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Loans Like BMG Money

If you’re looking for the cheapest and fastest ways to borrow money but don’t qualify for allotment loans, these loans like BMG Money are right up your financial alley.

BMG Money works with federal and private employers to provide fast allotment loans for employees at more favorable terms than many other loan options. It offers loan amounts from $500 to $10,000 and terms of six to 36 months for federal employees or $500 to $12,000 for private workers with loan terms between six and 48 months.

Both types of employees are eligible for APRs starting at 19.99% and capped at 36%. This rate beats most payday loans, which have smaller loan amounts, often charge rates of 400% or more and typically have to be repaid within two weeks. BMG Money also accepts borrowers with bad credit (or no credit!), and there are never any prepayment penalties.

However, because allotment loan repayments are typically deducted straight from your paycheck, you aren’t eligible unless your employer partners with BMG Money. And, while the rates are better than some loans, it still charges interest. So, if you only need to borrow a small amount or are looking for lower rates, consider alternative loans like BMG Money or other options like cash advance apps.

Our 5 top picks for loan options like BMG Money

  • Alternative for small, no-interest cash advances: EarnIn
  • Alternative for self-employed or gig workers: Dave
  • Alternative for personal loans: OneMain Financial
  • Alternative most like BMG Money: Kashable
  • Alternative for no credit check: TrueConnect

Alternative for small, no-interest cash advances


4.7 / 5 ★★★★★

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Even if you're eligible for allotment loans like BMG Money through your employer, it may not always be the best choice. For example, if you're just looking for a small loan to get you to your next paycheck — and would rather not pay interest — you may want to consider a cash advance app like EarnIn.

With EarnIn, eligible users can qualify for advances up to $750 per pay period with no interest charges or late fees. In addition, EarnIn doesn't require subscription fees, unlike many other cash advance apps. However, you can only withdraw up to $100 a day, and you must repay the loan on your next payday. EarnIn is available in all states.

  • Not available in: Connecticut
  • No interest or late fees
  • Advances up to $750 per pay period
  • No membership required
  • Must be repaid on your next pay date
  • Can only request $100 a day
  • Must earn at least $320 per payday
Loan amountGet up to $100 per day or $750 per pay period.
Loan Term1 to 4 weeks
Turnaround time1 to 3 business days, or same-day for a fee

Alternative for self-employed or gig workers

Dave ExtraCash

4.2 / 5 ★★★★★

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If you work for yourself or are in the gig economy, you aren't eligible for allotment loans like BMG Money, but you may qualify for cash advances up to $500 with the Dave cash advance app. There are no credit checks like with BMG money and no direct deposit requirement, which sets Dave apart from many cash advance apps and makes it ideal for those with no direct deposit availability. However, if you need your cash immediately, expedited transfer fees could be as high as $25. Dave is available in all states.

  • Available in all states
  • Available to almost anyone with a job
  • No credit checks or direct deposit requirement
  • No interest or late fees
  • Maximum loan of $500
  • Potentially high instant transfer fees
  • Dave card required for fast transfers
Loan amountUp to $500
Loan TermVaries
Turnaround timeUp to 3 business days, or instant for a fee

Alternative for personal loans

OneMain Financial personal loans

3.4 / 5 ★★★★★

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If your employer doesn't have allotment loans like BMG Money, consider OneMain Financial, which offers fast turnaround personal loans with similar interest rates — 18% to 35.99% — making it a viable alternative. OneMain Financial also works with bad credit borrowers, and it provides loans between $1,500 and $20,000, with terms ranging from two to five years. However, OneMain may charge an origination fee of up to 10%, and it isn't fully online, meaning you may have to visit a branch office to finalize your loan documents.

  • Not available in: Alaska, Arkansas, Connecticut, Massachusetts, Rhode Island, Vermont
* OneMain Disclosures:

Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees where allowed by law. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Visit for more information. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase cryptocurrency assets, securities, derivatives or other speculative investments; or for gambling or illegal purposes.

Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600.

Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Example Loan: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07.

Time to Fund Loans: Funding within one hour after closing through SpeedFunds must be disbursed to a bank-issued debit card. Disbursement by check or ACH may take up to 1-2 business days after loan closing.
  • Similar loan amounts and interest rates to BMG Money
  • No minimum credit score required
  • Fast turnaround time
  • Origination fees up to 10%
  • May have to visit a branch office
  • Minimum loan amount is $1,500
Loan amount$1,500 to $20,000
APR18% to 35.99%
Interest Rate TypeFixed
Min. credit scoreNot specified
Turnaround TimeAs soon as one hour
Maximum Loan Term5 years
Minimum Loan Term2 years

Alternative most like BMG Money


Kashable offers allotment loans like BMG Money to employees of federal and private organizations with better rates than some other loan options. Loan amounts are fairly similar between the two companies, though slightly higher with Kashable, ranging from $250 to $20,000. Plus, you might get a better interest rate with Kashable, with its lowest rates starting at 6% for good credit borrowers.

  • Available in all states
  • Higher loan amounts than BMG Money
  • Potentially better interest rates
  • No early repayment penalties
  • Interest rates as high as 35.99%
  • Loans limited to employees of Kashable-affiliated firms
Loan amount$250 to $20,000
APR6% to 35.99%
Interest Rate TypeFixed
Min. credit scoreN/A
Turnaround TimeAs soon as same day
Maximum Loan Term2 years
Minimum Loan Term0.5 years

Alternative for no credit check


TrueConnect also offers allotment loans like BMG money. However, its small-dollar loans between $1,000 and $5,000 don't require a credit check. By contrast, BMG Money allotment loans require credit checks, although there is no minimum score requirement to qualify. However, if you need a loan from $5,000 to $100,000, TrueConnect requires a credit check, but interest rates start at 3.99%, which is tough to beat. So, if you have good credit and need a bigger loan, see if you qualify for a lower rate than BMG Money offers.

TrueConnect doesn't currently offer allotment loans to federal employees — only state and local government and educational employees — so this loan option isn't available if you work for the federal government. TrueConnect allotment loans are available in all states except New Jersey and Rhode Island.

  • Not available in: New Jersey, Rhode Island
  • No credit check for loans under $5,000
  • Interest rates as low as 3.99%
  • Higher loan amounts
  • Requires credit check for larger loans
  • Not available for federal employees
  • Not available in all states
Loan amount$1,000 to $100,000
APRStarting at 3.99%
Interest Rate TypeFixed
Min. credit scoreNo minimum
Turnaround TimeAs soon as the next business day
Maximum Loan Term7 years
Minimum Loan Term1 year

How does BMG Money Compare

Allotment loans like BMG Money can be a more affordable lending option for employees who work for companies that offer them. Its loans have interest rates capped at 36%, and loan terms extend for up to three years, which can make payments easier to budget. Plus, repayments are typically deducted from your paycheck, so you never have to worry about missing a payment. BMG Money loans are also suitable for borrowers with bad credit and may even raise your credit score.

However, allotment loans like BMG Money are not available to everyone. Most importantly, you must be employed with a company that works with BMG Money to qualify for an allotment loan. Plus, you must be over 18, meet length of employment requirements and can’t be an active military member. BMG Money also doesn’t accept borrowers who have an open bankruptcy.


  • Loans from $500 to $12,000
  • Loan terms of up to four years
  • No minimum credit score required
  • Turnaround time as fast as same day


  • Must work for a company that partners with BMG Money
  • Must meet additional requirements to qualify
  • Other lending options may be less expensive
  • May not make sense for smaller loan amounts

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