Bright Loans UK Ltd Reviews & In-depth Info 2022

Bright Loans Reviews

Are you considering a loan with Bright Loans? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Bright Loans for you in this loan guide.


BrightLoans is a trading style of Wallace Bohen Ltd, and acts as a credit broker. They were established in 2020 and are located in Stockport.

What are the key features of a loan from Bright Loans?

It’s important to analyse the key features of a loan carefully before you commit. Here are the critical details of the type of loan you can secure from Bright Loans, and how to go about doing so:

Loan Amount and Repayment Period

You can borrow between £1000 and £50,000.

How do I apply for a Bright Loans loan?

You can apply for a BrightLoans loan online. You enter your details into their online form, and they use comparison technology to present you with your loan options. You can then select a loan and apply.

Information correct as of 01/04/21 (BrightLoans)

Bright Loans Loan Review

Loan interest and other charges – government caps

The Financial Conduct Authority has brought price caps into place, in order to try and protect borrowers from facing high charges. The caps include:

  • 0.8% cost cap per day on the amount of loan you have borrowed – including interest and fees.
  • Default fees cap of £15 – interest may be charged, but it must not exceed the original 0.8% rate per day.
  • Complete cost cap of 100% – you should not be asked to repay more than 100% of the value of the loan

The limits which are applied to credit agreements, are applicable to those with an interest rate of 100% or or more per year, and will be fully or substantially repaid within a year.

There are other regulations which came into play in May 2017. According to these, lenders must give details products they supply on a price comparison website, which is authorised by the FCA. They also must provide borrowers with borrowers with a summary of the cost of borrowing.

Continuous Payment Authority – what you need to know

It is usual for companies to get you to repay the debt using a Continous Payment Authority – also knows as a CPA. The way a CPA works is that the loan company has the right to take money from your bank, until the loan is cleared.

Thankfully though, there have been new regulations brought in which are designed to protect borrowers from these underhand tactics. These regulations state that if a payment has been refused on two requests, the lending company cannot continue to take payments. If they do this, they are going against these regulations.

New rules also govern what the lending company can take out of your account using a CPA. According to this, they cannot take partial payments, it must be full payments or nothing. This means that if you don’t have enough money in your account to cover the full value of the debt, they must not take any payment. The only exception to this is if you have agreed prior to this that they can take partial payments.

What if you can’t pay back the loan?

The law states that lenders must abide by these rules if you are struggling to make repayments:

  • Provide information on where there is support available for those who are in debt.
  • Give the debtor a reasonable time to pay back the debt.
  • Freeze and interest and charges, while the debt is being paid off.

Company information:

After researching Companies House and their website, we found the following information about Wallace Bohen Limited, of which Bright Loans is a trading name:

Date of incorporation: 2 January 2020
Company status: Active
Company number: 12382512
Company type: Private limited Company
Address: Regent House, Heaton Lane, Stockport, England, SK4 1BS
Phone number: +4407800810090

Information correct as of 01/04/21 (Companies House)

FCA registration:

The Financial Conduct Authority (FCA) is the conduct regulator for financial services firms and financial markets in the UK. 

FCA regulated: Yes
FCA status: Authorised
FCA reference number: 928674
Trading names: 
Wallace Cohen Ltd
Bad Credit Motor Finance
Bright Loans
Momentum Finance
Bright Motor Finance
Car Loans UK
Place of business: 
Regent House
Heaton Lane
Greater Manchester

Information correct as of 01/04/21 (FCA)

Data protection registration:

Data protection registration means that this company is registered with ICO, the UK’s independent authority set up to uphold information rights in the public interest. The privacy of your data will be protected.

Registration No: ZA766848
Data controller: Wallace Bohen Limited
Regent House
Heaton Lane

Information correct as of 01/04/21 (ICO register)

Where are Bright Loans located?

You may want to speak with the loan company in person. If you do, it’s important to find a company whose offices are near your own address. Take a look at their office location on a map.

Regent House, Heaton Ln, Stockport SK4 1BS

Getting out of debt

It is not always easy to get out of debt, but thankfully there are organisations out there who offer help and support in getting debt free – and they don’t charge a penny! These are some tried and trusted organisations you may want to contact.

  • Citizens Advice – provide free, impartial advice on getting debt free, as well as advice on other issues you may be facing.
  • StepChange Debt Charity – free advice and support to help you get out of debt and take control of your finances.
  • National Debtline – another well known organisation who offer free advice and support.


CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application


Do you know your debt free date?
Do you know your
debt free date?
  • Affordable repayments with an end date in sight
  • Reduce pressure from people you owe money to
  • Stop interest and charges from soaring