7 Best Alternatives to Loans Like BMG Money
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Adheres to Looking for a cheaper alternative to BMG Money's payroll deduction loans? With APRs starting at 19.99%, BMG Money isn't always the most affordable opt...
- Compare top payroll deduction loan alternatives with lower APRs than BMG Money's 19.99%-35.99% rates.
- Discover paycheck advance apps offering instant cash with no interest charges.
- Find flexible personal loan options for all credit profiles, from fair to excellent.
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BMG Money offers payroll deduction loans through employer partnerships, but their APRs range from 19.99% to 35.99% with a 5% origination fee. That adds up fast.
This guide breaks down 5 personal loan alternatives and 2 paycheck advance apps that could save you money. Whether you need a direct lender with lower rates, a marketplace to compare offers, or an app that advances your paycheck without interest, you have options.
Quick Answer: Best Loans Like BMG Money
- Upgrade: Best for good credit borrowers seeking competitive rates (APR from 7.74%) and fast funding up to $50,000.
- 5KFunds: Best for comparing multiple loan offers from different lenders through a single application.
- Upstart: Best for borrowers with limited credit history, with AI-powered underwriting and loans up to $75,000.
- PersonalLoans.com: Best for borrowers who want to compare multiple lender offers through a single free application.
- Low Credit Finance: Best for bad credit borrowers looking for tailored loan options.
- Brigit: Best for small, short-term advances up to $250 with budgeting tools and no interest charges.
- Earnin: Best for accessing earned wages early with no mandatory fees (up to $1,000 per pay period).
What Is BMG Money and Why Look for Alternatives?
BMG Money is a financial services company that provides personal loans through employer-sponsored programs. Unlike traditional lenders, BMG Money specializes in payroll deduction loans, meaning payments are automatically taken from your paycheck before you receive it.
Here's what BMG Money charges:
- APR: 19.99% to 35.99% depending on your loan program.
- Origination fee: 5% of the loan amount.
- Loan amounts: $500 to $12,000.
- Loan terms: 6 to 60 months.
While the automatic payroll deduction is convenient, there are solid reasons to explore other options:
- Higher overall costs: APRs up to 35.99% plus a 5% origination fee can cost you hundreds or thousands more than alternatives. The average personal loan rate in the U.S. is around 11.65% according to the Federal Reserve G.19.
- Limited flexibility: Automatic payroll deduction reduces control over your cash flow and makes adjustments difficult if your financial situation changes.
- Employer requirement: BMG Money only works if your employer has partnered with them. If you switch jobs, your loan terms could be affected.
- Better options exist: Depending on your credit profile, you may qualify for personal loans with significantly lower rates, paycheck advance apps with minimal or no fees, or loan marketplaces that let you compare multiple offers at once.
Compare Personal Loans
BMG Money Alternatives at a Glance
Before diving into each alternative, here is a quick comparison of what each one offers versus BMG Money.
| Lender | APR Range | Loan Amounts | Key Advantage |
|---|---|---|---|
| BMG Money | 19.99%-35.99% | $500-$12,000 | Payroll deduction convenience |
| Upgrade | 7.74%-35.99% | $1,000-$50,000 | Lowest starting APR |
| 5KFunds | Varies by lender | Up to $35,000 | Compare multiple offers |
| Upstart | 6.2%-35.99% | $1,000-$75,000 | AI-powered, limited credit OK |
| PersonalLoans.com | Varies by lender | Up to $35,000 | Compare multiple lender offers |
| Low Credit Finance | Varies by lender | Up to $5,000 | Designed for bad credit |
| Brigit | 0% (no interest) | Up to $250 | Budgeting tools included |
| Earnin | 0% (no interest) | Up to $1,000/pay period | No mandatory fees |
A Closer Look at Our Recommended Providers
Upgrade
Upgrade is one of the strongest alternatives if you have fair to good credit. APRs start at 7.74% - less than half of BMG Money's 19.99% minimum.
Why Choose Upgrade Over BMG Money
Starting APR of 7.74% vs. BMG Money's 19.99% minimum.
