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Loan Application Process Overview

 Purpose: This article provides a high-level view of the BeneMoney loan application process from the employee’s perspective. You are not involved in completing the application, but understanding the process can help answer general employee questions and know what to expect. 

1. Log In or Check Eligibility

First-Time Users

Employees who have not previously created a BeneMoney account must first verify their employment and create an account. 
New User Eligibility Check

Verify employment. The employee enters their last name, home ZIP code, and date of birth so the system can confirm that they work for a participating BeneMoney employer.

 

Employment verification for a first-time user.

Create an account. Once employment is verified, the employee enters an email address, creates a password, and selects security questions to complete their account setup. Employees are encouraged to use a personal email address rather than a work email address when creating their account.

 
Account setup for a first-time user.

After the account is created, the employee can continue to the loan application.

New account confirmation and available next steps.

Returning Users

Employees who have already created a BeneMoney account select Borrower Login and sign in using their existing credentials.

Returning User Login

 

2. Start the Application

Once logged in, the employee selects the No Credit Check Advance option from the borrower dashboard and starts a new loan application.

Borrower dashboard

New Loan option within the borrower account.

3. Complete Application Information
 

The employee reviews the information already associated with their account and provides any additional required details. They also review and certify the application disclosures before continuing.

Application information and required certifications.

4. Complete Identity Verification
 

BeneMoney verifies the employee’s identity and required customer information. If the information is verified successfully, the employee continues to available loan options. If additional verification is needed, the employee may be asked to provide supporting information or documentation.

 
5. Review Available Loan Options
 
Eligible employees are shown the loan options available to them based on their employer’s program and their individual eligibility.
  • Employees may see 12-month loan options.
  • Employees who qualify may also see 24-month loan options.
  • The employee selects the option that best fits their needs.

      Example loan options available to an eligible employee.

      6. Select a Funding Method
       
      After selecting a loan option, the employee chooses how they would like to receive their funds. Available funding methods depend on your organization’s BeneMoney program. If the BeneMoney Card is included, employees may choose direct deposit or the BeneMoney Card. If not, direct deposit will be the only available option.

      To learn more about adding the BeneMoney Card, contact accountmanagement@benemoney.com.

      Funding method selection.

      7. Review and Sign Loan Documents
       
      Before the loan is finalized, the employee reviews and electronically signs the required loan agreement and authorization. The employee must complete both acknowledgments to continue.

       

      Electronic loan documents and acknowledgments.

      8. Receive Confirmation
       
      After the application is completed, the employee receives confirmation with key loan information, including the loan number, expected funding timing, and first payment date. A confirmation email is also sent for the employee’s records.