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Features Bright Credit Bright Credit

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Bright Credit Bright Builder Debt Manager

Credit Builder Credit Agreement

Bright Capital Starter Line of Credit Agreement

About

Benefits & Usage

Eligibility

Application

Disbursement

Billing and payments

Credit bureau reporting

About

What is Bright Credit?

Bright Credit is a revolving line of credit that you can use to refinance your credit card debt and can save on interest fees.

Individual interest savings may vary and are not guaranteed.

How does Bright Credit work?

Once you apply for Bright Credit, our team will review your application. If your application is approved, you can use your approved line of credit to refinance your credit card debt.

You can choose which cards and how much debt on those cards you would like to pay down using your approved limit. Funds will be transferred directly to pay down those cards.

Are there any fees associated with Bright Credit, such as application fees, origination fees, or late fees?

Application fees: There are no fees to apply for Bright Credit.
Origination fees: No origination fees are charged for Bright Credit
Late fees: No late payment fees are charged. However, it is always advised to pay your dues on time to avoid your account being considered delinquent.
Prepayment fees: We don’t charge any fees if you decide to pay down your Bright Credit early.

How long does it take to pay off the Bright Credit loan?

Bright Credit is a revolving line of credit and hence there is no fixed term. The time you have to pay this off will depend on your approved credit limit and your monthly minimum due. You can find those details on the app once you are approved for Bright Credit.

You will be required to pay a minimum payment each month. But you can always pay more than the minimum monthly payment if you wish to pay off the loan faster. We don’t charge any prepayment fees and you can pay as much as you like above your credit limit up to the full amount outstanding.

How is a Bright Credit different from a debt settlement loan?

Debt settlements are typically where a law firm or other agency negotiates your debt with your creditors. This will likely result in the closing of your accounts and your creditors will highlight the debt settlement on your credit report. This could affect your ability to get future loans and may increase your rates on those loans for which you are approved.

Bright does not negotiate with your creditors and we do not require you to close your cards. You can keep using your cards even after paying them off with Bright Credit. Bright Credit is a line of credit you can use to pay off your credit cards.

What is the typical process for getting Bright Credit?

If you decide to apply for Bright Credit, the process typically looks like this:

Check your rate via the Bright App: Download the Bright app to start an application.

Review and accept the offer: See your rate and line assignment.

Choose which cards to pay down: You can directly refinance multiple cards up to your credit limit.

Pay atleast your minimum due: You can choose how much to pay each month above your min due.

Refinance more of your  credit card debt: As you pay down your balance you can choose more cards to payoff.

Is Bright Credit a Revolving line of credit or an Installment loan?

Bright Credit is a revolving line of credit. You can continue to use Bright Credit even if you have paid it off once before and can draw down up to the credit limit as frequently as you like.

What’s the difference between a Revolving Line of Credit and an Installment Loan?

The difference between a Revolving credit line and an Installment Loan is mainly that the Installment Loan may have terms for when full repayment is due and you may no longer borrow. A revolving credit line is generally open indefinitely. You can access and use your available credit limit at any time.

What is a revolving line of credit?

Revolving credit is a credit line that remains available even as you pay the balance. You can access and use your available credit limit at any time. Account holders can repay the balance in full, or make just minimum payments each month. Each payment, minus the interest, opens the credit again to the account holder.

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Is any security deposit required to get Bright Credit?

No, Bright Credit is an unsecured line of credit that does not require any security deposit.

How is my personal information shared with partner banks and websites?

We value the privacy and security of our customer's personal information. We have very strict privacy policies in place to protect your data. For more details refer to the Privacy policy.

Why should I use Bright Credit instead of just paying more than the minimum payment on my credit cards?

Paying more than the minimum payment on your credit cards is a good practice to reduce your debt, but it may not be the most efficient way to save on interest charges. Bright Credit typically offers a lower interest rate than credit cards. So, if you use Bright Credit, you could save money on interest charges and pay off your debt faster*. Additionally, consolidating your payments into one monthly payment can make it easier to manage your finances.

*Individual interest savings may vary and are not guaranteed.

Can I have more than one Bright Credit loan?

At this time, we only offer one Bright Credit loan per customer.

I have some issues or questions related to Bright Credit, what should I do?

If you need help related to the Bright Credit application, please reach out to Bright’s Customer Support via:

24x7 Chat support: Through your Bright Money App
Email: Write to us at support@brightmoney.co
Phone: Call us at +1 (877) 274-6494

Benefits & Usage

What can I use Bright Credit for?

