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Lender
Rating by Finanso®
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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.

Bright Lending

Finanso.Multilogin™

About lender

Based in Hays, Montana, Bright Lending operates under the jurisdiction of the federally recognized Fort Belknap Indian tribe and sometimes advertises its services as the Aaniiih Nakoda Finance Company. Bright Lending accepts online applications for short term personal loans, including installment loans as an alternative to traditional payday loans, and transfers them directly to the customers' bank accounts. About 17 million Americans have tried its services to pay their medical bills and family emergencies with personal loans. In our Bright Lending review, you can read all essential information about getting a loan with this lender, their interest rate, loan amount, and the description of the loan application process.

Pros and cons of Bright Lending

The company is most famous for providing the following advantages over other lending services on the US financial market:

  1. You can register an account, apply for a loan and repay it online on your mobile device.
  2. All procedures and transactions are pretty quick and 100% hassle-free, and you get the money the next day.
  3. Bright Lending boasts comparatively high approval rates for their loans.
  4. You may apply for its financial services almost anywhere in the States, and your bad credit history will not be an obstacle.
  5. Bright Lending charges no hidden fees with their loans, imposes no penalties for pre-scheduled payments, and even offers up to 25% discounts for automatic payments.
  6. If you have any urgent questions about your loan or face unexpected difficulties, you will have convenient access to the lender's customer support.

Nevertheless, there are some disadvantages too, and the following ones seem most commonly reported in the customer reviews:

  1. Only US citizens and permanent residents may apply for a loan, and the services are sometimes unavailable in some states. Residents of other countries cannot get a loan with this tribal lender.
  2. The annual percentage rate of 700% to 725% for new borrowers is a relatively high interest rate, whereas the maximum loan amounts are relatively low.
  3. There will be penalty fees of 10% for the delayed payments and 30% for insufficient funds in the case of automatic debits.
  4. You can't borrow cash from this tribal lender.

Bright Lending Terms and Conditions

  1. You may borrow between $200 and $2,000 per loan.
  2. You will have ten months to repay a loan of up to $1000 and one year for a loan above $1000.
  3. If you are a new borrower, the annual percentage rate will be 700% to 725%.
  4. If you are a returning borrower, you will face a lower interest rate, APR going down to 500% in some cases.
  5. Bright Lending will transfer the funds directly to your bank account the next business day after the application approval.
  6. You will have a choice of transferring the payments yourself or allowing the lender to debit them from your bank account automatically on the dates specified in your payment plan.
  7. If you are late with the money transfer for longer than five workdays, there will be a penalty fee that amounts to 10% of the pending payment.
  8. In the case of automatic payments, there will be a penalty fee of USD30 if your funds are insufficient for the transaction or the payment bounces off.

Funding a Loan

Bright Lending will deposit the money directly to your bank account provided in an online form on their secure website. You will get fast funding via ACH on the next business day.

FAQ

Who is Bright Lending?

It is a legitimate money lender based in Hays, Montana, and operates under the laws of the Fort Belknap Indian Community of the Fort Belknap Reservation of Montana. The federal government recognizes the tribe. Like other tribal lenders, it has acquired its reputation for providing instant online loans of up to USD2K and accepting applicants with a bad or no credit score.

How much can you borrow from Bright Lending?

The loans range from $200 to $2,000, depending on your financial circumstances and monthly wages.

What time does Bright lending deposit money?

Bright Lending deposits the loan directly to your bank account the next business day after the application approval.

What are the minimum underwriting criteria for Bright Lending?

To qualify for a Bright Lending loan, you must be 18, have a bank account, and confirm a stable monthly income not lower than $1000 excluding taxes. Bright Lending doesn't do hard credit checks with Equifax, Experian, or Transunion, although it might check on you with other operators or alternative sources. In most cases, it would be agencies, like Factor Trust or Clarity, or Instant Bank Verification.

Company documents

Terms and Conditions
Privacy Policy

Easy Solutions for Your Financial Difficulties

© Bright Lending

Financial products

Bright Lending
Personal loan
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
$200-$2,000
Rate
i

Effective interest rate on the product

up to 725%
Term
i

Loan term for the financial product

up to 12 months

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$50-$20,000
Rate
i

Effective interest rate on the product

35.99%
Term
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Loan term for the financial product

up to 12 months

Calculate loan payments in Bright Lending

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

Loan amount
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Enter the desired loan amount

USD
USD
200 $
2000 $
Loan term
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Specify the loan term for the calculation

months
days
1
12

What to focus on before applying for a loan with Bright Lending

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Bright Lending and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Bright Lending’s reviews by August 2022
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