Get the cash you need to get through a pinch without the fees and fine print of a payday loan.
Benefits of the BrightUp Loan
BrightUp is an all-in-one financial wellness benefit that offers your employees a low cost loan, free money management tools, and exclusive access to financial education from leading publishers.
The BrightUp loan is a financial wellness tool that gives you access to affordable credit, regardless of credit score.
The BrightUp loan lets you borrow up to one week of pay at 8% APR and repay via paycheck deductions. You have 2 years to repay your loan, with zero penalty for early repayment.
You can borrow up to 1 week of pay (post-tax and regular withholdings).
You need to sign up in advance for three reasons:
Everyone who has been with their employer for more than 12 months, and is in Good Standing (i.e., not on probation) is eligible for the loan.
Make sure you sign up here by April 16th so we can confirm your eligibility and get you set up. If you don’t you won’t be able to access the loan.
The only fee for the Low-Cost Loan is an 8% interest payment. Since the loan term is fixed at 2 years, that translates to an 8% APR. This interest rate is the same for everyone, regardless of their credit score.
You can also leave a small tip after you have repaid your loan. That said, it’s totally optional!
April 26th, when the app goes live!