You can use Bright Credit to refinance your credit card debt. If the interest rates on your credit cards are very high, you can pay them off with Bright Credit and you can save interest fees*.

*Individual results may vary.

What are the benefits of using Bright Credit?

Following are the benefits of Bright Credit:

Interest savings: You can use Bright Credit to refinance your credit card debt. As you pay down your higher-interest credit cards, you can save on interest fees*.

Affordable and flexible monthly payments: Our monthly payments are low. You can choose to pay more than the monthly minimum each month at your own convenience.

Limit grows: We evaluate users who make on-time payments and are in good standing for credit limit increases automatically (limit changes are subject to credit underwriting and approval).

24x7 Customer Support: With your Bright account, you get a 24*7 live support service to help you with any questions or issues you may have.

No origination fees or prepayment fees: We don’t charge any origination fees for using Bright Credit. Also, there are no prepayment charges, if you choose to close your Bright Credit account early.

*Individual interest savings may vary and are not guaranteed.

Can I use Bright Credit to pay down credit card debts from multiple issuers?

Yes, you can use Bright Credit to pay down multiple credit cards.

Once your Bright Credit application is approved & you decide to accept the offer, to pay down your cards, you just need to select which cards and how much you want to pay down with Bright Credit and we will directly send the funds to your cards.

Can I continue to use my credit cards or does Bright Credit make me close my credit cards once they are paid off?

Yes. You are free to continue using your credit cards after you have used Bright Credit to pay them down.

Can I refinance multiple credit cards with Bright Credit?

Yes, you can refinance multiple credit cards with Bright Credit.

Our goal is to help you consolidate your high-interest credit card debt into one manageable payment, saving you money on interest charges and simplifying your finances.

Individual interest savings may vary and are not guaranteed.

Eligibility

What are the minimum requirements to apply for Bright Credit?

To be eligible to apply for Bright Credit:

You must be at least 18 years old
You must have a valid Social Security Number
You must reside in a state that we’re licensed to lend in
We take into account a variety of credit factors but you generally need at least a fair credit rating

Meeting these requirements does not guarantee approval for our credit line.

How can I get approved for Bright Credit?

We review many aspects of your credit history to determine if you are approved for Bright Credit. The following are some of the factors that may be considered when reviewing your application.

FICO® score - which summarizes your credit history.
Delinquencies - Any payments you owe and have not currently paid.
Your debt-to-income ratio - which compares how much you owe each month to how much you earn.
The age of credit history - this is the total length of time you've been using credit.
Any open and satisfactory trades - these are the lines of credit which you've opened and have made payments on time.
Your utilization - this is the ratio between your available credit and the current balances you have on your credit cards.

Can I apply for Bright Credit if I have bad credit or a low credit score?

Yes, you can still apply for our credit line even if you have bad credit or a low credit score. We understand that everyone's financial situation is unique, and we're committed to helping our customers get back on track. While approval is not guaranteed, we will review each application carefully and consider a range of factors beyond just your credit score to make our decision.

Is Bright Credit available in my state or region?

Currently, Bright Credit is only available in selected states. You can reach out to support@brightmoney.co to check if Bright Credit is available in your state.

Our team is working hard to make Bright Credit available to all the states of the USA.

Application

Will checking rates affect my credit score?

No, checking your rates does NOT impact your credit score. When you check your rates for Bright Credit, we only initiate a “soft pull” of your credit report.

Will Bright Credit affect my credit utilization ratio on my credit cards?

Yes, using Bright Credit to pay off your credit card debt can affect your credit utilization ratio positively. By paying off your credit cards, you'll be reducing your credit card balances, which can improve your overall credit health.

How much can I borrow through Bright Credit?

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

Also, users who make on-time payments and are in good standing may be evaluated for credit limit increases (limit changes are subject to credit underwriting and approval.)

What would be my interest rate with Bright Credit?

We offer interest rates as low as 9.95%. Once you apply for Bright Credit, our team will review your application. If your application is approved, you will get to know your exact interest rate from Bright Credit.

Are Bright Credit’s interest rates fixed?

Bright Credit’s interest rates are variable. Interest rates are subject to changes based on the WSJ Prime Rate.

How do I apply for Bright Credit?

You can apply for Bright Credit on the Bright Money app.

To download the app, use this link -

Google Play Store
Apple App Store

Or you can also apply on Bright’s website, using this link - https://app.brightmoney.co/

Why do you need my bank account information?

