BMG Money loan review: Employer-based emergency loans

Man sitting outside at a cafe, reading on his laptop about a BMG Money loanImage: Man sitting outside at a cafe, reading on his laptop about a BMG Money loan

In a Nutshell

BMG Money offers emergency loans that may be funded as soon as the same day. And you may get a significantly lower APR than if you take out a payday loan. But you’ll need to be employed by a company that BMG partners with to qualify.

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Pros Cons

Loan funds are usually available within one to two business days

Only available if you work at an employer BMG Money partners with

May help build credit with on-time payments

Relatively high interest rates


Repayment deducted directly from paycheck

What you need to know about a BMG Money personal loan

BMG Money is an online lender based in Miami that partners with a network of employers to offer emergency loans. To qualify, your employer has to be among the partners that BMG Money works with.

BMG Money offers loans between $500 and $10,000, with loan amounts varying based on your employer and where you live (its loans are available in 33 states and the District of Columbia). Fast funding is possible — potentially on the same day depending on when you sign your loan agreement.

Here’s what else you need to know if you’re considering a BMG Money loan.

Same-day funding possible

BMG Money can potentially fund your loan within the same day if you’re approved and signed before noon Eastern time on a standard business day. In most cases, BMG says funds are available within one to two business days.

Funding speed may not be a big deal for some people. But if you need a loan for an unexpected emergency such as a car repair, same-day funding could be a relief.

BMG loans may help you build credit

BMG Money doesn’t pull your credit scores when it evaluates your loan application, but it does report your payment history to the credit bureaus.

Adding positive payment history to your credit reports may help you build your credit. But be aware that if you miss a payment with BMG Money, it could also hurt your credit.

Payroll deductions for repayments

If you qualify for a BMG loan, it’s important to know that BMG collects loan repayments via payroll deduction. In other words, your payment is taken directly from your paycheck.

This automation may prevent you from missing a payment, but it also gives you less control over when you make a payment.

And if you leave your employer before you pay off your loan, you’ll have to set up an alternative payment plan with BMG.

Relatively high interest rates

BMG’s interest rates are high compared to some other personal loan lenders, but they may be lower than what you’ll find with a payday loan (if they’re offered in your state).

If you have strong credit, you’ll want to look elsewhere for a personal loan. But even if your credit is less-than-perfect, it’s a good idea to shop around to see if you can find a better offer than BMG.

A closer look at a BMG Money personal loan

If you’re thinking about applying for a personal loan from BMG Money, here are a few more details to consider.

  • Only available in 33 states — BMG Money loans are only available in 33 states, as well as Washington, D.C. You can find the full list of states on BMG’s website.
  • Open bankruptcies not allowed — You won’t qualify if you have an open bankruptcy.
  • No loans for military — BMG Money doesn’t offer personal loans to active military personnel.
  • One-year employment minimum — You need to have been employed with your current qualified employer for at least one year in order to apply.
  • Refinancing available — You can apply to refinance with BMG Money for a longer payment term or lower monthly payments.

Should I apply for a BMG Money loan?

BMG Money may be a good alternative for people with shaky credit who need a loan fast for an emergency. If you have limited loan options because of your credit history, BMG Money loans are probably a better alternative than payday loans because the APR may be significantly lower.

Paycheck deductions may prevent you from missing payments. But consider how a smaller paycheck will affect the rest of your budget. You don’t want to miss other payments or have to take out costlier debt down the road.

Another option to consider is a payday alternative loan offered by certain federal credit unions. These small-dollar loans have fees capped at the cost of processing the application, or up to $20, so they can be a much less expensive way to borrow.

If you have strong credit, you should look for a better rate elsewhere. Personal loans from banks, credit unions or online lenders are a place to start.

How to apply with BMG Money

You can apply with BMG Money online. The first step is to check if you qualify based on your employer.

To qualify, you’ll also need to have been employed for at least one year, be at least 18, not be active in the military and not have an open bankruptcy.

Be prepared to provide at least the following information on your online loan application:

  • Full name and address
  • Social Security number
  • Employer name
  • Phone number
  • Employee ID number
  • Date of birth
  • Email address
  • Gross income per pay period
  • Length with current employer

Not sure if BMG Money is right for you? Consider these alternatives.

  • Dave app: If you need just a little bit of money, the Dave app lets you advance up to $75 with no interest as long as you’re a member. (Membership costs $1 a month.)
  • Earnin app: Earnin lets you access up to $100 a day from your upcoming paycheck, but you’ll have to meet the company’s eligibility requirements. You’ll tip what you think is fair instead of paying interest.

About the author: Ryan Mei is passionate about data analytics and personal finance. He graduated from Dartmouth College with a degree in economics. Ryan owns and writes a personal finance blog at <… Read more.