Loans Like BMG Money
Upstart, MoneyMutual®, and OneMain Financial® are just some of the loan places similar to BMG Money. Read on to learn more.
 |
Ever find yourself needing quick cash, but traditional banks give you the cold shoulder?
Emergency fund saviors like BMG Money provide loans without the usual credit score scrutiny.
In this guide, discover more loan places that can be just as less stringent and may even offer better terms.
Here are BMG Money alternatives when looking for personal installment loans:
- Upstart: $1,000 to $50,000
- MoneyMutual®: Up to $5,000
- OneMain Financial®: $1,500 to $20,000
- Avant®: $2,000 to $35,000
- CashUSA.com: $500 to $10,000
- Upgrade: $1,000 to $50,000
- BadCreditLoans: $500 to $10,000
- PersonalLoans®.com: $250 to $35,000
- LendingTree: $1,000 to $50,000
- LendingClub: $1,000 to $40,000
- SoFi: $5,000 to $100,000
Pro tip: Just short of a couple hundred dollars? Check out EarnIn and Cleo first—both have no mandatory fees and no credit checks!
Get up to $750 per paycheck
- Access up to $150/day, with a max of $750 between paydays
- There's no interest, no credit check, and no mandatory fees. Tips are always optional.
- Over 19M downloads — and counting
Get up to $500
- No interest, credit checks, or late fees
- No lengthy application process or waiting period
- Sign up in minutes
Get up to $250 in minutes with Instant Cash
- No interest, late fees, or tipping
- No credit check
- Just $8.99/mo. Cancel anytime
Get Up to $200 Now
- Sign up in seconds: Just enter your name, email and phone to get started
- Connect your account: Link your bank, so we know where to send your money
- Access your cash: Get a Klover advance - up to $200 - with no credit check
Borrow $100 to $50,000
- Loans from $100 to $50,000 subject to approval
- Online form takes less than 5 minutes to complete
- If approved, you may get your money in as little as 24 hours
11 Loans Like BMG Money
It can be frustrating to learn that BMG Money requires your employer or agency to be in its network before you can even apply.
But don't worry! The following lenders cut out this requirement, allowing you to apply directly and potentially land a solid offer.
Let's start with one that can help with bigger financial goals.
Upstart: $1,000 to $50,000
|
|
Processing time: Most are instantly approved with no paperwork; funding may be available in 24 hours.
Cost: Check here for your individual rate; origination fee and penalties may apply subject to the state guidelines[6].
Other products and services: Car loan refinance
Meet Upstart, an AI-driven lending platform that doesn't require excellent credit scores to approve a loan. While it still looks at your credit history, Upstart also considers the school you attended, work history, and area of study when assessing loan applications.
Upstart isn't a direct lender itself. Instead, it works with lending partners like banks and credit unions to offer a much lower APR than BMG Money. Nonetheless, other factors like application details and state-specific minimums also count.
Start by checking your rate on its website, which involves a soft credit check with zero impact on your credit score. If you like what you see, you can move forward with a formal application.
If you're targeting a high loan amount, you may have to present collateral, like your car. Then, all loan payments are reported to the three major credit bureaus, which is crucial when building credit.
What if your income's on the lighter side? Don't lose hope—this next lender might be able to work with you.
MoneyMutual®: Up to $5,000
|
|
Processing time: Usually decided within minutes; funding may be available in 24 hours.
Cost: APRs vary by lender; penalties subject to state guidelines.
Other products and services: N/A
MoneyMutual® is an online lending marketplace that connects you with multiple lenders in its network. Its goal is to help increase your approval odds than dealing with an individual or direct lender.
That said, MoneyMutual® provides some of the most flexible income requirements. Here, you can still qualify for a loan even if you only earn $800 monthly. However, getting approved for the maximum loan amount may be a stretch with minimum income.
Why? Well, since your final terms will depend on which lender picks up your application, it can't show you exact numbers upfront. This can be frustrating when you're trying to compare options.
Curious about what your monthly payments could look like with any lender? Try this personal loan calculator to crunch numbers.
After exploring an intermediary and a marketplace, you have a direct lender with a strong physical presence in 44 states—up next.
OneMain Financial®: $1,500 to $20,000
|
|
Processing time: Usually decided quickly; funding may be available in one hour after loan closing.
Cost: Check here to see estimated APR; origination fee, penalties, and governmental fees may apply subject to state guidelines.
Other products and services: Credit cards, secured loans, loan refinancing, and OneMain Solutions insurance
Need to borrow more than $12,000? OneMain Financial® might be right up your alley. It's quite flexible not just with loan amounts, but also with repayment terms of up to 60 months.