We need your bank account information to verify your identity and to learn about your personal finances in order to personalize your offer (once you check your rates).

We take extreme care with our customers' financial information. Data is protected with bank-level security 256-bit encryption.

Why do you need my SSN?

We require your Social Security Number (SSN) to verify your identity.

What should I put as my income while applying for Bright Credit?

You should include your gross income on the application. Gross income is an individual’s total earnings before taxes or other deductions. This includes income from all sources, not just employment.

Alimony, child support, or separate maintenance income does not need to be revealed if you do not choose to have it considered as a basis for repaying this loan.

Can I apply via a joint application?

No, we currently do not offer joint applications for Bright Credit.

Where do you get my credit information?

We obtain your credit information from one or more major credit bureaus.

How long does it take to get my application reviewed?

We aim to review all Bright Credit applications as quickly as possible. In most cases, we provide a decision on the application within 1-2 business days. Individual results may vary.

If additional information is needed, we will reach out to you directly to request it, via email, SMS, or phone call.

How will I know the status of my Bright Credit application?

We will keep you informed of the status of your credit line application via email. You can also visit the Bright app to check the status of your application.

You will receive an email confirming that we have received your application, and we will follow up with you as soon as we have reviewed your application and made a decision. If you have any questions or concerns about the status of your application, please don't hesitate to contact us.

You can contact Bright’s customer support team, via

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
Phone: Call us at +1 (877) 274-6494

Can I cancel my application?

Yes, you can cancel your application (request to close it) by reaching out to Bright’s customer support team, via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
‍Phone: Call us at +1 (877) 274-6494

What information do you need to verify my income?

To verify your income, we will just need any of the following:

Your payslips and your salary account statement from the last 3 months;
OR Your most recent tax return if you are self-employed, and your account statement from the last 3 months;
OR Any other document as Proof of Income.

What information do you need to verify my identity?

To verify your identity, we just need the following documents:

A copy of your government-issued ID (front & back). A driver's License or passport would suffice.
‍AND a copy of a utility bill (or a similar bill) or a bank statement in your name.

I filled out my application earlier. But I got an email from Bright stating that they need more information to process my application. Why do I have just 30 days to finish my application?

As per our policy, we process each application within 30 days of application submission. Hence, even though Bright might need more information from you to process your application, we will have to close your application in case you fail to submit the required documents before the specified time.

How can I send documents to Bright to help process my application?

To send the documents required for processing your Bright Credit application, simply reply to the email you would have received from the Bright team.

Or you can also send your documents to support@brightmoney.co.

If you have any questions, please feel free to reach out to us.

I got an email from Bright asking me to lift the credit freeze from my account so that they can process my application. What does it mean and how can I do it?

A credit freeze restricts access to your credit report. If you suspect your personal information or identity was stolen, placing a credit freeze can help protect you from fraud.

When you place a security freeze, creditors (like us) cannot access your credit report. This keeps us from processing your Bright Credit application.

To let us (or any other lenders) access your credit files again, you will need to lift your credit freeze permanently or temporarily.

Contact credit reporting agencies to freeze or unfreeze your credit report.

Lift the freeze on your credit report for free by contacting any of the three major credit reporting agencies:

Equifax
Experian
TransUnion

You can submit your request online, by phone, or by mail.

If you have any questions, please feel free to reach out to us.

I have some issues or questions related to my Bright Credit application, what should I do?

If you need help, please reach out to Bright’s support team via,

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
‍Phone: Call us at +1 (877) 274-6494

Why was my Bright Credit application declined?

If your application was declined, you will get an email from Bright addressing the same.

Please refer to the email sent to you by Bright for details on why your Bright Credit application was declined.

If you need any help, please reach out to Bright’s support team via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
Phone: Call us at +1 (877) 274-6494

Will my credit score be affected by the rejection of my application?

No, it won’t impact your Credit score. When you check your rates, we only initiate a “soft pull” of your credit report, which has no impact on your credit score.

Can I re-apply for Bright Credit? How long do I have to wait before I can re-apply?

Currently, we do not support re-applications on Bright Credit.

However, our team is working on making this feature available soon.

Are there any other options available for me to refinance my credit card debt?

Yes, there are other options available for refinancing your credit card debt, such as personal loans or balance transfer credit cards. We recommend researching these options to find the best fit for your needs.

My credit application was denied because of my credit report. What can I do?

You can find the steps you can take here. If you have any questions, please contact Bright’s support team.

What steps can I take to improve my chances of being approved for Bright Credit in the future?

