BMG Money offers personal loans through WebBank and BMG LoansAtWork, Inc., providing a more affordable option compared to traditional payday loans. Funding can be available quickly, sometimes within minutes of loan approval with a valid debit card linked to your primary bank account. Same-day ACH funding is possible for applications approved before 12:00 p.m. ET on weekdays and Saturdays, excluding holidays. Applications approved by 4:30 p.m. ET are generally funded the next business day.
While a FICO score isn’t required, alternative credit scores are used to assess creditworthiness. Importantly, BMG Money reports payment history to all three major credit bureaus, impacting your credit score.
Bmg Money Loans boast significantly lower costs than payday loans. For instance, a $2,000 loan with a $59 origination fee, repaid over 40 months via 87 bi-weekly installments, carries a 35.98% APR. This translates to approximately $40 bi-weekly payments and a total repayment of around $3,479.02. The Consumer Financial Protection Bureau highlights the stark contrast, stating that a typical two-week payday loan with a $15 per $100 fee equates to a staggering 400% APR.
Specific regulations apply to certain states. Residents of California can access the California Consumer Privacy Act (CCPA) notice on BMG Money’s website. In Washington, BMG LoansAtWork, Inc. operates under Consumer Loan Company License CL1649032. The NEA Advantage Loan program is unavailable in several states, including Ohio, Maine, Nebraska, New York, Washington, West Virginia, New Hampshire, North Dakota, Georgia, Nevada, Rhode Island, Connecticut, Massachusetts, Vermont, Wisconsin, and New Jersey.
BMG Money provides a viable alternative for those seeking personal loans, offering a less expensive and potentially faster funding option compared to payday loans. Remember to review all terms and conditions before applying.
