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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's pay off

Finanso.Multilogin™

Repayment of loan

When you sign up for a Bright account, you are also creating what is known as a Bright Stash account, which is a savings account the FDIC guarantees.

By Bright's estimations of what you can spend, Money from the checking account you already have is moved over to the Bright Stash account on a daily or bi-daily basis.

Once the funds have been sent, Bright's algorithms will evaluate the highest and best use of those assets by your financial objectives and then distribute this money accordingly.

Bright allows you to select weekly transfers, transfers at the moment your salary is deposited, or manual transfers if you do not want the automatic transfers to take place at these predetermined intervals (also known as Smart Pace).

Early payoff

It will depend on your bank or credit card provider. If they don't have any prepayment penalties, you are free to pay your debts early. The company not only does not impose any penalties for early repayment but also manages the money in your accounts so that you pay off the debts as soon as possible.

FAQ

Can Bright sue me?

No. If you are not charged again for using the app, you won't be able to use its features.

What happens if I don't pay back?

If you don't pay back your debt to one of the lending institutions, you could get in trouble and be charged penalties. With the bright money app, you won't even have to think about which loans to allocate your funds to first. It will do everything automatically.

Calculate loan payments in Bright

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

Loan amount
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Loan term
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Specify the loan term for the calculation

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What to focus on before applying for a loan with Bright

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 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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