The FTC yesterday filed a complaint and stipulated order against Bridge, It (dba "Brigit"), a fintech company that operates a personal finance mobile application that advertises cash advances to consumers. According to the complaint, Brigit targeted low income consumers with offers for short-term cash advances of "up to $250" if they enrolled in a $9.99 per month membership program. The FTC alleged that only approximately 1% of customers actually received access to the $250 advance and approximately 20% were denied access to cash advances entirely.
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