What are the professionals and cons of a vivid lending mortgage?
The Bright lending loan is similar to a financial favor for someone to help a person in combating financial hardships. Owned by the Fort Belknap Indian community, Bright lending is an online, easy-to-approach lending firm. It offers short-term personal loans. Moreover, it calls its loans payday loan alternatives that feature incredibly high APRs or exuberant interest rates for individuals. It is advisable to search and understand the terms and conditions, pros, and cons of a Bright lending loan before signing up for it.
If you are considering opting for the Bright loan, you have landed on the right article. As we will pinpoint here the pros and cons of a Bright lending loan to help our readers make the right decision.
Pros of Bright Lending Loan
We are listing down some of the potential benefits of the Bright lending loan.
- Easy to apply: Unlike the conventional lending methods, the method of application of the Bright loan is quite straightforward. The borrowers need to visit the company’s website and fill out the form. Then, submit the application, which takes no time.
- Quick process time: You don’t have to wait for ages to access the loan. The company processes the application within only one business day.
- Less documentation required: The company only demands identification, income evidence, and bank statements.
- Fluctuating fees structure: There are two potential determinants of the loan fees. The state where the applicant lives and the amount he applies for.
- No worries about the prepayment penalties: Some applicants call it the best feature of Bright loans. The company doesn’t tend to charge the prepayment penalties at all. Thus, it is safe to pay off the loans ahead of due time as the APRs on the loans are quite high.
- Discounts on auto payments: If the applicant signs up for the automatic payments from the company’s website, he can avail of some discounts on the payback he owes.
- No security deposit: This is the feature that most people appreciate that they don’t have to deposit any security fees.
Cons of the Bright Lending Loan
Let’s have a look at some of the questionable features of the Bright loan. You should know these cons to know whether to apply or not.
- High-interest rates: Here is the catch- though Bright loan comes in handy with easy terms, they feature exceptionally high APRs. High APRs typically mount up to triple-digit figures that wind up the payable amount more than the borrowed one. As per the company claims, APRs charged by the company lie between 500 to 800 percent.
- Petite loan amounts: Bright loans are not viable for big businesses. Available from $300 to $1,000, with a ten-month repayment period, it helps only to cover minor emergencies.
- Not available in all US states: The company doesn’t operate in the whole US. So applicants must check if the state they live in is eligible for the application of loan or not.
- Insufficient fund fees: What most people hate about borrowing Bright loans is they don’t provide enough money in the checking account to cover the transaction at one time.
Conclusion
After reading the article, you must be thinking if the bright loan is right for you or not. Here is what we have deduced. A bright loan is a convenient option as it is released in no time and comes with fewer regulations. However, if you have terrible credit and require a small loan amount, try looking for alternative financing choices. There are many other possibilities to consider such as cash advance apps, asking friends or family, credit card cash advance, loans offered by pawnshops, contacting local charities, or investigating peer-to-peer lending facilities.