Summary: BMG Money Loan is an online lender based in Miami that provides emergency loans through its employer partnerships. They offer loans in 33 states and the District of Columbia, with terms ranging from six to 36 months. Their interest rates are high, and hidden fees are an issue.
In recent years, BMG Money Loan has gained a reputation for providing payroll loans to help individuals pay for unexpected expenses. They emphasize that repayment is easy via deductions from salaries or pensions to make borrowing seem irresistible.
If you’re considering a BMG loan, it’s best to investigate the long-term implications of first. In this article, we’ll cover everything you need to know about BMG Money Loan so you can make an informed decision.
How BMG Money Loan works
Located in Miami, BMG Money provides emergency loans to employers through its online lending platform. If your employer is a BMG Money partner, you are eligible. BMG Money loan amounts vary depending on your employer and location. It offers loans in 33 states and the District of Columbia with term loans ranging from six to 36 months.
Below is the contact information for BMG Money Loan:
The following is a photo of the BMG Money office building:
When BMG Money evaluates your loan application, it does not pull your credit score but reports your payment history. If you are approved for a BMG loan, you should know that payments will be collected via payroll deduction.
Automated payments may help you avoid missing payments and limit your control over when to pay. Unsurprisingly, BMG's interest rates are higher than some other personal loan lenders, but they may not be as high as payday loans–if available in your area.
BMG Money Loans
Before applying for a BMG Money loan, it is important to read the fine print and understand all fees. Compare its terms and rates with other lenders. Additionally, if you want a better sense of what to expect, read reviews from other customers online.
This loan program is designed for employees covered by payroll deductions. With LoansAtWork, you can borrow between 6 and 36 months at an APR of 24% to 32%.
The following video further outlines how BMG Money’s LoansAtWork program works:
BMG Money’s Federal Employee Loan program provides competitive rates and terms for federal employees. APRs range from 16% to 35.99%, with terms between 6 and 36 months.
The video below explains the details of BMG Money’s LoansForFeds:
These loans are designed for retirees looking for competitive interest rates and terms. Retiree Loans range from 6 to 36 months, with an APR ranging from 16% to 35.99%.
This program helps consumers borrow money for personal purposes. Personal loan terms last between 6 and 36 months with an APR of 24% to 32%.
BMG Money loans have several fees, including:
Prepayment penalty (Huh! Yes, you would think it’s good to pay your debt early)
BMG Money Loan reviews
Many customers review BMG Money positively, with a 4.7-star rating on Google Reviews and 4.6-star rating on Trustpilot (out of five stars). Customers praise BMG Money’s excellent customer service and willingness to assist them whenever possible. On top of all this, BMG Money is accredited by the Better Business Bureau (BBB) with a 4.85-star rating.
Despite the overall positive reviews, BMG Money still has customers who aren’t satisfied with the service. On its BBB profile, the company has received dozens of complaints stating that, while the application process is easy and customer service is helpful, high interest rates and hidden fees appy.
So, it is important to read the fine print and understand all fees associated with a BMG Money loan before applying. Moreover, compare their rates and terms with other lenders before deciding.
Here is an example of a positive BMG Money customer review:
“BMG Money, was there for me when I experienced a unexpected financial hardship. The application process was easy & the agents were knowledgeable & polite. My loan was approved & deposited into my account within 2 days... thank you BMG!!!”
And another example of a negative BMG Money review:
“Reading some of the more recent reviews I am seeing a recurring theme of long-term customers suddenly being given incorrect, inaccurate, and unresponsive service. I am now one of those as well. I have been a client for nearly 2 years and only now suddenly being told I can't refinance or even access my dashboard because of "discrepancies" in their "hard-coded" system. They won't tell me what those are or how to fix it but gladly continue to take my payments as scheduled. Ive called but never get calls back and the chat agents are unable to do much of anything. Today they even told me that they called me but I missed the call (they did not).”
BMG Money loans have some potential drawbacks outlined in these reviews. In addition to high interest rates, there are several hidden fees. Read the fine print and terms and conditions before applying for a BMG Money loan.
Struggling with debt? Resolve it through debt settlement
If you’re struggling to make ends meet and juggle your debts, settlement might be a better alternative to taking out another loan to pay off your obligations.
Debt settlement involves negotiating with your creditors to pay them a lump sum that is less than the full amount you owe in order to settle the debt for good. Debt settlement be a viable option for those who find themselves unable to keep up with high-interest rates and accumulating fees.
SoloSettle, powered by Solosuit, is a tech-driven approach to debt settlement. Our software can help you start negotiations with your creditor. You may go through several rounds of counter offers before you come to an agreement, but SoloSettle also helps you manage your agreement and ensures it is documented.
Debts settle for a broad range of amounts. It is hard to say how much you can expect to settle for, but typically 60% is a good ballpark to get negotiations started. Some creditors and debt collectors will accept less, while others will require more.
To learn more about how to settle your debt, check out this video:
So, while BMG Money Loan offers a range of loan products that might seem attractive for immediate needs, it’s crucial to consider all options, especially if you’re already facing financial difficulties. Debt settlement is one of the paths that can lead to debt relief without accumulating further debt, but it should be approached with caution, full knowledge of the implications, and ideally with the guidance of a financial advisor, credible debt counselor, or debt settlement service.
Some creditors, banks, and lenders have an internal collections department. If they come after you for a debt, Solosuit can still help you respond and resolve the debt. Here’s a list of guides on how to resolve debt with different creditors.
Don’t have time to go to your local courthouse to check the status of your case? We’ve created a guide on how to check the status of your case in every state, complete with online search tools and court directories.
Forgot to respond to your debt lawsuit? The judge may have ordered a default judgment against you, and with a default judgment, debt collectors can garnish your wages. Here are our guides on how to stop wage garnishment in all 50 states.
Debt settlement is one of the most effective ways to resolve a debt and save money. We’ve created a guide on how to settle your debt in all 50 states. Find out how to settle in your state with a simple click and explore other debt settlement resources below.
Not sure how to negotiate a debt settlement with a debt collector? We are creating guides to help you know how to start the settlement conversation and increase your chances of coming to an agreement with every debt collector.
If the thought of going to court stresses you out, you’re not alone. Many Americans who are sued for credit card debt utilize a Motion to Compel Arbitration to push their case out of court and into arbitration.
Below are some resources on how to use an arbitration clause to your advantage and win a debt lawsuit.
Do you keep getting calls from an unknown number, only to realize that it’s a debt collector on the other line? If you’ve been called by any of the following numbers, chances are you have collectors coming after you, and we’ll tell you how to stop them.