Everyone experiences financial emergencies from time to time. If you have sufficient savings and a good credit score, it’s much easier to get through them, but that’s not the reality for everyone. That’s where BMG Money says it can help: by offering easier access to credit for people working for certain employers.
BMG Money isn’t available in all states and for every employer, though. It’s also an expensive loan, with APRs starting from 19.99%. Not to worry. We’ll share several recommendations for loans like BMG Money that overcome some of these shortfalls.
Need cash, like, right now? EarnIn lets eligible users access up to $300 from their earned wages with no interest or mandatory fees.¹ First-time users may be eligible for expedited funding at no cost.²
EarnIn does not charge interest on Cash Outs or mandatory fees for standard transfers, which usually take 1-2 business days. For faster transfers, you can choose the Lightning Speed option and pay a fee to receive funds within 30 minutes. Lightning Speed may not be available at all times and/or to all customers. Restrictions and terms apply; see the Lightning Speed Fee Table and Cash Out User Agreement for details and eligibility requirements. Tips are optional and do not affect the quality or availability of services.
Lightning Speed is an optional service that allows you to expedite the transfer of funds for a fee. Depending on the product, the fee may be charged by EarnIn or its banking partner. Lightning Speed may not be available in all states and/or to all customers. Restrictions and terms apply. See the Lightning Speed Fee Table for details.
Table of Contents
1. EarnIn
Why it’s a great alternative to BMG Money
EarnIn is actually a type of cash advance app, which essentially works by predicting your income and offering a short-term loan against your next regular paycheck. Thus, it helps more with tiding you over until your next paycheck, rather than as a way to borrow for larger emergencies like auto repair bills.
- No credit check required
- No cost to borrow money if you accept slower transfers
- Relatively small loan amounts compared to BMG Money
- Not available for freelancers, gig workers, or others with non-steady income
| Max. advance | $1,000 per pay period |
| Fees | $0 for standard delivery (1–3 days); $2.99 – $5.99 for Lightning Speed |
| Direct deposit required? | Yes |
| Credit check? | No |
2. Upstart
Why it’s a great alternative to BMG Money
Upstart is an online lender that offers two types of personal loans: larger loans for general-purpose use, and short-term relief loans as a payday loan alternative. Your credit comes into play more than with loans like BMG Money, but Upstart also has a reputation for being accepting of low credit scores, too.
- More accepting of bad credit than other lenders
- Also offers short-term relief loans for smaller emergencies
- Higher origination fees than BMG Money
- Poor ratings on J.D. Power’s survey of overall customer satisfaction
| Rates (APR) | 7.80% – 35.99% |
| Loan amounts | $1,000 – $75,000 |
| Repayment terms | 3 or 5 years |
| Min. credit score | 300 (the lowest FICO score possible) |
3. OneMain Financial
Why it’s a great alternative to BMG Money
OneMain Financial isn’t the cheapest alternative to BMG Money, but it stands out by offering more avenues for you to get approved for a loan if you don’t otherwise qualify, such as by applying for a secured loan using a vehicle you own as collateral, or applying with a co-applicant.
- In-person branches allow you to apply and receive funding quickly
- Options for using collateral and co-applicants allow most people a path toward approval
- Loans not available in all states
- Interest and fees are still quite expensive
| Rates (APR) | 7.80% – 35.99% |
| Loan amounts | $1,000 – $75,000 |
| Repayment terms | 3 or 5 years |
| Min. credit score | 300 (the lowest FICO score possible) |
4. Kashable
Why it’s a great alternative to BMG Money
Kashable is one of the most similar loans to BMG Money: Its business model also relies on partnering with specific employers to offer loans to employees. Unlike BMG Money, it’s available in more areas, offers a wider range of loan amounts, and those with good credit can qualify for much lower rates.
- Interest rates are much lower
- Loans available in more states than BMG Money
- Interest and fees are still expensive if you have poor credit
- Not available for active-duty military members or their dependents
| Rates (APR) | 6.00% – 35.99% |
| Loan amounts | $250 – $30,000 |
| Repayment terms | 6 – 36 months |
Bonus suggestion: 401(k) loans
If your employer offers a 401(k) plan you’ve been saving into, it’s worth checking whether the plan allows you to take out a 401(k) loan. Most do. It’s a more accessible way to borrow cash at an affordable rate, but there are serious drawbacks to consider, too.
Pros and cons of 401(k) loans
Pros
-
No credit check
-
Much lower interest rates, which you pay to yourself
-
Quick and easy application and funding, with payments made from your paycheck
Cons
-
Not all employers offer 401(k)s, let alone 401(k) loans
-
Loan must be repaid in full within 3 months if you stop working for your employer
-
Can slow the growth of your retirement savings because investment gains are usually higher than the interest you pay yourself
When to choose a 401(k) loan over BMG Money
A 401(k) loan is easier to get, faster to fund, and cheaper to repay than any loan that BMG Money offers. That said, we’d only recommend it if you’re confident that your job is stable.
Here’s why: You’ll likely need to repay the funds right away if you leave for any reason, even if you’re laid off. And research shows that 86% of workers default on these loans after a job loss, which can trigger even more expensive fees and penalties since the IRS considers it an early distribution.
Recap of the best loans like BMG Money
Article sources
At LendEDU, our writers and editors rely on primary sources, such as government data and websites, industry reports and whitepapers, and interviews with experts and company representatives. We also reference reputable company websites and research from established publishers. This approach allows us to produce content that is accurate, unbiased, and supported by reliable evidence. Read more about our editorial standards.
- BMG Money, LoansAtWork
- BMG Money, LoansForFeds
- Kashable, Low-Cost Loans for Employees
- EarnIn, Cash Out
- EarnIn, Cash Advance Loans and Alternatives for the Self-Employed
- Upstart, Personal Loans
- J.D. Power, Consumer Loan Satisfaction Stagnant as Financial Health of Customers Declines, J.D. Power Finds
- OneMain Financial, Personal Loans
- Financial Planning Association, Benefits and Drawbacks of 401(k) Loans in a Low Interest Rate Environment
- Timothy (Jun) Lu, Olivia S. Mitchell, Stephen P. Utkus, and Jean A. Young, Borrowing From the Future? 401(k) Plan Loans and Loan Defaults
Related articles
About our contributors
-
Written by Lindsay VanSomerenLindsay VanSomeren is a personal finance writer living in Suquamish, Washington. She's passionate about helping people manage their money better so that they can live the life they want. In her spare time, she enjoys outdoor adventures, reading, and learning new languages and hobbies.
-
Edited by Kristen Barrett, MATKristen Barrett is a managing editor at LendEDU. She lives in Cincinnati, Ohio, with her wife and their three senior rescue dogs. She has edited and written personal finance content since 2015.