BMG Money offers various loan products through WebBank and BMG LoansAtWork, Inc. Understanding their customer service options is crucial for borrowers. This article outlines key information regarding loan applications, funding times, credit reporting, and cost comparisons with payday loans.
Loan Application and Funding
BMG Money utilizes alternative credit scores to assess creditworthiness, meaning your FICO score won’t be affected during the application process. Instant funding is possible within minutes of loan approval if you provide a valid debit card linked to your primary bank account. Same-day ACH funding is available for applications approved and signed before 12:00 p.m. ET Monday through Saturday (excluding federal holidays). For approvals after 12:00 p.m. ET but before 4:30 p.m. ET, funds are typically deposited the next business day.
Credit Reporting and Loan Costs
While BMG Money doesn’t use FICO scores, your payment history is reported to major credit bureaus. Consistent on-time payments can positively impact your credit, while missed payments may negatively affect it. BMG Money loans are generally less expensive than traditional payday loans. For instance, a $2,000 loan with a $59 fee, repaid over 40 months via 87 bi-weekly installments, has an APR of 35.98% and an approximate total payback amount of $3,479.02. This contrasts sharply with the average payday loan APR of nearly 400%, according to the Consumer Financial Protection Bureau.
State-Specific Information and Lender Details
As of December 8, 2023, loans for residents of Washington are provided by BMG LoansAtWork, Inc., holding Consumer Loan Company License # CL1649032. Residents can access lender information via the NMLS Consumer Access website. California residents have specific privacy rights outlined in BMG Money’s CCPA Notice. The NEA Advantage Loan program is unavailable in several states, including Connecticut, Georgia, Maine, Massachusetts, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Dakota, Ohio, Rhode Island, Vermont, Washington, West Virginia, and Wisconsin. For further assistance or inquiries, contacting Bmg Money Customer Service directly is recommended.
BMG Money provides a more affordable alternative to payday loans with varying funding timelines depending on approval time. Remember to review all loan terms and conditions before borrowing. For detailed information, visit BMG Money’s website or contact their customer service department.
