BMG Money today announced a forward flow agreement with Hudson Cove Capital Management, LLC to purchase up to $360 million of loans issued by WebBank through BMG Money's employment-based lending platform. This strategic partnership represents a significant expansion of BMG Money's capital capacity and reinforces the company's mission to provide responsible credit solutions to financially underserved individuals across the United States.
Since 2011, BMG Money has been dedicated to helping public and private sector employees access emergency loans with instant funding options. The company provides access to loans for individuals who may not qualify for credit from traditional financial institutions, addressing the needs of those burdened or limited by their FICO scores. Unlike conventional lenders, FICO scores are not considered in connection with applications for BMG Money. Instead, loan approvals are based on employment status. This inclusive lending philosophy ensures that employees can apply regardless of their credit score, recognizing that consumers are more than just a number.
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According to Kieran Noonan, President & CEO at BMG Money, "This forward flow agreement with Hudson Cove is a pivotal step in our mission to expand access to fair and affordable credit for working Americans. Hudson Cove's commitment to responsible lending aligns perfectly with our values. With this agreement, we are better positioned to scale our platform and serve the growing number of customers who need alternatives to traditional lending options."
"Consumer debt levels continue to strain household budgets, putting many individuals at risk of financial crisis," Noonan continued. "This partnership gives BMG the predictable funding source we need to address the critical demand from customers who deserve access to responsible credit options."
David Wu, Co-Founder and Managing Partner at Hudson Cove Capital Management, added, "We are pleased to partner with BMG Money through this forward flow arrangement. BMG Money has demonstrated a strong track record of delivering responsible lending opportunities to underserved borrowers, and we believe their employment-based underwriting model provides a compelling alternative to traditional credit scoring. This agreement reflects our commitment to supporting innovative lending platforms that expand financial inclusion."
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Source: Businesswire
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