How to Pay Off Bright Money Loan?
To pay off a Bright Money loan, follow these guidelines for each respective product:
Bright Credit:
- A monthly bill for Bright Credit will be generated and can be downloaded from the Bright Money app. The bill will provide details about the total amount due and minimum payment due.
- Payments can be made through the app or by clicking on the payment link sent to the email.
- Payment options include AutoPay and using your checking account via ACH (Automated Clearing House), debit/credit card, or Bright Savings Account.
Bright Builder:
- To close a Bright Builder account, you can use the Bright app or contact Bright's Customer Support.
- When closing the account, any outstanding balance will be cleared using the security deposit, and the remaining amount will be returned to your linked checking account.
- In case of closing a Bright Builder account in good standing, payment history will no longer be reported to the credit bureaus.
Online Ways to Pay Off
AutoPay is an online way to pay off your loans at Bright Money. It allows you to set up automatic payments for your Bright Credit account, ensuring that your payments are made on time without the need for manual intervention.
To set up AutoPay, follow these steps:
- Log in to your Bright Money account using the mobile app.
- Navigate to the "Settings" page within the app.
- Look for the option to set up AutoPay or automatic payments for Bright Credit.
- Select this option to proceed with setting up AutoPay.
- Choose the checking account from which you want the automatic payments to be deducted.
- Follow any additional prompts or instructions to complete the AutoPay setup.
Once AutoPay is set up, Bright Money will automatically deduct the payment amount from your chosen checking account on the designated due date. This helps ensure that your payments are made on time, reducing the risk of late fees or missed payments.
It's important to monitor your account and ensure that sufficient funds are available in the selected checking account to cover the automatic payments. You can modify or cancel the AutoPay settings at any time through the Bright Money app.
Other Methods to Pay Off
Bright Money also provides the option of making manual payments to pay off your loans. Manual payments allow you to initiate one-time payments through the Bright Money app. Here's how you can make manual payments:
- Log in to your Bright Money account using the mobile app.
- Navigate to the payment section or the area where you can manage your payments.
- Look for the option to make a manual payment or authorize a one-time payment.
- Select the desired payment method, which can include your checking account via ACH (Automated Clearing House), debit/credit card, or Bright Savings Account.
- Enter the necessary payment details, such as the payment amount and the account information for the chosen payment method.
- Follow any additional prompts or instructions to complete the payment authorization.
Once you've initiated the manual payment, Bright Money will process the payment according to the chosen payment method. It's important to note that manual payments may take 2-3 business days to be posted to your account, so ensure that you initiate the payment in advance to meet any due dates or payment deadlines.
Remember to monitor your account and ensure that you have sufficient funds available or the necessary credit limit on your chosen payment method to cover the payment amount.
If you have any questions or encounter any issues while making manual payments, it's recommended to refer to the Bright Money app or reach out to their customer support for assistance. They will be able to provide you with specific instructions and guidance to ensure a smooth payment process.
Early Payoff
Bright Money provides options for early payoff for both Bright Credit and Bright Builder products. Here's how you can initiate an early payoff for each:
Bright Credit:
- Log in to your Bright Money account via the mobile app or website.
- Navigate to the loan section or the area where you can manage your Bright Credit loan.
- Look for the option to make an early payoff or pay off your loan.
- Review the outstanding balance of your loan and any applicable fees or charges for early repayment.
- Select the payment method you prefer, such as using your checking account via ACH, debit/credit card, or Bright Savings Account.
- Enter the necessary payment details, including the payment amount for the early payoff.
- Follow any additional prompts or instructions to authorize the payment.
Bright Builder:
- Access your Bright Money account through the mobile app or website.
- Locate the section dedicated to managing your Bright Builder account.
- Look for the option to initiate an early payoff or close your Bright Builder account.
- Review any outstanding balance on your account and understand the terms and conditions related to early payoff.
- If required, provide any necessary information or complete any required steps to proceed with the early payoff process.
- Once your request for early payoff is processed, Bright Money will use your security deposit to clear the outstanding balance, and any remaining amount will be returned to your linked checking account.
It's important to note that specific instructions and options for early payoff may vary depending on your individual loan agreement and the terms set by Bright Money.
