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Lender
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

PayBright

Finanso.Multilogin™

About lender

PayBright is a leading Canadian provider of installment payment plans. This independent payment company was founded by the students of Furman University in 2009.

PayBright provides the opportunity to purchase immediately and pay later. In addition, this method makes trading in Canada a lot more convenient as the company has created a concept for servicing trade enterprises.

When purchasing online or in-store, you can choose the PayBright payment method at checkout and divide the amount into several convenient parts.

Features

PayBright pays for the client directly to the seller, and the client, in turn, pays off in equal installments during the specified period.

PayBright makes a credit check by sending a quick request to Equifax or TransUnion, but it does not affect the customer's credit score.

Advantages

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 are from 0%; they are dependent 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 and prepayment penalties.

With PayBright, the stores allow the 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.

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. If the applicant has many delinquencies, PayBright's interest rate can rise to 19.95% per annum.

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.

Reviews

FAQ

How do I qualify for a PayBright Payment Plan?

  • Be a Canadian resident;
  • Be of 18 years of age or older at the moment of receiving the loan;
  • Have a valid MasterCard or Visa card issued in Canada;
  • Applicable cart size for using PayBright as a payment method at checkout;
  • Have a capable Canadian phone number that can receive SMS.

What features does PayBright offer?

Choosing PayBright as a payment method at checkout, you can benefit from main peculiarities:

  • Revolving credit limit, which can be used for multiple transactions
  • No hidden fees or prepayment penalties.
  • Instant approval
  • Equal bi-monthly or monthly payment amounts
  • Ability to pay over time

What does a PayBright Payment Plan look like?

PayBright Payment Plan allows customers to break down the cost of purchase into four interest-free, biweekly, or monthly installments. Interest rates start from 0% and vary by merchant. Applying for PayBright Payment Plan has no impact on your credit score.

What are the pros and cons of PayBright?

Pros

  • No- or low interest payment plans
  • The diverse network of retail partners across Canada
  • High approval rate

Cons

  • High interest rates for clients with bad credit rating
  • Missed payments are reported to credit bureaus and have a negative effect on credit score

How does PayBright work?

PayBright is the leading provider of installment payments in Canada. It offers "buy now pay later" financial services, which are instant loans at point-of-sale (POS) to cover purchases. Unlike other POS lending companies, PayBright conducts an instant credit check to determine a client's credit limit.

Can I use PayBright at physical stores?

You can get a decision on the spot when applying directly at one of the partnered retail locations of PayBright. 
You can also apply through the mobile app in-store or directly at the retailer’s website (for participating locations only).

Does PayBright run a credit check?

PayBright does an instant soft credit check with Equifax and TransUnion credit bureaus if a customer is paying with a PayBright Virtual Card, in Equal Monthly Payments, prequalifying, or Pay in 4 biweekly payment plans.

Note: Approvals through easyfinancial will be subject to a hard credit check which can affect the customer’s credit score

Can I prepay my outstanding PayBright balance?

You can prepay your remaining balance with no penalty.

Are there late or NSF fees?

PayBright does not charge any late fees, but missing a payment will prevent you from being able to make future purchases using this service.

Company documents

Terms and Conditions
Privacy Policy

We're here to give fellow Canadians a better way to pay for the things they love

© PayBright

Financial products

PayBright
Pay monthly
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $1,000
Rate
i

Effective interest rate on the product

up to 19.95%
Term
i

Loan term for the financial product

2 - 60 months
PayBright
Pay in 4
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Recommended FinScore™
0
300
650
1000
from $500
Rate
i

Effective interest rate on the product

from 0%
Term
i

Loan term for the financial product

up to 60 months

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Calculate loan payments in PayBright

PayBright calculator will allow you to calculate an approximate payment schedule for the loan

PayBright calculator
Interest rates are given in accordance with the rates of the bank in Ottawa as of 15.08.2022
Loan amount
i

Enter the desired loan amount

CAD
CAD
500 $
5000 $
Loan term
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Specify the loan term for the calculation

months
days
2
60
Province

What to pay attention to when applying for a loan from PayBright

  1. The company must have a license if it runs business in Alberta, British Columbia, Manitoba, Ontario and Quebec.
  2. You can check the availability of the relevant license (copy) at the branch of the lending company.
  3. Membership in a self-regulatory organization (SRO) is an additional guarantee of the reliability of the lending company. This information can also be checked at the company's branch or on its official website.
  4. Availability of lending policies.
  5. The procedure for applying for a loan.
  6. The procedure for concluding the loan agreement and receiving the payment schedule.
  7. Other conditions for granting loans.

We recommend

  1. To check out the interest rates and frequency. 
  2. Check the availability of individual terms in the loan agreement (principal amount, term, date of advance, etc.).
  3. Check whether the loan agreement contains information about the total cost of borrowing.
  4. Take time to think – you can change your mind before agreeing or signing a loan agreement.
  5. Speed of loan processing.
  6. Accessibility – alternative lenders often operate where there are no bank branches.
  7. For the borrower - high interest on the loan.
  8. For an investor, the safety of funds is not guaranteed by the state.

What distinguishes PayBright from banks:

  1. Simplicity - loan processing is less formalized than in a bank.
  2. Fast loan processing.
  3. Accessibility.
  4. For the borrower - high interest on the loan.
  5. For an investor, the safety of funds is not guaranteed by the state.
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