Bright - Reduce debt. Build credit. Plan for Debt Free life. (2024)

FAQs

Is the Bright app legit? ›

Bright Credit is a legitimate financial solution providing a line of credit to help you consolidate high-interest credit card debts. Bright Credit is a revolving line of credit. You choose how much to pay each month above your monthly minimum payment.

Bright does not offer personal loans. But we can help pay off your card debts faster. Bright Credit offers a low-interest line of credit designed to pay off card debt fast while saving you from high-interest charges. It works like a personal debt consolidation loan.

Month by month, we'll pay back the line of credit in automatic re-payments, so you'll build a positive payment history. The line of credit also counts as available credit, which improves your utilization ratio, too. Both of those activities help boost your credit score — and Bright does it all automatically.

To pay off $40,000 in credit card debt within 36 months, you will need to pay $1,449 per month, assuming an APR of 18%. You would incur $12,154 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

How much does Bright Money cost? Bright starts with a free 10-day trial, and we offer three membership plans: $6.99/month paid annually, $8.99/month paid semi-annually or $14.99/month when you pay month by month. The average Bright user saves $744 each year on interest charges.

Lenders generally seek a Credit Score in the range of 560 to 660 as the typical minimum requirement for a Personal Loan.

And, while many of these apps help you keep track of your balances and monthly subscriptions, the selling point of the Bright Money app is that select users can get approved for a balance transfer card of up to $8,000.

With world-class security.

Bright uses bank-level security with 256-bit encryption for security. Real humans.

On June 16, 2020, Better Business Bureau recognized a pattern of complaints from consumers regarding lending practices of Bright Lending. Consumers allege they borrow money but after making several payments, they discover they owe much more money than they borrowed.

We offer credit lines of up to $8,000. Once you apply for Bright Credit, our team will review and verify your application. If your application is approved, you will get to know the exact credit limit you would be eligible for Bright Credit. You can use that amount to refinance your credit card debt.

Does Bright affect credit score? ›

When making an application for one of Brighte's financing options, the information provided on this application will be used to make a credit enquiry and may affect your credit score.

Ranging from $300 to $1,000, our new customer installment loans are a secure and convenient alternative to traditional payday loans. Qualified returning customers may borrow up to $2,000 through our Bright Lending VIP Loan Program. Our loans are unsecured and typically require only a few steps for fast results.

It will take 47 months to pay off $20,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.

To pay off $30,000 in credit card debt within 36 months, you will need to pay $1,087 per month, assuming an APR of 18%. You would incur $9,116 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.

Access to the Bright application is offered on a subscription basis. In order to use the app's services, you will need to subscribe to any of the available plans. If you choose to subscribe, the payment will be charged to your iTunes Account at confirmation of purchase.