OneMain is easily accessible with more than 1,300 branches across the country and allows you to manage everything through its user-friendly mobile app.
Here's something that might interest you: OneMain allows a co-applicant. This can boost approval odds for large loan amounts. Needless to say, whoever this person is should have good credit.
While the APRs are no different than BMG Money, OneMain has an added advantage. It may provide interest rebates if you pay off your personal loan early.
Avant®: $2,000 TO $35,000
|
|
Processing time: Usually decided in minutes; funding may be available on the next business day.
Cost: Check here to see APR; administration fee and penalties may apply subject to state guidelines.
Other products and services: Credit cards, loan refinancing
Avant® seems to tick many check boxes. It serves up reasonable APRs and hefty loan amounts—but wait, there's more.
Avant®'s three-step process is as straightforward as it gets with any online lender: Check your eligibility, seal the deal, and wait for your funds to roll in. Plus, you have a nice mobile app that helps you stay on top of payments conveniently.
Nonetheless, Avant® isn't for everyone. While it says it tries its best to accommodate different credit profiles, it tends to approve borrowers with fair credit at the very least. That's something to consider when applying for a loan.
CashUSA.com: $500 to $10,000
|
|
Processing time: Usually decided in minutes; funding may be available on the next business day.
Cost: APRs vary by lender; penalties subject to state guidelines.
Other products and services: N/A
CashUSA.com, is another lending marketplace for finding individuals or corporate entities willing to give you a loan.
To qualify, you must:
- be 18 years old or above.
- be a U.S. citizen or permanent resident.
- earn at least $1,000/mo. after taxes.
- own a checking account holder.
- have a valid email address and phone number.
The way it works is simple: fill out the online application, then CashUSA.com passes your details along to lenders who might check out your credit info. If approved, your loan terms depend on your matched lender.
Upgrade: $1,000 to $50,000
|
|
Processing time: Usually decided in minutes; funding may be available within one business day.
Cost: Check here for APR; fees and penalties may apply[7].
Other products and services: Rewards Checking Plus, Flex Pay, Upgrade OneCard, Premier Savings
An Upgrade personal loan can be used to consolidate debts, refinance high-interest credit cards, or handle unexpected expenses. It can even fund your home improvement without requiring collateral property.
You can't use an Upgrade loan to cover post-secondary education costs
.Upgrade offers discounts if you set up automatic payments, use all or part of your loan to pay off existing debt, or use your car as collateral for a secured loan.
If approved for a $40,000 loan, you could repay it for up to 84 months. But let's keep it real: you'll probably need collateral to snag those maximum terms.
You can change your due date by up to 15 days before or after your original payment date, as long as you qualify. However, you may pay additional interest if you move it to a later date.
that works with various banks and financial institutions to bring you a whole suite of products and services. Beyond loans, you can access checking and savings accounts alongside free credit monitoring and educational tools to help you become savvier with your money.BadCreditLoans: $500 to $10,000
|
|
Processing time: Usually decided within minutes; funding may be available on the next business day.
Cost: APRs vary by lender; other fees and penalties may apply subject to state guidelines.
Other products and services: N/A
When you hear the name BadCreditLoans, it can be pretty obvious what it's for. If you have bad credit and need money, use this online platform to find multiple loan offers.
Yes, you read that right—you could get multiple loan offers than expected, putting you in the driver's seat to cherry-pick.
But here's what you need to know: while BadCreditLoans may not be too picky, it still wants to see that you've got a steady income. Whether it's from your job, business, or benefits, it has to be assured you can handle the payments.
Access to BadCreditLoans is a free service, but there's a tradeoff. Since it earns revenue through its partnership with lenders and third-party marketers, you'll likely continue receiving offers and solicitations even after getting a loan.
Yes, you can still get a loan despite less-than-stellar credit. Lending platforms like BadCreditLoans specialize in this category of borrowers. The focus is on your ability to repay rather than judging by your credit score.
PersonalLoans®.com: $250 to $35,000
|
|
Processing time: Usually decided within five minutes; funding follows after loan acceptance.
Cost: Check here to see the latest APR; penalties and other charges may apply subject to state guidelines.
Other products and services: N/A
PersonalLoans®.com is another borrower-friendly alternative to BMG Money. This eponymously named lending platform is open to working with individuals of all credit stripes. You'll find its online application process a breeze, which means you can get hooked up with potential loan offers in no time.
As a reminder, PersonalLoans®.com isn't a direct lender, but a lending matchmaker. Loan terms such as interest rates, fees, and repayment conditions are decided by the individual lenders in its network. That's why you'll likely see some variation in rates, often higher if your credit isn't the best.
