While Bright Lending offers fast funding on loans up to $3,000 — or $1,200 for first-time customers — interest rates are incredibly high and probably not worth it.
Whether you need to borrow a small amount to get to your next payday or a larger sum to pay back over time, consider these other loans or cash advance apps. Chances are good that you can find a more affordable option than Bright Lending.
Our top picks for loans like Bright Lending
Alternative for loans similar to Bright Lending: OppLoans
OppLoans offers fast turnaround installment loans from $500 to $4,000, which is similar to Bright Lending. It also accepts bad credit borrowers, and the loan terms are comparable, at nine to 18 months. But whereas Bright Lending has APRs ranging from 500% to 725%, Opp Loans rates range from 160% to 179%.
Not available in: Colorado, Connecticut, Georgia, Iowa, Maryland, Massachusetts, New York, South Dakota, Vermont, West Virginia
Pros
Lower rates than Bright Lending
Higher maximum loan amounts
No origination fees
Cons
Rates are still high compared to other loan options
Upstart reports to the three major credit bureaus, which can help you build credit or improve your credit score. This feature is a departure from online loans like Bright Lending, which don't report to credit bureaus. But, like Bright Lending, Upstart accepts borrowers with bad credit or no credit. It also offers larger loan amounts than Bright Lending — from $1,000 to $50,000 — and has much more reasonable rates ranging from 7.8% to 35.99%. But Upstart may charge origination fees up to 12% which adds to the total cost of the loan.
Not available in: Connecticut, Iowa, Maine, Maryland, Nevada, New York, Oklahoma, Oregon, West Virginia
Many lenders, like Bright Lending, need to see a reliable, verifiable source of income to approve loans, which can be difficult for those who are self-employed or work in the gig economy. But Dave — a cash advance provider, not a lender — offers advances up to $500 even to non-traditional workers. You'll have to pay it back out of your next deposit, however, which is a much shorter loan term than Bright Lending. But there are no interest charges or late fees, so you'll only repay what you borrow.
Bright Lending's loan amounts top out at $3,000, but with OneMain Financial, you can borrow anywhere from $1,500 to $20,000. And it has much lower rates than Bright Lending, starting as low as 18% and capped at 35.99%. But OneMain Financial charges origination fees up to 10%, and some borrowers may need to visit a branch office to finalize their documents.
Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit omf.com/loanfees for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.
Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.
Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.
Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.
Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
If you're looking for a joint loan, Achieve might have the right solution for you. Plus, when you apply with a qualified co-borrower, you could be eligible for a lower interest rate. Achieve also offers discounts if you can show sufficient funds in a retirement account or have your loan proceeds sent directly to your creditors. Achieve charges origination fees up to 6.99%, but even at the highest rate of 35.99%, it beats Bright Lending APRs by a mile.
Available in: Alabama, Alaska, Arizona, Arkansas, California, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Jersey, New Mexico, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington
EarnIn is a paycheck advance app rather than a lender like Bright Lending, but it won't check your credit or charge interest or late fees. In fact, EarnIn offers completely free advances up to $750 that you'll repay once your next paycheck drops. You'll only pay a small fee if you don't want to wait one to three days for free delivery of your funds. But you may have to submit timesheets or otherwise prove your hours worked.
Bright Lending has rates far and away higher than any other provider on this list. So high, in fact, that you could end up paying more than four times what you actually borrowed. But it does offer fast loans between $300 and $3,000, and even borrowers with bad credit may be eligible.
Lacey Stark is a freelance personal finance writer for Finder, specializing
in banking, loans, investing, estate planning, and more. She has 20
years of experience writing and editing for magazines, newspapers, and
online publications. A word nerd from childhood, Lacey officially got her
start reporting on live sporting events and moved on to cover topics
such as construction, technology, and travel before finding her niche in
personal finance. Originally from New England, she received her
bachelor’s degree from the University of Denver and completed a
postgraduate journalism program at Metropolitan State University also
in Denver. She currently lives in Chicagoland with her dog Chunk and
likes to read and play golf. See full bio
OppLoans installment loans offer funding in as little as 1 business day. Available in certain states only. Get fast funding to tide you over until your payday.
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