Hannah Locklear | September 05, 2023
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.
Sued by Bright Lending? Use SoloSettle to settle the debt.
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:
Bright Lending account resolution number: 1-866-376-2877
Bright Lending customer services number: 1-866-441-7674
Email: accountresolution@brightlending.com
Mailing Address: PO Box 578, Hays, MT 59527
Even though Bright Lending is a legit lending service, potential customers should be warned about their expensive terms of use. Here are three things you should know about Bright Lending before taking out a loan with them.
Bright Lending is owned by the Fort Belknap Reservation of Montana. Since it is owned by a federally-recognized and sovereign American Indian Tribe, Bright Lending does not have to adhere to state laws. This information is explicitly outlined in Bright Lending’s terms of use as follows:
“The laws of the Fort Belknap Indian Community of the Fort Belknap Reservation will govern these Terms of Use, without regard to the laws of any state or other jurisdiction, including the conflict of laws rules of any state.”
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.
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.
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).
Check out this warning from Bright Lending’s website:
“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.
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.
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:
When considering any of these alternatives, it's essential to:
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