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Rating by Finanso®

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's pay off


Repayment of a loan

You can transfer the payments yourself or apply for automatic debits when repaying a loan. The lender prefers the second option and rewards it with considerable discounts of up to 25% APR according to the related loan term.

Conditions of Loan Prolongation

If you need to extend the loan, remember to inform the lender well in advance to reach an optimal solution for both parties. Otherwise, it will be a violation and may result in penalty fees.

Early Payback

If you want to repay a loan early, you will have to negotiate it with the lender before the due date. Bright Lending is perfectly happy to accept early payments, imposing no prepayment penalties, and this is not a violation of your loan terms. In addition, early payments will reduce the total cost of your loan.

Tips on Paying Off More Efficiently

You can gain considerable advantages by paying your loan off early:

  1. For one thing, the quicker you pay back your loan, the less you will have to lose on interest fees.
  2. Furthermore, Bright Lending prefers early payoffs and rewards pre-scheduled payments by increasing your life of loan savings every time you make them.
  3. Another advantage is that if you have a good credit history with Bright Lending, you will be eligible to apply for higher loan amounts, lower interest rates, and lower payment amounts for your future loans.

Below, we would like to offer you some pieces of advice on how you can make your payoff more cost-effective:

  1. Bright Lending favors automatic debits and offers discounts for them. You will save up to 25% of your percentage rates if you apply for that option, and this is your legal loan term.
  2. In the case of manual payments, you should try to make pre-scheduled payments whenever you have a chance to do that to gain the benefits thereof.
  3. To avoid penalty fees, you should never be late with your payments if you choose to make them manually, and always make sure that you have sufficient funds in the case of automatic debits. Otherwise, you will have to pay 10% and 30% penalty fees, respectively.

Remember that a payday loan is an expensive type of borrowing, and if you can take a cash advance, borrow money from your friends, or look for other alternatives, you'd better do this and not pay high interest rates. Hence, if you decide to get a short term loan, keep in mind that there are no prepayment penalties, so you may freely make payments as soon as you receive any income, so it would be better not to wait for your next paycheck but repay as quickly as possible. In addition, paying off your personal loan early will positively affect your credit score.


Can you pay off Bright Lending early?

Yes, you can pay off your loans early, and there are no penalty fees for t

What happens if I don't pay Bright Lending back?

If you don't pay your loan back, it will result in late fees, bad credit history, or even charges against you.

Can Bright Lending sue you?

Yes, they can sue you in court if you default on your loan payment.

Financial products

Bright Lending
Personal loan
Rating by Finanso®

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™

Effective interest rate on the product

up to 725%

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

Enter the desired loan amount

200 $
2000 $
Loan term

Specify the loan term for the calculation


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 September 2022
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