Bree: Overview
Do you need an extra few bucks to carry you over until your next paycheque? Is there a pressing bill that needs to be paid, but you’re just a few dollars shy of covering it? If so, then Bree loans can help.
Bree is an online financial platform that provides interest-free cash advances. Their mission is to be a reliable and accessible financial partner that consumers can count on when they need financial assistance. Consumers can get access to the money they’ve earned before they get paid to avoid bank overdrafts and NSF fees when their bank accounts are a bit short on funds.
What Does Bree Offer?
Bree offers cash advances to help bridge the gap between paycheques or to cover upcoming expenses. With Bree, you can get cash advances of up to $750 within minutes of applying online. There’s no credit check, no interest charged on what you borrow, and no late fees.
To take advantage of Bree loans, you can make a request online. However, you’ll first have to create an account online with Bree. It’s free to use, but there is a fee if you want to expedite the transfer of cash. There is also a monthly subscription fee for Bree’s budgeting tool.
Bree Advance Features
Bree’s cash advance program comes with the following features:
No Mandatory Fees
You don’t have to pay for a Bree cash advance. The standard delivery for funds is totally free (funds arrive in about 1 to 3 business days). However, there is the option to get your funds instantly for a fee.
You also have the option to leave a tip, though this is completely voluntary. There are no mandatory fees.
Unrelated to the loan service, Bree also provides a financial insights & budgeting tool for $2.99/month.
No Interest
If you’re looking for a cash advance using your credit card, you can expect to be charged up to 30% in interest. But with Bree, your cash advance funds are available at no interest, which can help you save a lot of money compared to traditional credit cards and other loan products.
No Credit Checks
Bree does not conduct a credit check when you apply, so you won’t have to worry about your credit score being negatively affected. Similarly, you don’t have to worry about being rejected for a cash advance due to low credit scores, as they don’t require credit checks.
How To Apply For A Cash Advance With Bree
To make a cash advance request, follow these steps:
- Click “Sign Up” in the top right corner of Bree’s home page
- Create an account by entering your name, email address, and password
- Allow Bree to verify your banking details
- Confirm your cash advance payback date
- Submit your application
- Once approved, you’ll receive your cash advance via e-Transfer
How To Get Approved For An Advance
Before getting approved for a cash advance, you’ll first have to connect your chequing account to Bree. Bree will then look at your bank statements to verify the following:
- Income Consistency – Bree will check if your employer deposits your paycheque into your account on specific dates. Bree will review the last two months of account transactions to confirm your income.
- Income Sufficiency – Bree will check how much you usually have in your account after you’ve been paid. This will allow them to verify that your account has enough money to pay your cash advance back after you get paid.
These steps will help Bree ensure that you have enough money after paying back your cash advance so you’re not at risk of bank overdrafts or NSF fees.
Things To Consider Before Getting A Cash Advance With Bree
Before applying for a cash advance with Bree, make sure you have all your questions answered about their services, your obligations, and potential additional costs:
When Are Payments Due?
While there is no minimum period for loan repayment, the maximum period for repayment is 90 days from the date the cash advance was made.
Do note, that if you don’t have the funds available on the initial payment date, Bree will take out the payment on the next date that you do have sufficient funds.
What Happens If You Don’t Have Enough Cash To Repay In Advance?
If you can’t come up with the money to fully repay your cash advance, you may request an extension on the repayment period by contacting Bree’s support team. If you are still unable to repay your debt, Bree will no longer advance you any more money.
Should You Use Bree Loans?
Bree is perfect for anyone in need of a small loan to cover last-minute expenses without having to pay expensive interest charges or undergo a credit check. If you need a little financial top-up to your bank account before payday, consider applying for a cash advance from Bree.
