BMG Money Review: Good Option But Limited Availability
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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
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No credit check or minimum credit score required
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Online application with fast approval and funding
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Reports payment to all three credit bureaus
Cons
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Requires employment with a BMG Money partner
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APRs can be higher than traditional personal loans
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Some customers report trouble reaching customer service
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 score | No minimum credit score required |
| APR | 19.99% to 35.99% |
| Loan amounts | $500 to $12,000 (varies by state and employer) |
| Terms | 6 to 48 months |
| Turnaround | Receive funds 1 to 2 business days after approval |
| Availability | Not available in: Connecticut, Indiana, Maine, Massachusetts, Nebraska, New York, Vermont, Washington, West Virginia, Wisconsin |
| Fees | No application fee Loan origination fee up to $59 No penalty for early repayment Late payment fee applies |
BMG Money contact information
| Phone number | 800-316-8507 |
| Customer service hours | Weekdays: 8 a.m. ET to 7 p.m. ET |
| customer.service@bmgmoney.com | |
| X, formerly Twitter | @BMG_Money_Loans |
| @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:
- 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.
- 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.
- 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.
- 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
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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?
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.
Your reviews
Christi Finder
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