Some steps you can take to improve your chances of being approved for Bright Credit in the future include paying your bills on time, reducing your debt-to-income ratio, and improving your credit score.

I have some issues or questions related to the rejection of my Bright Credit application, what should I do?

If you need any help, please reach out to Bright’s support team via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
‍Phone: Call us at +1 (877) 274-6494

Why weren’t you able to retrieve my credit report?

There could be various reasons why we were unable to retrieve your credit report, including but not limited to an error in the information provided, technical issues with credit bureaus, or a credit freeze on your account. If you are unsure why we were unable to retrieve your credit report, please reach out to our customer support team for further assistance.

What is an Adverse Action Notice?

An adverse action notice is an explanation that lenders (like Bright) must give you if you’re denied credit — or if you’re given less favorable financing terms — based on your credit history.

Is there a prepayment penalty for paying off the credit line early?

No, there is no prepayment penalty for paying off your Bright Credit early. You can pay off your credit line in full at any time without incurring any additional fees or charges.

How is my credit limit determined and can it be increased?

Your credit limit is determined based on a variety of factors, including your credit score, income, credit history, etc. 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.

Also, users who make on-time payments and are in good standing may be evaluated for credit limit increases (limit changes are subject to credit underwriting and approval)

How can my credit limit increase?

Following are some of the factors that affect credit limit increases:

Payment history: Your payment history is one of the most important factors that will be considered when determining your creditworthiness. If you have a history of making on-time payments and paying more than the minimum amount due each month, your chances of getting a credit limit increase are higher.
Credit utilization: Your credit utilization ratio is the amount of credit you're using compared to the amount of credit you have available. If your credit utilization is high, it may be a sign that you're relying too much on credit, which can be a red flag for lenders. On the other hand, if your credit utilization is low, it may be a sign that you're playing it safe and not using your credit to its full potential.
Credit score: Your credit score is a numerical representation of your creditworthiness. A higher credit score generally indicates that you're a responsible borrower and are more likely to repay your debts on time. If you have a high credit score, your chances of getting a credit limit increase are higher.
Income: Your income is another important factor that lenders consider when determining your creditworthiness.

If your account is eligible for a credit limit increase, we will notify you by email, SMS, and phone call.

Will Bright conduct a hard inquiry on my profile if I decide to accept the offer for Bright Credit? Will it affect my credit score?

Yes, Bright will conduct a hard inquiry once you accept the offer. While it's true that a hard inquiry can temporarily have a temporary effect on your credit score, it's important to note that it's standard practice for most refinancing loans, and its impact on your credit score is usually minimal and temporary.

Moreover, making on-time payments on the loan can actually help build credit by creating a positive payment history.

Disbursement

I have some issues or questions related to my Bright Credit disbursements, what should I do?

If you need help related to Bright Credit disbursements, please reach out to Bright’s Customer Support via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
‍Phone: Call us at +1 (877) 274-6494

How long does it take to receive my funds after I am approved for Bright Credit?

As soon as you activate your Bright Credit offer, your funds will be ready to use.

To start using your funds, you will need to tell us which cards and what amounts you want to pay down with your approved limit and we will directly send those funds to pay down your cards.

Once you’ve submitted your card preferences and the details are verified, It would typically take 2-3 business days for the funds to reflect in your credit cards.

How are the Bright Credit funds deposited?

Once you tell us which cards and how much you want to pay down with your approved limit, we will directly send those funds to your choice of cards.

We directly pay down your cards, so you don’t have to go through the hassle of paying your cards one by one.

Billing and payments

I have some issues or questions related to my bills or payments, what should I do?

If you need help related to your Bright Credit bills or payments, please reach out to Bright’s Customer Support via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
‍Phone: Call us at +1 (877) 274-6494

When will my Bill be generated? How will I know if my bill is generated?

Your bill for Bright Credit will be generated each month and emailed to you. You can also access it via your Bright Money App.

Each bill will contain details about your total and minimum payment due. You can simply pay the minimum due amount each month (or more based on your convenience).

How do I make repayments and what are the payment terms?

Your bill for Bright Credit will be generated each month and can be downloaded from the app. The bill will contain details about your total and minimum payment due. You can simply pay the minimum due amount each month (or more as per your convenience).

You can pay your due payments via the Bright Money App or via a link that you will receive in your email.

Payments can be made through either your checking account (via ACH), Debit/Credit Card, or Bright Savings Account.

What is AutoPay?