Not everyone gets approved, but PersonalLoans®.com will go the extra mile. If it can't match you to lenders in its main network, it'll reach out to the lenders outside it to boost your loan approval odds.
LendingTree: $1,000 to $50,000
|
|
Processing time: Usually decided within minutes; funding may be available within 24 hours.
Cost: Check here for your individual APR; penalties may apply subject to state guidelines.
Other products and services: Loan refinancing, credit cards, mortgages
LendingTree works with a network of hundreds of lenders that offer a wide range of loan products, such as personal loans, mortgages, and business loans.
Based on the type of loan you're looking for, LendingTree scans its lender database to find up to five lenders that most closely match your needs. These lenders come back with personalized rates and terms, so you can compare and pick one that feels right.
Once you've chosen an offer, you'll deal directly with the lender, whether it's through e-mail or phone to finalize everything. You'll most likely verify the details you've submitted through LendingTree with documents like W-2 forms, pay stubs, or house appraisals.
Not so fast, especially if your credit score is below 680. If your credit is not quite there yet, you could end up with an APR higher than what you're paying for individual loans! Work on your credit score first so you'll be in a much better position to score a lower rate that makes a debt consolidation loan worthwhile.
LendingClub: $1,000 to $40,000
|
|
Processing time: Usually decided within hours; funding may be available in 24 hours.
Cost: Check here to see the latest APR; origination fees and penalties may apply subject to state guidelines.
Other products and services: Business loans, auto refinancing, TopUp™ loans, personal banking,
LendingClub is a fintech marketplace bank that offers personal loans funded by individual or corporate investors. Using an online prequalification process, qualified applicants are presented with different loan options if approved.
One of LendingClub's main benefits is its competitive interest rates. Your loan's APR is determined by several factors, such as your credit score, debt-to-income ratio, and loan amount.
While there's no limit to the number of accounts you can apply for, your total borrowing amount across all loans can't exceed $50,000. Joint loan applications are also welcome.
Let's wrap up with the mother of all personal loans, at least on this list—SoFi.
SoFi: $5,000 to $100,000
|
|
Processing time: Usually decided within two business days; funding may be available within the same day of loan closing.
Cost: Check here for your individual rate.
Other products and services: Banking, mortgage loans, credit cards, insurance
Although SoFi is the last lender on this list, it's certainly not the least for several reasons. One is it allows you to loan up to $100,000 without collateral. Plus, it offers flexible repayment terms that can stretch to seven years.
It gets even more eye-popping to discover that its competitive rates don't have origination fees and late penalties—which lenders typically charge whenever applicable. If you want a lower interest rate per se, loans with an origination fee may offer one—but always compare the APR to ensure it's the best deal overall.
Unlike some lenders, you can use a SoFi personal loan to fund your post-secondary education costs. Or just about any purpose as long as it's not for something illegal, obviously.
SoFi also rewards early loan prepayment in full by charging interest only up to the time you've paid off your loan. For example, if you have one year of monthly amortizations of $500 left or a total of $6,000, the amount you'll prepay in full would be less than that.
SoFi is a fintech company licensed to offer multiple loan products in various states, making it a legit lender. It's also registered with the Nationwide Multistate Licensing System & Registry (NMLS), a system used by state regulators to oversee mortgage and other financial services companies.
Still have questions about personal loans or BMG Money? Find answers in the coming sections.
What Are the Requirements to be Approved on BMG Money?
To qualify for a BMG Money personal loan, you must:
- be employed by a BMG Money partner employer or a retired military/federal employee.
- not be an active military personnel.
- reside in a state where BMG Money loan is accessible.
- not have an open bankruptcy.
However, your loan approval isn't guaranteed even if you meet all the above criteria.
BMG Money operates in 42 states and the District of Columbia.
How Can I Improve My Approval Odds?
Here are some simple, effective strategies to improve the approval odds of your loan application:
- Get a stable job
While many lenders overlook one's credit score, they put a lot of weight on regular employment. - Limit hard credit inquiries
When shopping for loans, choose a lender that conducts soft pulls instead. - Use a credit-builder loan
Credit builder loans are recommended for those with no credit or poor credit. This motivates you to pay on time. - Keep your credit cards open
Closing a credit card reduces your available credit, which can impact your credit utilization ratio.
- Find a co-borrower/co-signer
Especially if they have a high credit score and you don't, you can gain the confidence of hesitant lenders.
