Bright Money - AI Debt Manager

Bright Money

About this app

1.Build credit history with Bright Builder(1)
Get a secured line of credit starting at $50. Make on-time payments(1) monthly, and get payments reported to the credit bureaus
2. Build credit history with monthly rent payments
Get rewarded for paying rent on time(2). Get credit for up to the past 2 years of rent payments.
3. Customized debt pay-off plan with Bright Plan
Whether it's a long-awaited trip, a favorite car, a new house, or a happy retirement, the Bright App guides you toward a smart debt repayment plan and budgeting with AI.
4. Loan offers of up to $8,000(3) with no impact on score(4). All credit scores can apply.
5. Expert tips to manage your money
Use Bright's resources: Articles, practical guides, and a comprehensive answer bank for all your money questions.
6. 24*7 live chat support
Email us at [e-mail] or call on [phone] [OPERATIONAL HOURS [Mon-Fri] - 9:30 TO 6:30 PM (CST)]
1. Payment history has the biggest impact on Credit Score, accounting for 40% of how the score is calculated per TransUnion (https://www.transunion.com/credit-score). Bright Builder helps you build payment history that may positively improve your Credit Score. Credit Score increase is not guaranteed. Individual results may vary. Late payments, missed payments, or other defaults on your accounts with us or others will have a negative effect on your Credit Score.
2. Bright reports customer rent history to TransUnion and Equifax credit bureaus. Please note that credit score improvement is not guaranteed, and individual outcomes may vary. Late payments, missed payments, or other defaults on accounts with Bright or other creditors may negatively impact your credit score. Bright does not control credit score calculations, as they are determined independently by the credit bureaus.
3. Personal loan offers are provided by Bright's Network Partners and third parties, subject to credit approval and state-specific restrictions. Loan amounts, terms, and conditions may vary. By clicking to view offers, you will be redirected to third-party websites, which are solely responsible for their products, services, and website content. The inclusion of third-party products on the Bright Money platform does not constitute an endorsement or recommendation by Bright Money. Bright Money may receive compensation for referrals to these third-party products or websites. Please note that these products and services may not be FDIC-insured or guaranteed by a bank. Review individual offers for applicable terms and conditions. Repayment terms range from 12 to 84 months and may vary with network partners and third parties, as they are determined by those network partners and third parties, and APRs range from 5.99% to 35.99%.
Example: If you borrow $5,000 on a 24-month repayment term at a 16.21% APR, the required monthly payment would be $245.32 ($135.09 Principal + $110.23 Interest). Assuming all 24 payments are made on time, the total amount paid would be $5,887.68. APRs for loans range from 5.99% to 35.99%.
4. With your authorization, a soft credit pull may be conducted to facilitate the offer process, but it will not affect your credit score. If after receiving your offer(s) you choose to apply for a loan directly with a lender, the lender may conduct a hard credit pull that can affect your credit score.
Secured revolving lines of credit ("Bright Builder") are made by Bright Capital Inc., NMLS (2410428) only, subject to state residency. Bright currently does not offer Unsecured Lines of Credit ("Bright Credit") to new customers. Personal loan offers are available through Bright Money's Network Partners, subject to credit approval and applicable state restrictions. Loan amounts and terms vary. Deposit accounts are provided by Evolve Bank & Trust and Continental Bank, Members FDIC. FDIC insurance will only cover the failure of Evolve Bank & Trust and Continental Bank,Members FDIC. Learn more here. Bright is a financial technology company, not a bank.

Ratings and reviews

Terrible. I never received my advance but I was still charged an exorbitant fee. I tried to cancel repeatedly but they take so long to respond it's pointless. I can't sit watching a chat for ten hours hoping for a reply, and they close the chat immediately if you aren't there when someone deigns to respond. The app UI is also awful. You can't use basic typing features like automatic caps at the start of a sentence, for seemingly no reason, and the app pushes and pushes you into using credit.

Similar experience to other reviews. I've paid the yearly fee for more than a year now and credit builder is stuck on last payment for the past 6 months. So called 24/7 support is automated and leads to nowhere. They give false directions to menus that don't exist in the app for example the ability to make manual payments... Will update review with my experience. Update: A year later this is still unusable. This a scam!! Stay away

Waste of time and money five. I did the bright credit builder in order to be able to apply for a line of credit of up to 8000 dollars. Made all monthly payments on time just to be told they don't offer lines of credit through this app. And it took away to discover where I could possibly apply for lines of credit. Don't waste your time with this joke of a company.