BMG Money offers personal loans through WebBank and BMG LoansAtWork, Inc. This review explores BMG Money’s loan products, interest rates, funding times, and customer eligibility requirements. Understanding these factors is crucial for borrowers considering a personal loan.
BMG Money Loan Products and Features
BMG Money provides personal installment loans, a viable alternative to high-cost payday loans. These loans are repaid over a fixed period with set installments. For example, a $2,000 loan with a $59 origination fee, repaid over 40 months in 87 bi-weekly installments, would have an APR of 35.98%. The approximate bi-weekly payment would be $40, with a total payback amount of around $3,479.02.
BMG Money Interest Rates and Fees
BMG Money’s APRs are significantly lower than typical payday loan rates. While a payday loan can have an APR approaching 400%, BMG Money offers loans with APRs starting at 35.98%. However, rates may vary depending on the loan amount, term, and borrower’s creditworthiness.
BMG Money Funding Time
BMG Money offers quick funding options. With a valid debit card linked to your primary bank account, you can receive instant funding within minutes of loan approval. Same-day ACH funding is available for applications approved and signed before 12:00 p.m. ET, Monday through Saturday (excluding federal holidays). Applications approved by 4:30 p.m. ET are generally funded the next business day.
BMG Money Credit Requirements
BMG LoansAtWork does not require a minimum credit score. While your FICO score isn’t checked, alternative credit data is used to assess your creditworthiness. Payment history is reported to the three major credit bureaus (Experian, Equifax, and TransUnion), and late or missed payments can negatively impact your credit score.
BMG Money Lender Information
Most BMG Money loans are originated by WebBank, a member FDIC. However, loans for residents of certain states are made by BMG LoansAtWork, Inc. BMG LoansAtWork, Inc. holds Consumer Loan Company License # CL1649032 in Washington. You can verify this information on the NMLS Consumer Access website (www.nmlsconsumeraccess.org).
BMG Money State Availability
The NEA Advantage Loan program, offered through BMG Money, is not available in Connecticut, Georgia, Maine, Massachusetts, Nebraska, Nevada, New Hampshire, New Jersey, New York, North Dakota, Ohio, Rhode Island, Vermont, Washington, West Virginia, and Wisconsin.
BMG Money California Privacy Rights
California residents have specific privacy rights under the California Consumer Privacy Act (CCPA). BMG Money’s CCPA Notice is available on their website: https://www.bmgmoney.com/california-consumer-privacy-notice/.
Conclusion
BMG Money offers a more affordable alternative to payday loans with faster funding times. However, borrowers should carefully consider the loan terms, fees, and their own financial situation before applying. While not requiring a minimum credit score, remember that on-time payments are crucial for maintaining a healthy credit history.