How to Choose Loans Like BMG Money
If you're considering a personal loan with BMG Money or a similar provider, weigh these three key factors before making a decision:
- Eligibility requirements
Does the lender meet your financial profile? Look for specifics like minimum income requirement, credit score qualification, and state availability. This ensures you're not wasting time applying for loans you're not eligible for. - Loan terms
Are the APR and repayment terms reasonable for your budget? Make sure the loan amount aligns with your needs—too little or too much can create unnecessary financial strain. - Speed
How quickly can you get approved and funded? Some lenders provide near-instant approval and same-day funding, while others take longer.
By keeping the above considerations in mind, you can make a confident and informed choice with a loan that suits your financial goals and timeline.
It's generally safe to transact with BMG Money given its strong security measures, which include multi-factor authentication and compliance with privacy policies. You may also take comfort in the fact that it's a licensed lender and accredited by Better Business Bureau (BBB) since 2018.
Personal Loan Alternatives
While loans can fix some financial problems, you might not need them in the first place given the following options.
Cash advance app
You can potentially save on interest charges. However, even the best cash advance apps are only ideal for small amount needs.
Borrow from friends and family
Reserve this option for small amounts to ensure you can pay them back and not risk straining relationships.
Credit cards
Although the APRs will likely be about the same as a personal loan, using your credit card may be more accessible and versatile.
Payday Alternative Loans (PALs)
If you're a credit union member, ask about these since they usually have lower rates.
Savings
This may be a last resort, but in case you take it up, make sure your need won't entail depleting your entire stash.
401(k) loans
If your plan sponsor allows it, you can borrow from your 401(k) without impacting your credit score.
Methodology
When looking for loans like BMG Money, we put on our borrower glasses and dove deep. This wasn't just another list—this was a mission to find lenders who understand your financial reality.
We focused on loan features, the simplicity of the application process, and the quality of customer support. Our priority? Lenders who see beyond a credit score and accommodate borrowers with imperfect credit.
User reviews weren't just background noise—they were our compass. We scoured complaints, satisfaction ratings, and testimonials to separate genuine helpers from predatory lenders.
Transparency was a non-negotiable factor. Lender websites must provide clear conditions on APRs, fees, and repayment terms.
Lastly, we gave extra credit to lenders offering useful perks like financial education tools, promoting financial literacy and supporting responsible borrowing. These additional benefits are signs of a lender who cares about your overall financial health.
FAQS
What type of loan is BMG Money?
BMG Money offers personal loans to employees and retirees within its network of employers, military and federal agency partners. Such loans are repaid in installments directly from your paycheck, payroll deduction, or bank account.
What credit score do you need for a BMG loan?
BMG Money has no minimum credit scores because it doesn't assess loan applications based on those criteria. However, it may still refer to alternative credit scores when available to gauge creditworthiness.
What is the difference between personal loan and payday loan?
A personal loan is usually paid in scheduled installments while a payday loan is often repaid on your next paycheck in full.
Do payday loans ruin your credit?
Taking out a payday loan won't ruin your credit, but not paying might, especially if it gets endorsed to a debt collection agency.
Are Kashable and BMG Money the same?
Kashable® and BMG Money are different lending companies that both require partnership with employers to provide affordable loans to their employees.
Does a co-borrower need good credit?
A co-borrower doesn't strictly need to have good credit, but if they do, it can impact your loan approval odds. You can secure a higher loan amount and/or lower APR since lenders may view such a scenario as less risky.
Bottom Line
Upstart, MoneyMutual®, and nine other lenders don't require jumping through BMG Money's employer-partnership hoop. Plus, most offer appealing loan terms, from flexible requirements to competitive rates and higher loan amounts.
Take time to compare APR offers, read the terms carefully, and ensure you meet the qualifications before diving in. This way you can choose the lender that best aligns with your situation.
References
- ^ Arizona Department of Insurance and Financial Institutions. What Happened to the Payday Lender that DIFI Used to License?, Retrieved 11/25/2024
- ^ Arkansas Office of the Attorney General. Payday Lending/Check Cashing, Retrieved 11/25/2024
- ^ Georgia Department of Banking and Finance. Payday Lending, Retrieved 11/25/2024
- ^ North Carolina Department of Justice. Payday Loans, Retrieved 11/25/2024
- ^ District of Columbia Department of Insurance, Securities, and Banking. Deferred Deposit Check Cashing (Payday Lending), Retrieved 11/25/2024
- ^ Upstart. What Fees Do You Charge?, Retrieved 12/3/2024
- ^ Upgrade. Are There Any Fees?, Retrieved 12/24/2024
Penelope Besana is a research analyst at CreditDonkey, a credit card comparison and reviews website. Write to Penelope Besana at penelope.besana@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.
EarnIn is not a bank. Access limits are based on your earnings and risk factors. Available in select states. Terms and restrictions apply. Visit EarnIn.com for full details
|
|
|
