Learn about all the company’s highlights as well as the benefits and drawbacks of working with them by reading this Bright Lending reviews.
Many lenders exist to provide loans to borrowers who are having financial difficulties. Bright Lending is one such lender, but bright lending interest rates are astronomical. Bright Lending offers small emergency loans between $300 and $1,000. These loans are an expensive way to borrow money due to their triple-digit APRs and quick repayment terms.
You should read this review before dedicating to anything.
What is Bright Lending?
Aaniiih Nakoda Finance, LLC DBA Bright Lending, also known as Bright Lending, is a company based in Hays, Montana. It is a tribal lender, which indicates that a single American Indian tribe that has received federal recognition owns the entire business. The tribe in question is the Fort Belknap Indian Community of such Fort Belknap Reservation in Montana.
The company, which only recently started operating, provides short-term personal loans with high interest rates that are nearly twice as high as those of conventional payday loans. In fact, the average interest rate on payday loans is 391%, according to the Federal Reserve Bank of St. Louis. The startling 725% interest rate that Bright Lending is trying to offer to new customers is unbelievable! If you agree to set up automatic payments, the business will reduce the interest rate. Which is still 309% higher than an average payday loan.
What type of services does Bright Lending offer?
The Fort Belknap Indian Group, which has a reservation in Montana, is mentioned as the sole owner and operator of Bright Lending on the company’s website. The bright lending company was founded for the Tribe’s economic benefit, is wholly owned by the Tribe, and is structured and run in accordance with Tribal law.” The loan provider brags about how easy its application process is and provides loans between $300 and $1,000.
If they are a part of the Bright Lending VIP Loan Program, returning customers have the option to borrow up to $2,000 from the company. The term for loans under $1,000 is 10 months. If the loan amount exceeds $1,000, the VIP loan program’s term is 12 months. The following business day, loans are deposited into the borrowers’ checking accounts after applying and the application can be done online.
Pros and Cons of Bright Lending
- Possibility of quick funding
- No early termination fee
- available discounts for autopay
- Applying through the company website is simple.
- a small discount for enrolling in automatic payments.
- extreme APRs
- Low loan ceilings
- Not accessible in every state
- highest interest rates currently offered.
- Late charges.
- costs related to a lack of funds.
Typical Loan Terms for Loans from Bright Lending
Like other personal loans on the market, Bright Lending allows borrowers to use the funds for almost any purpose.
Bright Lending, when you apply for a personal loan with Bright Lending, you’ll be subject to the terms listed below:
- Loans of $300 to $1,000 are available.
- Any borrowing will have a term of ten months.
- Based on the user’s pay cycle, payment schedules are made.
- You can choose between manual and automated payments.
- For new subscribers, bright lending APR ranges from 700% to 725%.
- bright lending APR ranges from 500% to 625% for repeat customers.
- Late fees are imposed on accounts that are more than five days past due. 10% of the total amount owed is the cost of this fee.
- A $30 fee for returned items or insufficient funds.
- No down payment is required.
Terms, fees, and rates for Bright Loans
Utilizing Bright Loans’ connection service is free of charge. According to the laws of your state, you might be put in touch with a bright lending interest rates that are significantly higher than 300%. For a detailed breakdown of your loan’s costs, including its bright lending apr and other terms, refer to your loan agreement.
Special Offers for Automatic Payments
We rate Bright Lending’s ability to set up automatic payments as its best feature. These payments can be used to repay any debts owed to the business. As a thank you, the company may offer that customer a discount of about 25 percentage points off the APR or the loan they took.
eligibility requirements for Bright Lending
To be eligible for a loan from one of the lenders in the brightlending network, you must fulfil a few requirements:
- Account at a bank in your name
- 90 or more days of continuous employment or a reliable source of non-employment income
- $1,000 or more in monthly take-home pay after taxes
- a working email and phone number
- age of at least 18
- US citizen or long-term occupant
brightlending loans doesn’t work with lenders in every state. Before submitting your information through the website’s online form, make sure short-term loans are permitted where you live.
What details do I need to submit an application?
You must provide certain personal data to brightlending loans via its online form, such as:
- number on a driver’s licence
- monthly income projection
- Number of a bank account
- birth date
- Social Security number
How to apply bright lending Loan?
The loan application process at Bright Lending is actually far too simple.
click the “Appy Now” button in yellow on the business’ homepage. Follow the on-screen instructions to enter your personal information, including your social security number.
The bright lending company will then need to have access to your financial data. You are required to make your housing situation, income, and any savings or checking accounts known. The company will review the data you provided after you submit your application before making you an offer.
Before accepting any loan offer from Bright Lending, be sure to read the entire contract. Make sure you are fully aware of the principal borrowed as well as the total amount of interest that will be charged.
bright lending login | bright lending account login
To access your Bright Lending account, you can generally take the following actions:
- Enter “brightlending.com” or another relevant search term in the address bar of your web browser to access the Bright Lending website.
