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Rates & Fees

A question that many people, quite naturally, want answered is:
What will I be charged for a short term loan of this type?

The answer to that question is that the total cost of a loan will be based on the Annual Percentage Rate (APR).

Representative APR Range

Please be aware that Brightskylending does not provide loans and we are not lenders. We match users of our loan matching system to reputable lenders who do provide short term consumer loans. Brightskylending cannot provide you with the details of the Annual Percentage Rate that a lender will charge should you be approved for a short term loan. Annual Percentage Rates will vary by lender and will be affected by the information that you provide. You will be shown the APR and other fees when you are redirected to the lender’s web site.

Annual percentage rates on short loans can be anywhere between 200% and 2,290%. The APR on your loan will depend on the lender, how long you need the loan for, any additional fees and charges, and other factors may have an impact on the APR as well. Remember that the range of APR rates is not the finance charge. That will be disclosed separately.

How does the APR for a single payment small dollar loan compare to other options?

Here is a comparison of a small dollar loan APR against other options based on the cost of $100 credit over 14 days.

Product Type (single repayment) Charge APR
NSF + Bounced Check $45.00 1,173.21%
Overdraft Fee $30.00 782.14%
Late Fee $20.00 521.43%

Implications of Non-Payment and other Considerations

Brightskylending is not a lender of money and we make no charge for the use of our services. All the lenders in the Brightskylending network provide full disclosure of their loan terms and conditions before the consumer is asked for their acceptance of the loan. We strongly advise that you make sure that you are 100% happy with the terms of a loan before you agree to accept it.

Implications of Non-Payment, Late Payment, or Partial Payment of a Personal Loan

Whenever you agree to the terms and conditions of any loan you are committing yourself to paying back the principal amount of the loan and all the interest and charges that have been applied to that loan. If you do not pay back the loan, in full, and on time, additional fees and charges will apply. Brightskylending is unable to tell you in advance how much fees and charges will be for any particular loan or what the fees and charges are likely to be for partial payment, late payment, or non-payment. Brightskylending are not in a position to have any control over a loan or have any knowledge of it. Please read the loan documents that will have been provided by the lender for the details your lender’s policy with regards to late payment, partial payment, and non-payment. Brightskylending endeavours to ensure that we only work with lenders of high repute who use fair and just means of collections.

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