Bright Lending Review: Understand Before you Borrow
Bright Lending is a financial institution, also called Aaniiih Nakoda Finance, LLC DBA Bright Lending. It is situated in Hays, Montana. It is basically a tribal lender.
It means the institution is 100% owned by Indian American Tribe. The tribe actually belongs to the Fort Belknap Indian Community of the Fort Belknap Reservation of Montana.
Aaniiih Nakoda Finance, LLC DBA Bright Lending was launched five years back to provide short-term loans to its customers at an exorbitant rate of interest. You won’t believe that it charges an exorbitant rate of 700% or more from its customers. For example, if you borrowed $100 from it, you have to pay around $700 in a year. The amount will come down to $58.33 per month.
Thus, you should borrow money from Bright lending only when it’s absolutely urgent or essential.
What is Bright Lending?
Bright Lending is a tribal lender. It is unlicensed. It offers loans to its customers at a huge rate of interest to help them meet immediate needs.
The lender doesn’t follow state rules, statutes, or laws. It is because it follows the laws as prevalent on tribal land. However, according to the lender’s official document, it comes under the Tribe’s Tribal Regulatory Authority but doesn’t have a state license.
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Bright Lending Pros and Cons
Advantages or Merits of Bright Lending
- Instant loan approval in minutes
- A simplified online application process
- No penalty for prepayment
Disadvantages or Demerits of Bright Lending
- An exorbitant rate of interest
- Late fees for any delay in payment of an installment
- Not available in all US states and territories
Is Bright Lending Licensed?
Bright Lending is not licensed. Though it is a member of the Online Lender’s Alliance, members need to follow a certain set of rules and instructions. Customers can contact OLA Consumer Hotline at 1-866-299-7585 for grievances and help.
It offers short-term personal loans to its members mostly belonging to the said community. Short-term personal loans are also called installments. The loan has a high APR.
When you take a loan from Bright Lending, you have to pay the entire amount of the loan within 10 months.
Loan Terms for Bright Lending
The amount of loan you can borrow is $300 to $1000.
The duration or term of the loan is 10 months.
The provision of both manual and automatic payments is there
New customers may need to pay an APR of 700% or more
Customers can obtain a loan without any collateral security
How to Apply with Bright Lending?
Step 1: Go to Bright Lending’s official website
Step 2: Click on Apply now button to confirm your loan request
Step 3: Furnish all essential details and proof as asked by the site
Step 4: Mention your social security number and the amount of loan that you want in this step.
Step 5: Give your banking details and when everything is alright, you can press the submit button.
Step 6: Make sure you have read all terms and conditions before applying for the loan.
Step 7: If everything is okay, you can press the final submit button.
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Alternatives of Bright Lending
1. Contact Local Charitable Organisations
You can certainly contact local charitable organizations for help to meet your immediate financial needs. You can receive monetary assistance from these organizations for meeting medical expenses, food costs, and rent. You can get much of this assistance from church benevolence programs.
2. Use Cash Advance Apps or Wallets
You can also get necessary financial help from cash advance smartphone apps. For example, you can look into Earnin and see if it can help. The amount of loan that you can obtain from these apps depends upon your next paycheck. You don’t need to pay interest on your loan.
It can be another brilliant alternative to Bright Lending. You can borrow a loan up to $10,000 from it. You’ll get a repayment term of five years to pay back the loan. The APR will be around 35% to 99% per year.
4. Credit Card Cash Advance Loan
You can also take a loan based on your approved credit card limit. The interest rate for credit card cash advances varies from bank to bank. Before taking any advances, taking a close look at its terms and conditions can help you avoid any future confusion regarding the same. You have to pay something around 25% APR for the loan per year.
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Bright Lending can be a good option for you only when other options fail. You should check all other options carefully before you go on to apply for a loan with Bright Lending.
The lender is not accredited by government authority nor it is licensed. So, it’s better to stay away from it and reach out to other lenders for meeting emergency loans. Also, if you are outside Montana, it may be more difficult for you to obtain a loan from Bright Lending. It doesn’t provide loan to people in all states of the US.