PayBright Review:

About Online Installment Payment Plans

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PayBright by Affirm is an online payment plan provider that allows customers to finance their purchases in easy monthly installments. This means that you can pay for your purchase over time, without having to pay the full amount upfront. PayBright is accepted by thousands of merchants, both online and in-store, across Canada. Since PayBright has been acquired by Affirm, PayBright is now called Affirm. We’ll refer to Affirm as PayBright in this article.

PayBright has a variety of key features, including:

• Flexible repayment plans: You can choose to pay over four interest-free biweekly payments, or spread out across up to 60 months to enjoy low monthly installments that suit your budget.
• Automated payments: Once you sign up for PayBright, payments will be made automatically, in accordance with your chosen payment plan.
• No hidden fees: Your interest rate, if applicable, is fixed and there are no additional fees for using PayBright.
• 0% Financing: Some retailers offer promotions that could include 0% financing, which means that there won’t be any interest charged on your PayBright loan.
• Does not appear on credit report: PayBright accounts and loan amounts won't appear on your credit report, so it won't impact your credit score.

Buy Now, Pay Later (BNPL) is a payment option that allows customers to purchase items now and pay for them over time. BNPL providers like PayBright offer customers the opportunity to finance their purchases in easy monthly installments, without having to pay the full amount upfront. In Canada, BNPL plans are sometimes called installment payment plans or installment loans.

Convenient payment options

PayBright offers flexible payment plans so you can choose the one that best fits your budget. For example, with PayBright's Equal Monthly Payment Plans, you can spread out your purchase over 6 to 60 monthly payments. Spreading out your payments over up to five years can make large purchases more affordable.

Interest-free financing

PayBright offers interest-free financing on select purchases with their Pay in 4 Plan. This means that you can pay for your purchase in four biweekly payments without having to worry about paying any extra costs or fees.

Increased purchasing power

By using PayBright, customers can make purchases they wouldn't have been able to afford upfront, such as if they don’t have a credit card. This opens up a range of options and allows you to purchase items that may have otherwise been out of reach.

No hidden fees or surprises

There are no surprises when you use PayBright. Your interest rate, if applicable, is fixed and there are no additional fees for using PayBright.

No fee for late payments

PayBright does not charge any fees for late payments. However, it's important to keep up with your repayments as late payments will be reported to the credit bureau and you may be ineligible for future PayBright purchases. That will also affect your credit score.

Instant decision

PayBright offers instant decisions on loan applications, so you can get approved for your purchase and continue checkout quickly.

Credit check

PayBright does a soft credit check when you apply for financing, but it's important to know that they may conduct a hard credit check which will show up on your credit report for certain purchases, such as those through easyfinancial. This may affect your credit score.

Minimum purchase amount

PayBright usually requires a minimum purchase amount of $300 in order to be eligible for financing. This means that if you are looking to make smaller purchases, you won't be able to use PayBright.

Requires a Canadian mobile number

PayBright requires a Canadian mobile number for verification purposes. This means that if you are not living in Canada, or you don't have a mobile phone, you won't be able to use PayBright as a payment option.

Interest on some loans

PayBright does offer some loans with interest. This means that if you choose a loan with interest, you will have to pay more than the original amount of your purchase. In some cases, PayBright’s APR (Annual Percentage Rate) can be higher than most credit cards.

The interest on PayBright loans can range from 0% up to an 29.95% APR (Annual Percentage Rate). Some plans have a monthly processing fee that can increase the cost of your loan and your APR.

Some retailers may offer low-interest or even zero-interest financing as part of their promotions. It's worth checking with the merchant before you apply for PayBright financing to see if they offer any promotional financing options.

PayBright’s Pay in 4 plan has no interest or fees at all. However, it only spreads your purchase out over 2 months through four bi-weekly payments. Their Monthly loan plans may have interest and monthly processing fees charged with each payment.

You can find a wide range of online and in-store retailers that accept PayBright financing. These include popular stores like Amazon, Apple, Newegg, The Bay, Dyson, Samsung, and more. You can use the PayBright website to check if your favorite retailer has partnered with PayBright to offer flexible payment plans. In Canada, over 7,000 retailers and merchants currently use PayBright.

Online and In-Store Retailers That Use PayBright

Retailers that use PayBright in Canada include:

Payment plans offered by PayBright will depend on your purchase amount.

For example, if your order is $500, you can finance it with PayBright over up to 18 months. For a purchase of $1,000 or more, you can finance it over up to 24 months. You can always repay the loan in full at any time, without penalties.

How Much Would PayBright Cost Me?

It depends on the APR of the loan that PayBright offers to you. Let’s take a look at someone making a $1,000 purchase on Amazon.ca, financing over 24 months.

Based on a 20% APR, the monthly payment would be $50.90 for 2 years. The total amount repaid is $1,221.50, which means that you would have paid $221.50 as interest. Instead of the item costing you $1,000 if you paid it in full, you financed the purchase and paid $1,221.50 for it instead.

