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Bright Lending Personal Loans Review: Emergency Loans at High Rates

While some situations require significant financing, some of them prioritize fast funding and accessibility. For such emergencies, lenders like Bright Lending can provide a lifeline. This company offers small loans with next day funding available to borrowers with any credit. However, its three-digit interest rates and limited amounts make Bright Lending an option that is not for everyone.

Bright Lending Overview

Bright Lending is an online company owned by the Fort Belknap Indian Community. The lender is focused on fast assistance for minor emergencies and offers small installment loans of up to $1,000. It portrays its products as smart alternatives to payday loans but still applies very high interest rates.

Loans offered by Bright suit borrowers with bad credit, as the company is not focused solely on an applicant’s FICO rating. Another benefit is that a customer has up to 10 months to repay the funds. This flexibility makes the company’s loans more affordable, even for borrowers with low incomes.

Pros and Cons of Bright Lending Personal Loans

Explore the pros and cons of Bright Lending personal loans to understand whether they fit you.

Pros:

Cons:

Pros

Next day funding is available;

Pros

Extended repayment terms;

Pros

No penalties for early repayment;

Pros

Any credit is accepted;

Pros

Bonuses for returning customers in good standing.

Cons

High APRs that may reach three-digit numbers;

Cons

Limited loan amounts;

Cons

The service is not available in some states.

Closer Look at Bright Lending Loans

Take a closer look at Bright Lending loans to better understand their specifics.

Fast Money Deposits

Approved borrowers get their funds as soon as the next business day. Thus, Bright Lending loans can be used in case of emergencies.

No Prepayment Penalties

You can repay the loan early without being charged an extra fee. This will make your loan less expensive.

APR Discounts

An APR discount of about 25 percentage points is available for borrowers who choose to repay via the Automated Clearing House (ACH). ACH means that the lender will be able to automatically collect payments from your bank account.

Low Loan Maximums

Borrowers can only borrow from $300 to $1,000, which may not be enough to cover significant expenses.

VIP Program Is Available

VIP Bright Lending program allows qualified returning customers to get a higher loan amount of up to $2,000. Additionally, it comes with a longer repayment period of 12 months. Returning borrowers can also get interest rate discounts. Its value is determined based on the current VIP status (regular or Gold) and the repayment option (manual or automatic).

Soft Credit Checks Only

The company claims it doesn’t perform hard inquiries via major credit bureaus. It only uses alternative providers to estimate a borrower’s creditworthiness. However, these providers may use data provided by credit reporting bureaus, so such a check may show up in your credit report as a soft pull.

Very High APRs

An APR on your Bright Lending loan can be from 500% to 800%. The exact rate depends on your loan amount and credit score, so you can’t know for sure what your loan cost will be until you apply for a loan.

Repayment Flexibility

Bright Lending loans are more convenient compared to payday loans. You can repay them in fixed monthly installments instead of making a lump-sum repayment.

Territorial Restrictions

The service offers its loans solely within the Tribe’s jurisdiction, which may change over time without notice. Residents of some states may not be able to get a loan at Bright.

How to Get a Personal Loan with Bright Lending?

Before applying for a personal loan with Bright Lending, make sure to meet the following eligibility requirements:

  • Be of legal age;
  • Have a verifiable source of steady income;
  • Have an active bank account in your name;
  • Be the residents of the area served by the company;
  • Have a valid government-issued ID..

If you meet the requirements, there are three simple steps to take to apply for a loan:

  1. Fill out an online application form to get an instant preliminary decision.
  2. Complete the verification section. If your application is accepted, you will get final approval and the loan agreement.
  3. Sign and get the funds. Read your loan terms carefully before signing the contract. If everything is clear and suits you, e-sign the documents. The money will be deposited into your bank account as soon as the next business day.

Whom It May Suit for?

Bright Lending may be a lifesaver for people with bad or no credit history who face small emergencies and can’t access traditional loan options. However, it’s recommended to use it only as a last resort due to its extremely high interest rates. Before applying for a loan with Bright, make sure you’re certain of your ability to repay the funds and have no cheaper alternatives to turn to.

Bright Lending Alternatives

Before turning to Bright Lending, make sure you don’t overlook a more favorable option. Ask your family or friends to lend you a small amount, apply for a secured loan, or use a cash advance app. You can also consider offers from other online lending companies, such as:

  • Upstart. The service offers loans between $1,000 and $50,000 with APRs from 7.80% to 35.99%. There are no minimum credit score requirements to meet.
  • OneMain Financial. This company has flexible repayment terms of up to 60 months and accepts borrowers with any credits. Available amounts are from $1,500 to $20,000, and the APR is between 18% and 35.99%.

FAQ

Is Bright Lending Legit?

Bright Lending is a legit company that operates under federal law. However, its services are not available in all states.

How Will I Repay My Bright Lending Loan?

You can repay your Bright loan by ACH draft or send a personal check, cashier’s check, money order, or certified check to the following payment address: P.O. Box 578, Hays, MT 59527 United States.

Can I Get Same Day Funding with Bright?

Unfortunately, Bright Lending doesn’t offer same day funding. Loans reach borrowers’ bank accounts within one business day.

Is It Possible to Cancel a Bright Loan?

You can cancel your loan without additional costs or penalties no later than 3:00 pm on the next business day following the disbursement date. This is possible if you have not yet received your loan funds or returned the money to the company in full.