Business ProfileforBright Lending

On June 16, 2020, Better Business Bureau recognized a pattern of complaints from consumers regarding lending practices of Bright Lending.  Consumers allege they borrow money but after making several payments, they discover they owe much more money than they borrowed.

On June 16, 2020, and June 29, 2020, Better Business Bureau reached out to the business for a response to the consumer complaints. On September 14, 2020, Bright Lending responded to Better Business Bureau; below is a copy of their response. 

Bright Lending is in receipt of BBB’s review letter dated June 16, 2020, which was received by us on June 22, 2020.  We take all comments, complaints, and reviews (good or bad) very seriously and will address the items noted.   First, we would like to take this opportunity to provide you with some background information on our company, its business practices, and our actions in response to your letter.  Bright Lending is committed to complying with the spirit of all applicable federal laws and the laws of the Fort Belknap Indian Community. 

Regarding our products and their terms and conditions (including repayment options), they are all explained at the time of loan origination.  Bright Lending discloses the total cost to a borrower if only the minimum payment schedule is followed, and we inform our customers that this is an expensive form of borrowing.  We also encourage customers to pay off early with no prepayment penalty to save on interest charges. 

As to the APR, it is disclosed both on the Bright Lending website, as well as the loan documents that are reviewed and signed by the customer.  All rates and loan fees are prominently displayed within the loan contract and are acknowledged at each point by mandatory electronic signature.  Furthermore, we advise our customers that our products should be used as a short-term source of funds – not a long-term financial solution.

As to the alleged pattern asserted by BBB and the number of consumer complaints claimed by BBB, our records indicated that we have 34% less complaints over the past twelve (12) months than what is alleged by BBB.  Even more importantly, out of all those complaints during the last twelve months, only one (1) response was not accepted by a complainant.  Most importantly, to put the volume of complaints in perspective, the complaints received over the last twelve (12) months make up less than 0.09% of Bright Lending’s originated loans during that time.   

As we are sure you are aware, Bright Lending has repeatedly attempted to work with the BBB on improving Bright Lending’s BBB rating.  Unfortunately, Bright Lending has been repeatedly told by BBB that Bright Lending’s rating is due to the number of complaints received without any regard for the fact that such volume of complaints constitutes a nearly imperceptible percentage of Bright Lending’s customer base.

Regardless of the above, Bright Lending appreciates the BBB reaching out, as we always strive to offer a superb product and the best customer experience possible.  Bright Lending specifically understands the importance BBB’s recommendations in above-referenced letter, and we would like to let you know that our website already has these recommendations implemented.  You can find this information by going to the Bright Lending website and clicking on the Our Loans tab.  From there, you will be able to click on either New Customer Rates or Returning Customer Rates.  Furthermore, as previously mentioned, all rates and loan fees are prominently displayed within the loan contract and are acknowledged at each point by a customer’s mandatory electronic signature.

Thank you for the opportunity respond.  As noted above, Bright Lending is subject to robust consumer protection requirements, and we want to treat our customers well and ensure they are pleased with our product.