- On the website’s home page, click the “Login” button in the top right-hand corner.
- In the corresponding fields, enter your login information and password.
- To access your account, click the “Login” button.
Contact Bright Lending’s customer service for help if you are having trouble logging into your account or have forgotten your login information.
bright lending reviews | bright lending loans reviews
It’s always a good idea to search online for bright lending customer reviews before taking out a loan with a bright lending company you don’t know very well. The website of the Better Business Bureau (BBB) is a good place to start.
A BBB alert is currently in place for Bright Lending. The warning states, “According to the Better Business Bureau, Bright Lending lending practises have been the subject of repeated complaints from customers.” After receiving this warning, Bright Lending was contacted by the BBB a month earlier but they never responded.
Bright Lending is classified by the Better Business Bureau as not accredited with a grade of B and a customer rating of one star out of five.
Customers complain that the loans are keeping them in a never-ending cycle of debt, that the dates they chose for payment withdrawal were ignored, and that dealing with customer service is challenging.
bright lending lawsuit
The 30-page lawsuit claims that Bright Lending, a payday lender allegedly owned and run by the Fort Belknap Indian Community in Montana, has illegally used the “rent-a-tribe” model to get around state laws against usury loan schemes.
Due to Bright Lending’s violations of loan laws, the lawsuit requests that the court declare the loans void and unenforceable, grant the borrowers financial compensation, grant statutory damages, issue an order awarding interest at the highest permitted legal rate after the defendants, compensate the plaintiffs for court costs and legal fees, and do whatever else the court deems reasonable.
loans like bright lending
Despite being easy to apply for and receive, Bright Lending loans are not the best option available due to their extremely high interest rates. You have a wide range of other options at your disposal to help you meet your immediate financial needs.
- Apps for cash advances
- Pawnshop loan
- Cash advance on a credit card
- Peer-to-peer lending
- local nonprofits
Read More: –“big star credit Loan“
Who Would Benefit from a Loan from Bright Lending?
On a more serious note, only those who can afford the high APRs this company offers should think about borrowing from bright lending because their loans are very pricey.
For the remaining amounts, we advise you to look into other financing options. Alternatively, you could ask friends or family for support during a difficult time and promise to repay them on your next paycheck.
How safe is Bright lending online?
You’re just as safe as you would be with any bank or credit union as long as you take the time to spot warning signs and do your research to confirm a lender.
is bright lending legit?
Additionally, even though it’s typical for connection services to have few customer reviews, this means you won’t know what kind of experience you might have with brightlending. Before using this connection service, you might want to think about contacting a lender directly.
Is Bright Lending Licensed?
Bright Lending does not need a licence in Montana because they are a tribal lender. Although payday-type loans are legal in Montana, according to Finder the state has a 36% interest rate cap. Bright Lending operates on tribal land in order to circumvent state regulations, so they do not abide by them.
You won’t be surprised to learn that Bright Lending describes itself as a Tribal Regulatory Authority-approved lender with a license (not the same as a state license). This type of system is flawed because there are no checks and balances.
bright lending customer service | bright lending phone number
Contact the OLA Consumer Hotline at 1-866-299-7585. Additionally, customers can send an email to firstname.lastname@example.org.
Is there a bright loan app?
You’ll have access to your account at all times through the Bright Lending mobile app, which is available around the clock. There is no way to access new loans on the Bright Lending mobile app. The view account balance, next payment due date, and payment amount features are available on mobile apps.
bright lending early payoff
The bright lending company doesn’t charge a prepayment penalty, allowing you to pay off your loan on time without incurring an extra charge.
Low maximum loan amounts for Bright Lending
Personal loans from Bright Lending are designed to pay for minor emergencies. The 10-month loan terms range from $300 to $1,000.
Bright Lending Not available in all states
Make sure to check the lender’s website before applying as residents of some states are not eligible for Bright Lending loans.
Bright Lending’s options for repayment
Your options for making payments depend on the lender you’re working with. Repayments are typically deducted automatically from your linked bank account. However, some creditors might let you mail a check or provide you with additional options for repayment.
Late payment penalties Bright Lending
Fees for late payments — Bright Lending will assess a fee equal to 10% of the amount owed if your payment is five days overdue. Additionally, there is a $30 fee for insufficient funds.
Lender Bright Lending helps people by providing them with financial assistance and reducing their burdens as they run their businesses. The loans—or, to put it better—the payments you would be getting from Bright Lending—would be in the $300 to $1,000 range.
But things don’t stop there because these quick emergency loans have triple-digit APRs and short-term repayment plans, making it one of the priciest methods of borrowing money.