Brighte shines a light on new finance options

Innovative fintech companies have an opportunity to offer services banks can’t or won’t provide. Here’s how Brighte is doing that with interest-free finance for home improvements.

Imagine having your hot water system break down and being told you need a replacement. How would you pay for it? What about if you want to install solar power but find the interest charges send your budget through the roof?

It’s these types of issues that fintech startup Brighte is designed to address. Launched in 2016, the company offers homeowners an interest-free payment solution for home improvements up to $30,000. Company founder Katherine McConnell said this type of finance hasn’t been looked at much before but gives people a much-needed alternative to traditional loans.

“We’re the only ones in the industry who are really allowing people to go up to $30,000 with a payment plan,” she said in an interview with finder.com.au. So it’s not a credit card, it’s a payment plan [where] they pay the same amount back over time, without interest.”

Brighte offers its interest-free plans through accredited vendors and merchants, with on-the-spot credit applications that give you an outcome in nine seconds.

“So it’s instant finance and it’s all paperless,” McConnell said. “There are three screens that [the vendors] hand over to the customer and the customer completes, they submit and they get the credit outcome.”

Traditionally, homeowners would end up resorting to a credit card, personal loan or an overdraft on their mortgage, with limited access to this type of finance before Brighte was established.

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Source: Brighte shines a light on new finance options | finder.com.au