artificial leader Intelligence firms often ask users (and investors) to imagine a near future where AI coaches, trained on personal data and past interactions, help users realize their wildest dreams. Want to be more active? This is an exercise program designed by artificial intelligence. Want to monitor your long-term health? Try this AI health app. Want to solve your money problems? There's a personal finance chatbot that solves this problem. Actually multiple.

My goal is to be debt-free by the end of 2025, and as a journalist who frequently tests new software, I was curious to try some of the artificial intelligence financial advisors that have become popular in recent years. Hiring a human money manager can easily cost thousands of dollars, so more and more people, especially younger users, are turning to AI tools for advice. From Apple's ranking of free financial apps, I decided to try two well-vetted options that offer chatbots designed to solve money problems: Cleo AI and Bright.

Both Cleo AI and Bright encourage users to connect their bank accounts to the apps through a third-party service called Plaid. This allows chatbots to break spending habits and help users pay off debt and build credit. "Using banking data and what you tell us, Cleo becomes your confidant or coach," said Barney Hussey-Yeo, the company's CEO and founder. “She will provide the right advice and the right products to help you make better financial decisions.”

That's fair enough, but some of the guidance Cleo gave me strayed from that path. While it had some engaging moments, like a friendly reminder that I was overspending unnecessarily, the generative AI tool seemed primarily focused on using my personal data to generate upsell opportunities. Same with Brett.

For example, I pretended to be sad during a conversation and didn't have enough money to buy groceries. Hussey-Yeo said Cleo's core user base is young people living paycheck to paycheck who are "feeling financial pain more than most." So I think that's going to be something that users share all the time. The bot feigned sympathy and immediately started encouraging me to check if I qualified for a cash advance through the app.

After Cleo cleared me for the cash advance, I was prompted to sign up for a $6-per-month Cleo Plus membership. The first time I used it, the app offered a $130 cash advance divided into $65 increments over two days. Technically, users don’t have to pay for a cash advance if they’re willing to wait about three to four business days — a daunting task for those living paycheck to paycheck and a distraction from paying back Target of previous debt.

Cleo also offered me same-day transfers if I agreed to pay an expedited fee of $8. This means I have to pay back the $73 advance in about a week. After I didn't complete it the first time, the app increased my total limit to $200 the next day, divided into two $100 increments. According to Hussey-Yeo, Cleo generates about a third of its revenue from cash advances, with the remainder coming from subscriptions and credit cards designed to help users improve their credit scores. Ultimately, Cleo felt more like the temptation to take on additional short-term debt than a real solution to my money problems.

While the Cleo app doesn't currently include offers on jumbo loans, Bright's financial chatbot (marketed as an "artificial intelligence debt manager") does. A subscription to Bright's AI assistant costs more, at $39 for three months, but it also promises more cash, up to $10,000, through a third-party lender. Bright's output contained more confusing errors than other AI financial chatbots I tested, such as claiming that I had lost more than $7,000 in the past month due to insufficient funds, which was a ridiculously incorrect amount.