Loans Similar to Bmg Money: Bmg Money Loan Requirements

Loans Similar to Bmg Money: Bmg Money Loan Requirements: By utilizing payroll deductions, flexible credit requirements, and fast funding, BMG Money has established itself as a company that provides affordable loans to employees and retirees with poor or no credit history. However, its owner-partnership model limits eligibility, prompting borrowers to seek alternatives. This guide explores more than 15 lenders and financial instruments that reflect BMG Money’s philosophy: prioritizing accessibility, speed, and affordability while meeting a variety of financial needs.

Understanding the BMG Money Model

BMG Money specializes in assignment loans, disbursing amounts from $500 to $12,000, with annual percentage rates (APR) ranging from 19.99% to 35.99%, and repayment terms ranging from 6 to 48 months. Its key features include:
No traditional credit check: Approval is based on employment verification rather than FICO scores. Payroll deduction: Payments are automatically deducted from paychecks, reducing the risk of non-payment.
Fast funding: Funds can be deposited immediately or within one business day.

While BMG Money is ideal for federal or private sector employees who are affiliated with a lender, its uniqueness is driving demand for alternatives. Below, we’ll explore lenders and platforms that serve similar demographics or offer comparable benefits.

Top alternatives to BMG Money

Cashable: Loans with employer partners at low rates
Cashable mimics BMG Money’s payroll deduction model, but offers qualified borrowers annual percentage rates (APRs) as low as 6%. Loans range from $250 to $20,000, with terms up to 24 months. Unlike BMG Money, Cashable serves federal and private sector employees, including temporary workers, and reports payments to credit bureaus to help them build credit.
Low APR, high employer eligibility, opportunities to build credit. Limited to employers’ associations; self-employed workers may not qualify.
TrueConnect: Assignment Loans with No Credit Check
Targeted for state/local government and education employees, TrueConnect offers small-dollar loans ($1,000 to $5,000) with no credit check. Payments are deducted from paychecks and annual percentage rates (APR) start at 3.99%, which is significantly lower than BMG Money. However, federal employees and New Jersey/Rhode Island residents are exempt.
No credit check, low APR for larger loans.
Limited eligibility; limited loan amounts for minor emergencies.
EarnIn: Interest-Free Cash Advances
For borrowers who need small amounts (up to $750 per pay period), EarnIn offers interest-free cash advances tied to payroll. Repayment is made on the next payday via automatic bank withdrawal. This app is ideal for short grace periods and avoids the high APRs of traditional loans. No interest or credit checks; instant access with low fees.

Daily withdrawal limits ($150/day); Not available in Connecticut.

Upstart: AI-powered loans for limited credit histories
Upstart uses artificial intelligence to evaluate applicants based on their education, job, and income, not their credit score. Loans range from $1,000 to $50,000, with APRs ranging from 5.40% to 35.99%. Although it requires a minimum credit score of 580, its model benefits recent graduates or those rebuilding their credit history.
Flexible subscription; Fast financing (1-2 business days).
Low upfront fees (0%-8%); High APRs for subprime borrowers.
OneMain Financial: Secured and Unsecured Loans
OneMain Financial serves borrowers with bad credit, offering loans from $1,500 to $20,000 with APRs ranging from 18% to 35.99%. Unlike BMG Money, it allows guarantors and collateral (e.g., vehicles) to get better rates. However, origination fees (1%–10%) and branch presence requirements may deter some.
Easy access to guarantors; physical branches for personalized service.
High commissions; Excludes residents of six states.
Avant: Online loans made easy
Avant offers loans from $2,000 to $35,000 with annual percentage rates (APR) ranging from 9.95% to 35.99%. Their application process is completely digital, and funds arrive within one business day. While it accepts a fair credit history (600+), daily interest and late fees (up to $25) can be inconvenient.
Quick approval; Flexible payment options.
Daily compound interest; Terms limited to 60 months.
CreditCube: Small loans for immediate needs
CreditCube specializes in loans from $100 to $5,000, targeting borrowers who are excluded from traditional credit. While APRs vary by state, its streamlined approval process and next-day funding make it a viable alternative to BMG. However, maximum loan amounts are lower.
No credit score requirements; Fast financing.
High APRs; Limited loan amounts.
Dave Extra Cash: Advances for self-employed workers
Dave offers advances of up to $500 with no credit check, making it ideal for self-employed or freelance workers. Reimbursement is automated on the next payday, and financing costs add up to $25. While it’s smaller than what BMG offers, it covers the gaps between irregular payments.
No direct deposit required; Transparent commissions.
Low maximum amount; Fast commissions cost extra.

Things to consider when choosing an alternative

Eligibility requirements:

BMG Money and Cashable require employer partnerships, while Upstart and Avant prioritize income and work history.

Cash advance apps like EarnIn and Dave have minimum eligibility requirements, but fewer restrictions.

Financing speed:

BMG Money, CreditCube, and Avant offer same-day or next-business-day financing.

Peer-to-peer platforms (e.g., LendingClub) can take up to a week.

Cost structure:

Avoid payday loans (with APRs over 400%) and opt for lenders like BMG, which have a 36% cap.

Beware of origination fees (Upstart, LendingClub) and prepayment penalties.

Credit impact:

BMG Money, Cashable, and OneMain report payments to credit bureaus, making credit repair easier.

Cash advances (EarnIn, Dave) don’t affect credit scores.

Specific alternatives for specific needs

For federal employees: TrueConnect and Salary Finance offer customized allowance loans.
To build credit: Self (secured loans to build credit) and Chime (no-fee overdrafts) round out the BMG model.
For larger loans: Upgrade ($50,000) and Litestream (with low APRs for excellent credit) are geared toward more ambitious financial goals.