Loan amounts up to $50,000 (vs. $12,000 with BMG Money).
No employer partnership required to apply.
Quick funding, often within one business day.
Important Considerations
Origination fee ranges from 1.85% to 9.99%.
Requires a hard credit inquiry during application.
Lowest rates require autopay enrollment and partial direct debt payoff.
5KFunds
5KFunds is a loan marketplace that connects you with multiple lenders through a single application. Loan amounts go up to $35,000 - well above BMG Money's $12,000 cap.
Why Choose 5KFunds Over BMG Money
Access to a network of multiple lenders with one application.
Loan amounts available up to $35,000.
Options for various credit profiles, including bad credit.
Free to use (lenders pay 5KFunds, not you).
Important Considerations
Not a direct lender, so rates and terms depend on the matched lender.
Multiple lenders may pull your credit, resulting in multiple inquiries.
Loan approval and funding speed vary by lender.
Upstart
Upstart uses AI to assess borrowers beyond just credit scores, considering education and job history. This means people with limited credit history may still qualify.
Why Choose Upstart Over BMG Money
AI underwriting considers education and job history, not just credit score.
Loan amounts up to $75,000 (vs. $12,000 with BMG Money).
Quick funding, often next business day.
No prepayment penalties.
Important Considerations
Origination fee can reach 12% on some loans.
Only available in 3-year and 5-year terms.
Minimum loan amounts vary by state (e.g., $7,000 in Massachusetts).
PersonalLoans.com
PersonalLoans.com connects borrowers with multiple lenders through a single free application. Loan amounts typically range from $1,000 to $35,000.
Why Choose PersonalLoans.com Over BMG Money
Compare offers from multiple lenders with one free application.
Works for a range of credit profiles, including fair credit.
Loan amounts typically from $1,000 to $35,000.
No cost to use the service.
Important Considerations
Not a direct lender - terms and rates vary by matched lender.
May receive follow-up communications from partner lenders.
Some lenders may perform hard credit pulls.
Low Credit Finance
Low Credit Finance specializes in connecting borrowers with poor or limited credit to lenders willing to work with them. Loan amounts go up to $5,000.
Why Choose Low Credit Finance Over BMG Money
Specifically designed for borrowers with bad credit (FICO below 580).
Access to multiple lenders with one application.
May offer options when traditional lenders and BMG Money won't approve you.
Important Considerations
Not a direct lender, so terms and rates vary by matched lender.
Interest rates will likely be higher due to the focus on bad credit borrowers.
Maximum loan amount capped around $5,000.
Paycheck Advance Apps: A Different Approach
If you don't need a traditional loan and just need help bridging the gap between paychecks, these two apps offer a fundamentally different model. Instead of borrowing money with interest, you access wages you've already earned or get small advances with no interest charges.
Brigit
Brigit is a financial wellness app offering paycheck advances up to $250 with zero interest and zero late fees. It also includes budgeting tools and an optional credit builder.
Plans start at $8.99/month (Brigit Plus) or $14.99/month (Brigit Premium), which adds faster funding with no express fees.
Why Choose Brigit Over BMG Money
0% interest on all advances (vs. 19.99%-35.99% with BMG Money).
No tips, no late fees, no hidden charges.
Budgeting tools and financial health monitoring included.
Optional credit builder to improve your score over time.
Important Considerations
Monthly subscription required ($8.99 or $14.99).
Maximum advance of $250 is much smaller than BMG Money's $12,000.
Advance amounts vary based on your income and account history.
Express delivery costs $0.99-$3.99 extra on the Plus plan.
Earnin
Earnin lets you access wages you've already earned before payday. No mandatory fees, no interest, no credit check - just an optional tip.
Earnin advances up to $150 per day and $1,000 per pay period. New users typically start lower and build up over time. Lower limits apply in CT, DC, MD, MA, and NY.
Earnin also offers Balance Shield to help avoid overdraft fees and Health Aid for medical bill negotiation.
