Summary: Bright Lending is a tribal lender that provides small emergency loans up to $1,000. Bright Lending loans have bad reviews, come with exceptionally high APRs and small repayment schedules, and are a costly method for obtaining funds. Be sure to review the terms of your Bright Lending loan before officially signing up.
In an era where securing personal loans is increasingly common, but not always straightforward, navigating through lenders and their offerings is crucial. One lender you may have come across in your search is Bright Lending. But what should you be aware of before diving in to a Bright Lending loan? This article breaks down three important aspects to consider before using Bright Lending’s services.
But first, let’s explore what Bright Lending is and how the company operates.
Bright Lending is a digital lending platform that provides short-term personal loans, often referred to as installment loans. Although the company markets these loan options as an alternative to payday loans, it's important to note that their loans come with very high Annual Percentage Rates (APRs).
Bright Lending offers a maximum loan amount of $1,000 for new customers and $2,500 for returning customers who are members of their VIP Loan Program.
Here is a link to the Bright Lending login page. Below is the Bright Lending phone number and other contact information:
1. Bright Lending is owned by Aaniiih Nakoda Finance, LLC DBA Bright Lending (“Bright Lending”)
This means that, if Bright Lending sues you for debt, they don’t have to abide by your state laws in the matter. This can make it difficult to navigate any legal issues that may arise with Bright Lending.
2. Bright Lending reviews aren’t great
Bright Lending is not accredited by the Better Business Bureau (BBB), and it has very poor reviews on its BBB page with an average 1.09/5 star rating.
The BBB has received hundred of complaints against Bright Lending. Most of these complaints mention the predatory interest rates charged by Bright Lending. Here’s an example of a real consumer’s experience with the company:
“When I applied for a loan the interest was not revealed until after I signed the documents. It is way out of my ability to pay. The loan was for $600 which I have paid back plus interest. The interest is more than 600%!!! They are taking $150 out of my bank account every 2 weeks. I only get about $350 every 2 weeks from my job.”
Even worse, the BBB has issued a consumer warning in regards to Bright Lending’s loan practices, stating that the bureau recognized a pattern of complaints from consumers alleging that after making several payments to Bright Lending, they discover they owe much more money than they borrowed.
3. Bright Lending has insanely high interest rates and APRs
Bright Lending loans charge incredibly high interest rates, with more than 725% APRs, as indicated on the company’s website. Quite frankly, this is not a fair way of lending and can cause serious financial and debt issues for people who may already be struggling with money problems.
Bright Lending recommends early payoff to avoid accumulating interest, but the payment schedule varies due to the number of days before the first scheduled payment and the principal balance outstanding at time of last scheduled payment. Even with this early payoff recommendation, Bright Lending offers repayment plans more than 12 months out (maybe even more).
“This is an expensive form of borrowing. Bright Lending loans are designed to assist you in meeting your short-term financial needs and are not intended to be a long-term financial solution.”
With this information in mind, you should think twice before signing up for a Bright Lending loan. Quick cash is nice, but consider the ultimate cost. You could end up paying off more than double what you borrow in the end.
Settle your debt with Bright Lending
If Bright Lending is suing you for unpaid debt, consider settling your debt to clear your name of the obligation.
When you settle a debt, you offer Bright Lending a portion of the debt in a lump-sum payment. The company then agrees to release you from the remaining balance and drop the legal claim against you.
Debt settlement benefits both creditors and consumers. The creditor will receive part of the debt you owe without needing to go to court or fill out paperwork for a garnishment. You’ll also avoid court, and you’ll be able to put the debt behind you without fear that the creditor will start another lawsuit against you.
To learn more about how to settle a debt, check out this video:
SoloSettle, powered by SoloSuit, is a tech-based approach to debt settlement. Our software helps you send and receive settlement offers until you reach an agreement with the collector. Once an agreement is reached, we’ll help you manage the settlement documentation and transfer your payment to the creditor or debt collector, helping you keep your financial information private and secure.
Loans like Bright Lending
Several other lenders offer short-term, small-dollar loans similar to Bright Lending. These loans are often geared towards borrowers with less-than-stellar credit or those who need quick access to funds. Here are eight loans like Bright Lending:
SpotLoan: Spotloan is another online tribal lender that specializes in providing short-term installment loans.
LendUp: LendUp offers short-term loans that are designed to help borrowers build credit. They also provide financial education to help customers make informed borrowing decisions.
OppLoans: OppLoans provides installment loans, which means borrowers can pay back their loans in a series of scheduled payments over several months. They offer higher loan amounts than some other short-term lenders.
Rise Credit: Rise offers installment loans with repayment terms that range from several months to a couple of years. They also provide free credit monitoring and financial literacy tools.
Earnin: Instead of traditional payday loans, Earnin allows users to get an advance on their next paycheck without charging typical loan fees. However, they allow users to leave a "tip" for their service.
Dave: Dave is an app that provides small advances on upcoming paychecks and helps users manage their finances to avoid overdraft fees.
CashNetUSA: CashNetUSA offers payday loans, installment loans, and lines of credit depending on the state in which you reside.
Check Into Cash: This is one of the older short-term lenders, having been established in the 1990s. They offer payday loans, installment loans, and title loans.
Speedy Cash: Like Check Into Cash, Speedy Cash offers a variety of short-term lending products, including payday loans, installment loans, and title loans.
When considering any of these alternatives, it's essential to:
Research interest rates. Short-term loans often come with high APRs. Make sure you understand the costs before borrowing.
Check terms and fees. Always read the fine print to understand repayment terms, any potential fees, and other loan details.
Review the lender’s reputation. Look for reviews, ratings, and any regulatory actions against the lender.
Consider alternatives. Sometimes, less-expensive borrowing options might be available, like credit unions, personal loans, or borrowing from friends and family.
Remember, while these loans might offer a quick financial fix, they should not be a long-term financial strategy due to their high costs. Always borrow responsibly and consider all available options.
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