“Pay in 4” Plan

Some retailers offer an “Pay in 4” Plan. This is an interest-free option with four bi-weekly payments, so this plan has no downside besides getting a credit check.

For example, if you were to purchase a $200 item, your bi-weekly payment to PayBright would be $50. After four $50 payments, or $200, your PayBright loan is fully paid off.

In order to use PayBright, customers must be 18 years of age or older and have a Canadian mobile phone number. You'll also need to meet the minimum purchase amount requirement (typically $300) in order to qualify for financing.

Once you've chosen an eligible retailer and added items to your cart, you can select PayBright as your payment option at checkout instead of choosing to pay with your credit card. Simply fill out the online application, and you can get instant approval in just a few clicks. Once approved, you’ll finish checking out. Payments will be made automatically from your bank account or credit card in accordance with your chosen payment plan.

PayBright will automatically deduct your monthly payment from the bank account you've linked or charge your credit card. You can also manually make a payment or change your payment method at any time by logging into your PayBright account, online, or through the app. You’ll get text and email reminders before each payment is due.

You can manage your PayBright account online through their website or app. This includes viewing your loan details, payment history and due dates, updating your personal information, and more.

Credit cards are generally more flexible than installment plans offered by retailers because they don't have a minimum purchase requirement, and you can typically spread payments over a longer period of time. Additionally, many credit cards offer rewards or cashback for using them. If you pay off your credit card balance in full within the card’s grace period, which is usually 21 days, then you won’t have to pay interest either.

However, if you can’t pay off your credit card in full on time, the high interest rates on credit cards can be very costly compared to some PayBright plans with low APRs.

If you're looking for large purchases, a traditional bank loan may be the best option. These personal loans typically have lower interest rates than credit cards, and they can be used to finance large purchases. You can also spread out payments over a longer period of time with a bank loan, making it easier to afford larger purchases.

However, the application process for a bank loan is more complicated and time-consuming than for other financing options. You also have to meet certain credit requirements and may be required to provide collateral in order to secure the loan. This can make it difficult or impossible for some people to get approved for a bank loan.

Some retailers might also offer loans themselves. For example, the Home Depot’s Home Improvement Project Loan lets you borrow up to $50,000 interest-free for 6 months, with a low 8.99% APR for up to 60 months.

Retailers can partner with PayBright to offer financing to their customers, which encourages customers to make larger purchases. PayBright also helps retailers increase their sales by making it easier for customers to purchase products they may not otherwise be able to afford with cash or a credit card alone.

When a customer makes a purchase using PayBright, the retailer gets paid upfront within 1 to 3 business days. The customer pays PayBright directly, rather than the retailer. This simplifies the payment process for both the retailer and the customer.

Retailers can choose to allow purchase financing for purchases between $50 to $25,000, with a choice of interest rate options. Retailers will pay a per-transaction fee for low interest rate and 0% APR offers.

PayBright can be contacted by phone between 9 am and 7 pm at (877) 276-2780.

You can also send a message on their website, with replies within 1 to 2 days.

On TrustPilot, PayBright gets an Excellent score with 4.5/5.0 stars and over 9,000 reviews.

PayBright actively responds to negative reviews on TrustPilot, and they invite customers to submit reviews, whether they are positive or negative.

PayBright is a great option for customers who are looking to finance their purchases and spread out payments over time. It's also beneficial for retailers, as they can increase their sales by offering PayBright financing to their customers.

However, it's important to keep in mind that PayBright has its limitations. If you're looking for large purchases or longer-term financing, you may need to look into other options such as traditional bank loans, which may offer a low interest rate compared to PayBright. If you have a credit card, the grace period on your card might also be an interest-free alternative to PayBright.

You can use PayBright to finance almost any purchase from a retailer that accepts it as a payment method, including furniture, electronics, appliances, and more.

Yes, you can pay off your PayBright loan early without penalty.

Yes, you can return an item you purchased with PayBright as long as it is eligible for a return according to the retailer's policies. Once you have returned the item, the retailer will credit the refund to your PayBright account within 3 to 10 business days. You should still continue to make your regular monthly payments while you are waiting for your refund.

If you have successfully completed your return but your account has not yet been credited, contact PayBright to ensure that you aren’t charged.

There are no late fees for missing a PayBright payment. However, your missed payment will be reported to the credit bureaus and it may impact your eligibility for future PayBright financing.

PayBright accepts Visa and Mastercard debit and credit cards, as well as EFTs from your bank account. PayBright does not accept American Express credit cards, cheques, online bill payments, prepaid credit cards, including Vanilla prepaid cards, or PayPal. They also don't accept Capital One credit cards.

Yes, you can use PayBright at some retailers in-store, through PayBright’s app or the retailer’s website. Some stores that accept PayBright for online purchases, such as Hudson’s Bay (The Bay), do not accept PayBright for in-store purchases.