What Happens If You Dont Pay Brigit Back

Breaking Down the Consequences of Not Paying Brigit Back: A Guide for Financially Strapped Individuals

Introduction

Brigit is a popular financial app that helps people manage their money and avoid overdraft fees. The app works by analyzing your spending patterns and predicting when you may run out of money, then offering an advance of up to $250 to cover any unexpected expenses. While this service can be a lifesaver for those living paycheck to paycheck, it's important to understand what could happen if you're unable to pay back the advance. In this article, we'll discuss the consequences of not paying back Brigit's advance and provide some tips on how to handle the situation.

What is Brigit's advance?

Before we delve into the consequences of not paying back the advance, let's first understand what it is. Brigit's advance is not a loan; instead, it's a small cash advance that is automatically deposited into your bank account to help you cover any unexpected expenses. The amount you can receive varies depending on your spending habits, but it's usually capped at $250.

What happens if you don't pay back the advance?

If you're unable to pay back the advance within your next paycheck, Brigit will automatically deduct the amount from your bank account. However, if there are insufficient funds in your account, you may be charged an overdraft fee by your bank. Additionally, Brigit may also charge you a late fee for not paying back the advance on time.

Can not paying back Brigit's advance affect your credit score?

One of the main concerns that borrowers have is the impact of not paying back Brigit's advance on their credit score. The good news is that Brigit does not report to credit bureaus, so not paying back the advance will not affect your credit score. However, keep in mind that if you have multiple advances and are unable to pay them back, you may end up with a negative balance in your bank account, which could be reported to credit bureaus by your bank.

Tips for handling the situation

If you're unable to pay back Brigit's advance, here are some tips to help you handle the situation:

• Contact Brigit: Brigit has a customer support team that is available to help you. If you're having trouble paying back the advance, reach out to them and explain your situation. They may be able to work out a payment plan or find a solution that works for both parties.
• Find alternative sources of income: If you're struggling to pay back the advance, consider finding ways to increase your income. This could include picking up a side hustle, selling unused items, or taking on extra hours at work.
• Cut back on expenses: Take a look at your expenses and see where you can make cuts. This could mean eating out less, canceling subscriptions, or finding cheaper alternatives for necessities.
• Plan for the future: To avoid being in a similar situation in the future, create a budget and stick to it. This will help you keep track of your spending and avoid relying on Brigit's advance.

Conclusion

In conclusion, not paying back Brigit's advance can result in overdraft fees and late fees. While this may not affect your credit score, it's important to communicate with Brigit and find a solution that works for both parties. Additionally, it's crucial to be responsible with your spending and budget effectively to avoid relying on Brigit's advance in the future.