BMG Money and WebBank announces its strategic partnership, to provide access to significantly lower cost loan solutions to underserved communities across the United States.
This partnership marks a pivotal step toward enhancing financial inclusion for employees and retirees with limited access to socially responsible loan programs. WebBank has originated and funded over $195 billion in consumer and commercial credit products since its inception, helping millions of people and small businesses obtain affordable credit products.
BMG Money, an established financial institution trusted by more than 100 employers and local, county and state government bodies, empowers consumers by providing access to a suite of financial wellness solutions including employment-based loans, credit monitoring, and credit education programs. Committed to the public good and raising the underserved to be part of the mainstream American economy, BMG Money has offered access to flexible loan options totaling to more than $3.9 Billion.
The newly introduced LoansAtWork, issued by WebBank, makes flexible, employment-based loan options available to customers irrespective of their credit scores, which sometimes may fail to accurately assess a person’s credit worthiness. Loans typically range from $500 - $10,000 and are deposited directly into customers’ bank accounts. The repayments are scheduled around the customer’s pay schedule and are collected automatically to avoid customer missed payments. Payment amounts are designed to be affordable and manageable, with no prepayment penalties. Most significantly, to help keep customers on sound financial footing in the future, the loan performance will be reported to the credit bureaus.
Kieran Noonan, President & CEO at BMG Money, expressed enthusiasm about the partnership. “As BMG Money strives to level the playing field for the financially underserved, our alignment with WebBank’s incredible team extends holistic services to more customers in need,” he said. “This partnership offers tremendous value for thousands of individuals, and we look forward to the nationwide impact it will have.”
Experian estimates that nearly 106 million U.S. adults do not have access to credit, either because of a low score or no score. Meanwhile, nearly half of Americans (47%) say 2024 has been the most stressful year of their lives financially. This has a tremendous impact in the workplace. Morgan Stanley reported that one in five employees admits that productivity at work has been impacted by financial worries and 49% say they spend three or more hours each week distracted by financial issues.
WebBank, a trailblazer with 25 years of experience in partnering with innovative fintechs and fostering financial inclusion, shares BMG Money’s commitment to aiding the underserved and solving this challenge. Through this collaboration, BMG Money aims not only to increase access to financial services and affordable financing but also to break down stigmas associated with financial emergencies and raise awareness of responsible credit options.
Jason Lloyd, President & CEO of WebBank, said, “WebBank’s partnership with BMG Money is a testament to our commitment to support underserved individuals and communities. We believe that everyone deserves access to financial services and the opportunity to achieve economic stability.”