Why Choose Earnin Over BMG Money
No interest charges, no mandatory fees (optional tipping only).
No credit check required to use the app.
Balance Shield helps prevent overdraft fees.
Health Aid feature for negotiating medical bills.
Important Considerations
Daily limit of $150 and pay period limit of $1,000 is much less than a traditional loan.
Requires connecting a bank account and verifying employment.
Advance amounts depend on your income and banking history.
Lower limits in Connecticut, DC, Maryland, Massachusetts, and New York.
BMG Money vs. Alternatives: How to Choose
The right alternative depends on your specific situation. Here is a quick decision guide:
If you have good credit (670+ FICO): Start with Upgrade. Their APRs start at 7.74%, which could save you thousands compared to BMG Money's rates. You can borrow up to $50,000 and get funded within a day.
If you have limited credit history: Upstart is your best bet. Their AI considers your education and work history, so a thin credit file doesn't automatically disqualify you. Loans go up to $75,000.
If you have bad credit (below 580): Try Low Credit Finance first. They specifically work with lenders who serve borrowers with low scores.
If you want to compare offers: Use 5KFunds or PersonalLoans.com to see multiple offers side by side. This is the closest approach to what our comparison tool does.
If you just need a small amount until payday: Skip the loan entirely. Earnin and Brigit let you access cash without interest charges, which makes more sense than taking on a high-APR loan for a short-term gap.
Before You Borrow
No matter which option you choose, always calculate the total cost of borrowing (not just the monthly payment), read the full terms and conditions, and consider whether you truly need a loan. Sometimes a 0% APR credit card or a payment plan with your creditor could be a better solution with lower total costs.
Frequently Asked Questions
Are loans like BMG Money safe?
BMG Money is a legitimate, regulated lender. However, their APRs range from 19.99% to 35.99%, which is above the national average for personal loans (around 11.65% according to the Federal Reserve G.19). The loans are safe in the sense that they are legal and regulated, but the high costs can create financial strain. Always compare the total cost of borrowing across multiple lenders before committing.
What are typical interest rates for loans similar to BMG Money?
BMG Money charges APRs from 19.99% to 35.99% plus a 5% origination fee. Alternatives vary widely: Upgrade starts at 7.74% APR, Upstart starts at 6.2% APR, and paycheck advance apps like Earnin and Brigit charge 0% interest. The rate you qualify for depends on your credit score, income, and the specific lender.
Can I get a loan like BMG Money with bad credit?
Yes. Several alternatives work with borrowers who have low credit scores. Low Credit Finance specializes in connecting bad credit borrowers with willing lenders. Upstart uses AI to evaluate factors beyond your credit score, including education and employment history. Paycheck advance apps like Earnin don't check credit at all.
Will a loan like BMG Money help or hurt my credit score?
It depends on the lender and your repayment behavior. Traditional personal loans from lenders like Upgrade and Upstart report to credit bureaus, so on-time payments can help build your credit. Late or missed payments will hurt your score. Paycheck advance apps like Earnin and Brigit generally don't report to credit bureaus, though Brigit offers an optional credit builder feature.
What loans are similar to BMG Money?
The most similar alternatives to BMG Money's payroll deduction model are Kashable and OneBlinc, which also offer employer-partnered loans. For traditional personal loans without the employer requirement, Upgrade, Upstart, and PersonalLoans.com are strong options. If you just need a small amount until payday, Earnin and Brigit offer paycheck advances without interest.
What are allotment loans like BMG Money?
Allotment loans are personal loans where repayment is made through automatic payroll deductions (allotments). BMG Money is one of the best-known allotment loan providers. Similar services include Kashable, which also partners with employers to offer payroll-deducted loans, often with competitive rates starting around 6% APR.
Are there loans like BMG Money with no credit check?
Traditional personal loan lenders will almost always check your credit. However, paycheck advance apps like Earnin don't perform credit checks at all. Brigit also skips the credit check and bases advance amounts on your income and banking patterns. For larger loan amounts without a traditional credit check, some employer-sponsored programs may use alternative verification methods.