Following this announcement, the partnership is set to provide access to significantly lower-cost loan solutions and services to underserved communities across the region of the US.
In addition, both financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the local industry as well.
The collaboration between BMG Money and WebBank represents an important step toward optimising financial inclusion for employees and retirees that have limited access to socially responsible loan programs. At the same time, WebBank has organised and funded over USD 195 billion in consumer and commercial credit tools since its debut, which was set to help multiple people and small businesses obtain affordable, secure, and efficient credit products.
BMG Money empowers users by providing access to a suite of financial wellness services, including employment-based loans, credit monitoring, and credit education programs. Furthermore, the company is committed to the public good and raises the underserved to be part of the mainstream American economy, while also offering access to flexible loan options that total over USD 3.9 billion.
The LoansAtWork solution was issued by WebBank and developed in order to make flexible, employment-based loan options available for clients irrespective of their credit scores, which sometimes may fail to accurately assess a person’s creditworthiness. Typically, loans range from USD 500 to USD 10.000 and are deposited directly and securely into customers’ bank accounts.
The repayments are scheduled around the client’s pay schedule and are also collected automatically to avoid customer-missed transactions. In addition, payment amounts are developed to be affordable and manageable, with no prepayment penalties. Most significantly, to help keep clients on sound financial footing in the future, the loan performance will be reported to the credit bureaus.
Through this strategic deal, BMG Money aims not only to increase access to financial solutions and affordable financing but also to break down stigmas associated with financial emergencies, as well as raise awareness of responsible credit options.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now