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See how rates compare across all providers. The bars show the range between lowest and highest rates offered by each company.
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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.
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:
While the automatic payroll deduction is convenient, there are solid reasons to explore other options:
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 |
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.
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.
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 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.
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).
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 uses AI to assess borrowers beyond just credit scores, considering education and job history. This means people with limited credit history may still qualify.
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.
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 connects borrowers with multiple lenders through a single free application. Loan amounts typically range from $1,000 to $35,000.
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.
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 specializes in connecting borrowers with poor or limited credit to lenders willing to work with them. Loan amounts go up to $5,000.
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.
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.
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 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.
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.
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 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.
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.
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.
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.
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.
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