However, even though your phone bill for the month has come surprisingly sooner than usual, payday is still more than two weeks away. Things like these might be a source of frustration, mainly if you are living paycheck to payday. Fortunately, there are financial apps available that will assist you in getting by without falling into a debt trap of your own making.
Brigit is one of the most excellent and well-known cash advance apps, providing small paycheck advancements of up to $250 in exchange for your personal information. Even though it does not charge interest on the loan itself, it does charge a steep monthly membership fee of $9.99 to become a member.
On the other hand, Albert is there to assist you in saving your money before you reach the point of investing it. It allows you to invest more money. In 2016, it raised $2.5 million in early funding, which came shortly after the app’s introduction earlier in the summer of the following year.
What is Brigit?
Brigit charges $9.99 up to $250 a month as a cash advance app for cashouts. Dave’s credit check distinguishes it from other similar apps in that it examines your account and generates predictions about your spending patterns. It is wise because it shows that the provider wants to provide you with a financial bailout while also preventing you from incurring overdrafts.
In addition to being compatible with over 6,000 banks and credit unions, Brigit is now accessible for iOS and Android devices. Because of this, almost anyone can utilize it – with the notable exceptions of Chime Bank, Capital One, Varo, and NetSpend.
Begin by downloading the Brigit app and linking your bank account to get started. Once you’ve linked your bank account, the app can show you where your money is going and whether or not you have any bills due shortly. The app may also tell you if you’ll have enough money to cover your forthcoming bills using the overdraft prediction tool.
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How Brigit does work for you?
Credit Building Account
Among Brigit’s new offerings, the credit building account is my favorite. For more than just building credit, this program is designed to save money!
Essentially, you’re taking out a short-term loan and paying it back over 12 months. Three primary bureaus report to Brigit, which helps you establish your credit history and raise your score.
No Penalty System
Approval is not based on a credit check. If you pay off the loan before the 12-month time is over, you won’t be penalized for doing so because you avoided paying interest. You don’t even need to put a deposit down upfront, unlike a secured credit card. Even if you can only afford to pay $5 a month, Brigit has you covered.
Set-up Automatic Advance
Using Brigit, you can place recurring or one-time advance orders. Additionally, you can set up automatic advances to shield yourself from an anticipated banking overdraft.
To be eligible, you must be a member of Brigit Plus, which does not require a credit check. They also require a “Brigit Score” of at least 70 to get immediate cash. The health of your bank account, your earnings profile, and your spending history are taken into account while calculating this score.
What is Albert?
Albert Investments, the company’s micro-investment arm, has been the latest addition to the Albert platform since its inception. SEC-registered investment advisor Albert Investments, LLC.
In addition to helping you save money, Albert consolidates all of your financial accounts into one location, so you get a complete picture of your financial situation, lowers your costs, offers financial advice, creates a tailored financial plan, and provides investment guidance. Like having multiple financial apps on one platform, it’s like having three or four.
Albert Investments, LLC, an SEC-registered investment advisor, was established in 2015. Because they don’t handle your investments, they provide a list of assets from which you can design your portfolio.
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How does Albert Savings work?
Innovative Saving Tools
Albert’s innovative savings tool analyses you’re spending and calculates weekly savings. If you have the free app, Albert will make one weekly savings transfer between $25 and $100. Albert utilizes a proprietary algorithm to calculate how much it can save you. Their system looks at your expenditure, income, and anticipated bills. It will then calculate how much it can safely store for you.
Perfect for Saving Money
We’ve saved several hundred dollars with Albert – not bad. It saves about $45-$70 per week. That’s around $200 a month we can save without even knowing. It is an excellent addition to my money structure on top of my regular savings.
Interest on Your Savings
You also get a small interest on your savings, so your money isn’t sitting idle in your Albert savings account. Currently, free users earn 0.1 percent. It’s not much, but it’s better than nothing. I consider these short-term money savings. Thus, the interest rate is irrelevant to me.
FDIC-insured savings account
It is standard security for most finance apps. All significant banks use Plaid to connect your accounts to Albert securely. Your Albert savings are held in an FDIC-insured savings account with one of Albert’s partner institutions. In other words, you won’t lose any money.
Brigit and Albert are excellent financial apps for people who have terrible credit or struggle to manage their monthly expenditures regularly. Brigit can assist you in improving your financial situation by giving no-interest cash advances and credit development loans while also educating you on how to save more effectively.