About lender
PayBright is a leading Canadian provider of installment payment plans for purchases at eligible merchants. This independent payment company was founded by the students of Furman University in 2009.
PayBright, one of the Canadian fintech companies providing shoppers with buy-now-pay-later solutions, makes trading in Canada much more convenient as the company has created a concept for servicing trade enterprises.
PayBright describes its mission as giving fellow Canadians a more convenient way to pay for the things they wish.
When purchasing online or in-store, select PayBright as your preferred payment method at checkout to divide the amount into several convenient parts and pay them off later. When you do so, you are redirected to the PayBright website to key in a few details of yours.
To accomplish the procedure, you need only a credit card, an SMS-capable Canadian phone number, and a PayBright account to complete a PayBright transaction. Visa, Mastercard debit cards are accepted, while prepaid cards do not qualify.
PayBright has won several prizes, including the 2019 Canadian AI & Fintech Rewards.
It has reached $1.5 billion in approved consumer spending power, and more than 700 merchants have partnered with PayBright.
PayBright is managed by a team a 14-member leadership team.
Features
PayBright might be a convenient solution for shoppers and merchants alike. Below you can find an overview of its features for both categories.
PayBright for shoppers
Just 60 seconds. This is the lapse you need to set up your payment PayBright plan at checkout.
PayBright pays for the client directly to the seller, and the client, in turn, pays off in equal installments during the specified period. The outstanding PayBright balance is debited directly from your Canadian bank account through the Easy payments PayBright plan.
PayBright makes a credit check by sending a quick request to Equifax or TransUnion, but it does not affect the customer's credit score. Hard credit checks are necessary only if the client chooses to submit an application to make a purchase via PayBright through a retailer website.
The company features plans with 0% interest rates. The APR and the total cost of your loan will be calculated and demonstrated to you before you authorize any transaction. If you do not qualify for a 0% plan, your approved credit will determine your plan with one of your favourite retailers.
Your credit approval is valid for 365 days. Afterward, you are required to file a new application.
PayBright pledges not to charge any hidden fees, such as service or prepayment fees. On the contrary, the total cost of your loan equals all the interest and processing fees, which are paid during the life of the loan. In addition, you will pay less if you make additional payments on your loan.
If you are a shopper and have questions or doubts, visit the Paybright help site, which features a pretty extensive database. Or contact PayBright through the "Contact Us" form on its website.
PayBright for merchants
The PayBright website features a section for merchants with useful Frequently Asked Questions. To offer PayBright as a payment method at your store and make it a convenient checkout Place, contact the Paybright team or mail at [email protected] to get all the details.
Pros and cons
Pros
One of the main pros of PayBright is the possibility to purchase immediately with various payment plans (bi-monthly or monthly payments). The interest rates start from 0%, depending on the credit check result and the seller.
Choosing PayBright as a payment option gives you the following advantages:
- Possibility to buy now and pay later
- Equal bi-monthly/monthly payment amounts
- Revolving credit limit
- Renewable credit limit
- Access to the online portal to monitor credit activity
- No hidden fees or prepayment penalties
With PayBright, the stores allow customers to pay for goods in equal installments without additional payments for several months.
Merchants can increase sales by offering shoppers to use PayBright as a payment option. Clients need to go through a quick registration and receive a decision.
Cons
- Not all merchants participate
- Missed payments pose a danger to your credit profile
- A 0% interest rate is not available for all products
- You need to have a robust credit history to be applied for a 0% payment plan
- Minimum cart size required
Loan conditions
PayBright spending limit depends on several factors checked during the applicant's eligibility verification.
The company offers a short-term, interest-free payment plan for small purchases. But not all clients can take advantage of this option as the conditions vary according to the credit file. PayBright's interest rate can rise to 19.95% per annum if the applicant has many delinquencies.
Sellers determine PayBright payment plans. The applicable payment plan and terms are shown to customers before any transaction processing. It is also attached to the e-mail letter sent upon approval.
PayBright payment plans vary from 2 to 60 months. Four bi-monthly payments can be applied for purchasing of less than $1,000.
Methods of a loan granting
PayBright issues Virtual credit cards, which customers use at checkout. It should be borne in mind that a specific Virtual card is valid only at the merchant through which it has been received.
