Maryland Attorney General Announces $600,000 Settlement with Brigit on October 27 over Hidden Fees in Paycheck Advance Product
In Baltimore, Maryland Attorney General Anthony Brown announced on October 27 that his Consumer Protection Division has reached a settlement with fintech company Bridge It, Inc., which does business as Brigit and offers paycheck advance loan products. The settlement resolves the attorney general's investigation into alleged unfair and deceptive practices involving Brigit's "Instant Cash" product, and requires the company to pay $600,000 to the Consumer Protection Division of the Attorney General's Office.
Brigit has offered its "Instant Cash" product in Maryland since 2019, allowing consumers to receive money in advance and repay it from their paychecks. The attorney general's office alleged that the company engaged in unlicensed lending and misled consumers in marketing Instant Cash between December 2019 and October 2023.
The allegations include that the company offered instantly delivered cash advances without clearly disclosing that consumers had to pay extra fees for instant delivery; that it claimed consumers could receive a certain advance amount when they might not actually qualify for it; and that if a consumer had taken an advance and not yet repaid it, the company would not allow them to cancel subscriptions or recurring charges, leaving consumers paying continuing fees.
Brown said Marylanders who live paycheck to paycheck cannot afford surprise fees in cash advances, and that the settlement requires the company to clearly disclose fees and terms so consumers know what they are agreeing to before they borrow.
Source: GSM · USA (original Chinese edition)
Photo: 马里兰州总检察长安东尼·布朗的官方肖像（其联邦众议员任内拍摄）。 / Official portrait of Maryland Attorney General Anthony Brown, taken during his service in the U.S. House.
