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BMG Money

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Max. Loan Amount
$12,000
APR
19.99% to 35.99%
Min. credit score
No minimum credit score required

Our verdict

Fast emergency loans with no credit check but only available through select employers.

With an easy application process, fast funding and no credit check required, BMG Money allotment loans are a great option when you need to cover unexpected expenses. But allotment loans aren’t for everyone. APRs can be high, and you must work for one of BMG Money’s partner employers or receive federal benefits to qualify.

Best for: Those receiving federal benefits or employed by BMG Money partners needing emergency loans fast.

Pros

  • No credit check or minimum credit score required
  • Online application with fast approval and funding
  • Reports payment to all three credit bureaus

Cons

  • Requires employment with a BMG Money partner
  • APRs can be higher than traditional personal loans
  • Some customers report trouble reaching customer service

In this guide

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  • Your reviews
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Is BMG Money legit?

Yes, BMG Money is a legitimate lender that offers emergency allotment loans to employees of partner companies. Established in 2009, the company is headquartered in Miami, Florida, and has been accredited by the Better Business Bureau (BBB) since 2018.

BMG Money protects customer data using 256-bit encryption to secure sensitive information submitted to its website. The company’s privacy policy states that it does not sell or share personal data with third parties for marketing purposes, so you don’t have to worry about spam.

What makes BMG Money shine?

BMG Money stands out for its ability to provide emergency loans up to $12,000. Plus, it offers loans with no credit check required. It’s allotment loans are based on income and employment, which makes it a good loan option for those with less-than-stellar credit.

Allotment loans are loans that get repaid via your existing payroll system — this is why BMG is able to offer loans without a credit check and why you must meet employer requirements to qualify.

The application process is easy and can be completed 100% online with a typical turnaround time of just one to two business days — great when you need money fast. Plus, the payments are automatically deducted from your paycheck and reported to all three credit bureaus, which helps increase your credit score over time.

Where BMG Money falls short

The biggest drawback to BMG Money is that to qualify for its allotment loans you must either earn federal benefits or work for a partner employer to qualify, which automatically disqualifies many people. BMG Money also isn’t available in all 50 states, which limits access even further.

With APRs between 19.99% and 35.99%, interest can rack up, but you’ll pay less overall than a payday lender. Approval can take up to three business days, so this option may not be the best if you need cash immediately. Some customers have also reported long hold times when trying to reach customer service, which can be frustrating if issues arise. If BMG money doesn’t work for you, or you don’t qualify there are other lenders like BMG money that may work better for your situation.

BMG Money loan details

Credit scoreNo minimum credit score required
APR19.99% to 35.99%
Loan amounts$500 to $12,000 (varies by state and employer)
Terms6 to 48 months
TurnaroundReceive funds 1 to 2 business days after approval
AvailabilityNot available in: Connecticut, Indiana, Maine, Massachusetts, Nebraska, New York, Vermont, Washington, West Virginia, Wisconsin
FeesNo application fee
Loan origination fee up to $59
No penalty for early repayment
Late payment fee applies

BMG Money contact information

Phone number800-316-8507
Customer service hoursWeekdays: 8 a.m. ET to 7 p.m. ET
Emailcustomer.service@bmgmoney.com
X, formerly Twitter@BMG_Money_Loans
Facebook@BMGMoney

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How to qualify for BMG Money

Eligibility for BMG Money loans is mostly based on your employer and location. Here are the requirements you’ll need to meet to qualify:

  • Be at least 18 years old
  • Reside in one of the 33 states or Washington, DC where BMG Money operates
  • Be employed by a BMG Money partner employer
  • Have at least one full year of employment with your current employer
  • Not be actively serving in the military
  • Have no open bankruptcy cases

BMG Money doesn’t require a minimum credit score, but you may need to meet additional requirements, such as linking a debit card.

How to apply

Applying for a BMG Money loan is a straightforward process that can be completed 100% online. Here’s how it works:

  1. Check eligibility. Visit the BMG Money website and confirm that you meet the basic requirements, including employment with a partner employer and residence in an eligible state.
  2. Submit an online application. Complete the online application form by providing details about your employment, income and personal information. Be prepared to upload required documents, like a recent pay stub or proof of residency.
  3. Review and sign the loan agreement. Once your application is approved, you’ll receive a loan agreement outlining the loan amount, terms and repayment schedule. Carefully review the details and sign the document.
  4. Receive your funds. After final approval, your loan is deposited directly into your linked bank account, typically within one to two business days.

How BMG Money compares to other lenders

Name Product USFPL Filter Values APR Min. credit score Loan amount
Best Egg personal loans
Finder Score: 3.8 / 5: ★★★★★
Best Egg logo
7.99% to 35.99%
640
$2,000 to $50,000
Fast and easy personal loan application process. See options first without affecting your credit score.
Upstart personal loans
Finder Score: 4.2 / 5: ★★★★★
Bankrate logo
7.40% to 35.99%
300
$1,000 to $50,000
This service looks beyond your credit score to get you a competitive-rate personal loan.
SoFi personal loans
Finder Score: 4.4 / 5: ★★★★★
Bankrate logo
8.99% to 29.99% fixed APR
680
$5,000 to $100,000
A highly-rated lender with competitive rates, high loan amounts and no required fees.
Upgrade
Finder Score: 4 / 5: ★★★★★
Bankrate logo
9.99% to 35.99%
580
$1,000 to $50,000
Check your rates with this online lender without impacting your credit score.
LendingPoint personal loans
Finder Score: 3.3 / 5: ★★★★★
Bankrate logo
7.99% to 35.99%
Not stated
$2,000 to $36,500
Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
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BMG Money reviews and complaints

BBB accredited Yes
BBB rating B+
BBB customer reviews 4.79 out of 5 stars, based on 895 customer reviews
Trustpilot Score 4.9 out of 5 stars, based on 7 customer reviews.
Customer reviews verified as of 07 November 2024

BMG Money gets glowing customer reviews on both the Trustpilot and BBB websites. On Trustpilot, 92% of ratings are 5 stars, giving it an impressive 4.9 out of 5 from over 7,000 reviews. Customers love the fast funding and appreciate how easy it is to apply online. Many also praise the friendly and professional customer service.

The BBB rating is equally strong, with 4.79 out of 5 stars — remarkably high for a site where people often go to air complaints. Positive feedback includes the simple application process, fast funding and the chance to improve credit with on-time payments reported to all three credit bureaus.

There are a few common complaints across both sites. Multiple customers struggled with long hold times when trying to reach customer service. Others report trouble getting approved for a loan, updating bank information and refinancing loans because their employer no longer worked with BMG Money.

What do people on Reddit say?

Reddit users have mixed feelings about BMG Money. Many acknowledge the high interest rates, with some noting they paid nearly double the amount borrowed. However, others appreciate that the loan terms are clear and transparent, and for those with bad credit or limited options, BMG Money can provide much-needed funds quickly.

Some users shared positive experiences with fast approvals and funding, while others reported delays, site glitches or trouble reaching customer service. The consensus seems to be that while the loans are expensive, they’re a lifeline for those in a financial pinch — as long as borrowers fully understand the terms.

Frequently asked questions

What is BMG Money?

BMG Money is an online lender that works with the federal government and select private employers to provide affordable loans that help employees cover emergency expenses.

What employers does BMG Money work with?

BMG Money works with a wide range of employers such as Walmart, Home Depot, Amazon, CVS, the federal government and hospitals nationwide. To see if your employer is included, visit the BMG Money website or check with your HR department.

How long does it take for BMG Money to approve a loan?

The average time is one to two business days for loan approval through BMG Money, but it can take up to three business days.

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