Brigit funds when your account is low. Because the company decreases the instance of you overdrawing your account, they keep your bank fees lower overall and improve your relationship with your bank.
Brigit’s Credit Builder vs. the Competition
Bad credit score got you down? Building credit could be easier than you might expect with Brigit’s Credit Builder. Here’s how the company compares with self and Credit Strong.
It’s probably no surprise that over half of Americans have been rejected when applying for credit because of their credit score. Your credit score, or FICO score, is a three-digit number that affects whether lenders and credit card companies will approve your applications for credit and how much they will charge to loan you money. Your score affects your ability to get a mortgage, credit card, car loan, apartment, and much more.
When it comes to building your credit score, it can be really easy to get lost in the many options out there, but they believe Brigit’s is the best, and not just because they made it! The company is proud that Credit Builder by Brigit is the most affordable and accessible option with the lowest monthly cost, no interest or hidden fees, and additional features that help you budget, get instant cash, prevent overdrafts and protect your identity and credit score.
Zuben Mathews |Co-founder and CEO
Working in finance, I saw firsthand the kinds of inequality plaguing America. I knew there was a better way, and with the help of brilliant people, I could find it. In just two years we’ve already changed millions of lives — but we’re just getting started.