PayBright consumer financing is available for Canadian Customers, offering a new way to pay for your products in easy monthly payments. 

Does PayBright do a credit check, and how does it impact my credit score?

Yes. When you apply, PayBright will conduct an instant credit check with a credit bureau in order to verify your identity and determine your eligibility for a payment plan.

How does PayBright approve borrowers for loans?

PayBright will ask you for a few pieces of personal information – your name, email, mobile phone number, date of birth, and the last four digits of your social insurance number.  PayBright uses this information to verify your identity and to make an instant loan decision. PayBright will base its loan decision not only on your credit score, but also on several other data points about you.  This means you may be able to obtain financing from PayBright even if don’t have an extensive credit history. 

How is interest on an PayBright loan calculated?

PayBright calculates the annual percentage rate (APR) of a loan using simple interest, which equals the rate multiplied by the loan amount and by the number of months the loan is outstanding. This is different from compound interest, often found on credit card loans in which the interest expense is calculated on the loan amount and also the accumulated interest on the loan from previous periods. You can think about compound interest as “interest on interest,” which can make the your loan amount grow larger and larger. Since PayBright does not use compound interest, it makes PayBright an affordable and reliable financing option. 

Some of PayBrights plans also include a small monthly processing fee with each payment. PayBright doesn't charge any other service fees, prepayment fees, or any other hidden fees. PayBright seeks to have the highest standards of transparency so that charges are always fully clear to customers. The exact APR (Annual Percentage Rate) that applies to your transaction will be calculated and shown to you before you finalize your transaction.

Can I pay off my loan at any time?

You sure can! PayBright has what is called an open loan. An open loan charges interest solely on the time financed. In the event a loan is paid off before the loan period no additional interest will be charged for the balance that was paid, with no penalty.

How do I make my payments?

Your payments will be set up as convenient pre-authorized payments from your checking account. In some cases, you can also set up automatic payments from your Visa, Mastercard or Debit Card.

How do refunds work on items I return?

A refund will post to your PayBright account if we process your refund request. In the event that we issue you store credit instead of a refund, you will still be responsible for paying off your PayBright loan.

If you have already made loan payments or a down-payment, PayBright will issue you a refund credit to the bank account, credit or debit card that you used to make the payments. You should see a refund credit within 3 to10 business days, depending on your bank’s processing time.

Please note that there are no refunds under any circumstance after 90 days have elapsed from order date.