What is a Brigit loan and how does it work?

A Brigit loan is a type of short-term financial solution that allows users to access cash advances on their upcoming paycheck to cover urgent expenses or avoid overdraft fees. Typically, the service functions as a mobile app, where users can link their bank accounts and request an advance on their earnings before their next payday. The process bypasses traditional credit checks, making it accessible for those with varying credit histories. Upon approval, funds are quickly transferred to the user's account, often within minutes or by the next business day. Repayment is automated: when the user's paycheck is deposited, Brigit deducts the borrowed amount plus any applicable fees. This service aims to provide a safety net for individuals facing temporary financial shortfalls, focusing on responsible lending and preventing debt cycles through features such as balance monitoring and financial health insights.