Rates and Fees
Rates and Fees
Our platform offers completely free services to users! We don't impose any charges for linking you with potential lenders. Please be aware that we aren't a lending institution ourselves, so we have no control over the interest rates, charges, or conditions set by the lenders we connect you with.
As Brighter Loans doesn't originate loans, we can't share specifics on the exact rates, fees, or APR (annual percentage rates) for any loan you might qualify for. These details can differ based on your location and the individual lender's policies.
Once we've matched you with a lender and your application gets approved, the applicable interest rates and fees will be clearly outlined to you. This disclosure is mandated by the Truth in Lending Act. If you're satisfied with these details, the lender will guide you to an electronic signature page to finalize the loan processing.
Consequences of Non-Payment
Certain lenders in our network might extend your current loan automatically for another two weeks if repayment isn't made by the due date. The costs associated with this extension vary among lenders and often match the original loan fees. We require all partnered lenders to adhere to fair and lawful debt collection standards established by industry groups and regulatory bodies. Keep in mind that failing to repay a payday loan could negatively impact your credit score.
Terms Disclosure
The lender will furnish you with a comprehensive document detailing every aspect of the loan agreement, including all applicable rates and fees. We strongly advise reviewing this information thoroughly before committing. If the terms meet your approval, you'll proceed to an e-signature step to complete the process.
Please understand that all fees and conditions are determined solely by the lender—we bear no responsibility for them. Our role is merely to facilitate connections, and we don't have insight into the specific offers presented. If the loan details don't align with your expectations, simply decline to move forward with that lender.
Effects of Late Payments
Every lender we partner with maintains its own guidelines for handling overdue payments. Prior to accepting a loan, you'll receive full details on the repercussions of late payments. Ensure you fully comprehend these rules before electronically signing the agreement. Payday lenders are bound by state-specific laws and regulations governing late payment charges.
Consequences of Non-Payment
Some lenders may opt to automatically renew your loan for an extra two weeks in the event of missed payments. Renewal charges differ across lenders and typically mirror the initial loan fees. We mandate that our lenders comply with ethical and legal collection protocols from industry associations and government entities. Be aware that defaulting on a payday loan repayment can harm your credit rating.
Renewal Policy Disclosure
Prolonging your loan's repayment period could lead to extra interest accrual and potential late fees, substantially raising the overall repayment amount. In general, loan extension rules are overseen and regulated by state authorities.