The statistics are staggering: Each year, banks and payday lenders make enormous profit from consumers who are trying to make ends meet.
- The average overdraft fee is one of the most expensive fees charged by banks, averaging approximately $35 per transaction from big institutions like Wells Fargo, TD Bank, HSBC, Citizens Banks, Citibank, Chase and Bank of America.
- $525 is the average interest paid per payday loan borrower a year.
- Banks pocketed $34 billion in overdraft fees in 2017.
This money is mostly paid by people who need money between paychecks so the extra fees add another layer of stress to their finances.
Enter Brigit, an app that seeks to provide Americans with a better solution. According to the company, Brigit provides “a transparent and fair alternative that empowers Americans so that they can make ends meet and get the financial relief they deserve.” For the cost of $9.99 per month, Brigit offers a financial safety net:
- Up to $250 instantly that can be customized by the consumer and delivered in less than 60 seconds.
- 20 second approval without the requirement of the dreaded credit check.
- No hidden fees like late fees, transfer fees or even interest.
- Free extensions that allows consumers free flexible repayment options.
- Budgeting tools like alerts that let customers know that they are running low and will not have enough for upcoming bills.
Brigit is one of many apps and companies that is battling excessive fees and huge profits gained at the expense of consumers. Billshark can help lower your monthly bills by fighting hidden fees, unnecessary subscriptions and excessive packages. Send us your bills and you’ll never overpay again.