AutoPay is a feature that automatically deducts monthly payments on your due date. It is a great way to ensure your Brigh Credit payments are on time.

To set up AutoPay, simply log in to your account on the Bright Money app and navigate to the "Settings" page. From there, you can select the option to set up automatic payments to Bright Credit.

You can also choose from which checking account your automatic payments will be debited. Automatic payments are powered by recurring ACH transactions.

How can I make payments to Bright Credit?

You have a few different options on how to make your monthly payment to fit you best.

AutoPay

AutoPay is a feature that automatically deducts monthly payments on your due date. It is a great way to ensure your Brigh Credit payments are on time.

To set up AutoPay, simply log in to your account on the Bright Money app and navigate to the "Settings" page. From there, you can select the option to set up automatic payments to Bright Credit.

You can also choose which checking account your automatic payments should be debited from. Automatic payments are powered by recurring ACH transactions.

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Manual Payments

You can also make payments by yourself by logging in to your Bright Money app and authorizing one-time payment(s). Payments can be made either through your checking account (via ACH), Debit/Credit Card, or Bright Savings Account.

Please Note: Manual payments to your Bright Credit will be posted within 2-3 business days.

What happens if I miss a payment or am unable to make a payment?

If you miss a payment or are unable to make a payment, we encourage you to contact us immediately. You can reach out to Bright’s Customer Support via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
Phone: Call us at +1 (877) 274-6494

Can I set up automatic payments to my Bright Credit?

Yes. You can enable Bright’s AutoPay feature to set up automatic payments to Bright Credit. It is a great way to ensure your Bright Credit payments are made on time.

To set up AutoPay, simply log in to your account on the Bright Money app and navigate to the "Settings" page. From there, you can select the option to set up automatic payments to Bright Credit.

You can also choose from which checking account your automatic payments will be debited. Automatic payments are powered by recurring ACH transactions.

Is setting up AutoPay on Bright Credit mandatory?

No, setting up an AutoPay line is not mandatory. It is an optional feature for customers who prefer the convenience of automatic payments. It is a great way to ensure your Bright Credit payments are always on time.

Can I stop or pause AutoPay?

Yes, you can stop or pause AutoPay at any time.

To do so, please contact our customer support team via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
Phone: Call us at +1 (877) 274-6494

Can I change the checking account linked to AutoPay?

Yes, you can change the checking account linked to AutoPay.

Simply log in to your account on the Bright Money app and navigate to the "Settings" page. From there, you will find the option to change your checking account used for AutoPay. You can enter the details of your new checking account here.

What would be my monthly minimum payment?

Your monthly minimum payment will depend on your approved credit limit, your current Bright Credit balance, and the terms of your agreement. You will receive detailed information about your minimum payment when you are approved for Bright Credit.

Can I lower my monthly minimum payment?

No, currently it is not possible to change your monthly minimum due.

You can choose to pay the minimum due each month or you can always pay more than the minimum due amount if you wish to pay down your loan faster.

For more help, please reach out to Bright’s Customer Support via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
‍Phone: Call us at +1 (877) 274-6494

What happens if I am late on my monthly payment?

If you believe you may miss or be late on a monthly payment, please reach out to our Customer Support team immediately and we will do our best to work with you.

You can reach out to Bright’s Customer Support via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
Phone: Call us at +1 (877) 274-6494

Can I make additional payments towards Bright Credit, beyond the minimum monthly payment?

Yes, you can always make additional payments toward your Bright Credit.

You will be required to pay a minimum monthly due each month, but you can choose to pay more than the minimum due amount if you wish to pay down your loan faster.

Credit bureau reporting

I have some issues or questions related to my credit reporting, what should I do?

If you need help related to credit reporting, please reach out to Bright’s Customer Support via:

24x7 Chat support: through your Bright Money App
Email: Write to us at support@brightmoney.co
Phone: Call us at +1 (877) 274-6494

Does Bright report to the credit bureaus?

Yes, once your Bright Credit application is approved and you decide to accept the offer, Bright reports your credit line activity to the major credit bureaus. As you keep making on-time payments, you will build a positive credit history.

How will the Bright Credit loan appear on my credit report?

The Bright Credit loan will appear on your credit report as an unsecured revolving line of credit from Bright Capital Inc.

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Credit Builder Credit Agreement

Credit Builder Credit Agreement

Bright Capital Starter Line of Credit Agreement

About

Benefits & Usage

Eligibility

Application

Disbursement

Billing and payments

Credit bureau reporting

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