Loans like BMG Money include loans for retirees, employee loans, Federal employee loans. In addition to these loan types, BMG Money also offers financial wellness services in the form of credit counseling and a credit education program.
BMG Money offers quick cash loans, similar to CreditNinja. However, CreditNinja may be a better option if you are not a retiree or employed by a BMG Money partner. If you want a loan like BMG Money, then it’s critical to know how personal loan options work and the type of repayment plan you may get.
Pros and Cons of BMG Money and Alternatives
If you’re interested in loans that are similar to BMG Money, it’s essential to know the pros and cons. Here is more information on the advantages and disadvantages of BMG Money and other alternative loan options.
CreditNinja
- Pros — Accepts a wide range of credit backgrounds; fast approvals and funding; simple installment-loan structure.
- Cons — Loan amounts may be smaller compared to traditional banks.
BMG Money
- Pros — Loans go up to $12,000; applicants can apply with any credit score; easy online application.
- Cons — Applicants must be retirees or employees of BMG Money partners to qualify.
Avant
- Pros — Fast online application with quick funding; offers options for borrowers with fair credit.
- Cons — Higher APRs and upfront/admin fees can make the loan more expensive than some competitors.
LendingPoint
- Pros — Accessible to borrowers with fair credit; offers relatively fast funding with no prepayment penalty.
- Cons — Charges origination fees; can have higher APRs with limited loan maximums compared to other online lenders.
OneMain Financial
- Pros — No minimum credit score requirement; offers secured or unsecured loans with same-day funding options.
- Cons — Generally high APRs and fees; loan amounts are capped lower than some online competitors.
OppLoans
- Pros — Easy approval process without a hard credit check; potential same-day funding for bad-credit borrowers.
- Cons — Extremely high APRs; small loan amounts make it a costly borrowing option.
Finding the Right Personal Loan
You can find the right personal loan for your financial situation by considering your loan needs, income, and desired repayment options. Personal loans are versatile and flexible loans. You can typically get between a few hundred to several thousand dollars. However, it’s critical not to borrow more money than you need, otherwise you can end up with unnecessary personal debt.
What Can I Use Online Loans For?
Online loans can be used for all types of emergency expenses, such as car repairs, medical debt, and much more. Here are some popular reasons people borrow funding from online lenders:
- Unforeseen Emergencies — Unexpected expenses can pop up for numerous reasons, and an online loan could help you tackle any surprise bills.
- Medical Bills — Online loans could help you afford medical bills for supplies, office visits, procedures, equipment, and more.
- Debt Consolidation — You could consolidate your outstanding debts to get a better rate and one monthly payment instead of several.
- School Expenses — Online loans could be used to pay various school-related costs like books, supplies, computers, living expenses, and transportation.
- Car Repairs — Vehicle maintenance can be costly, but an online loan could help you cover the high costs of new auto parts and repairs.
What Is The Application Process Like?
The application process for a loan like BMG Money is typically done entirely online, quickly and easily. You are generally asked to provide basic personal information about yourself, employment, steady income, and financial needs. However, every online lender is different, and requirements vary.
Here’s a list of specific information you may need to provide:
- Personal Details — Such as your name, date of birth, email, and phone number.
- Proof of Address — Your current physical address.
- Social Security Number — You must provide your SSN or ITIN.
- Income Information — How much you earn monthly or annually.
- Employment Information — The name of your employer and dates of employment.
- Bank Information — Most online lenders require an active checking account. You may have to provide your bank login information to complete a bank verification process.
Loans Like BMG Money vs CreditNinja
Here’s a quick overview of what you can expect if you get an online loan from BMG Money or CreditNinja.
| Lender | Loan Amount Range | Key Information |
| CreditNinja | $300 – $5,000 | – Same-day funding* – No minimum credit score to apply. – Takes into account current employment. – No hidden fees, can pay off loan early. – Repayment up to 24 months. |
| BMG Money | $500 – $12,000 | – Most borrowers get their loan proceeds deposited instantly. – Can apply regardless of credit score. – Loans do not require repayment in full within 60 days from the loan issue date. – Terms from 6-48 months. |
Consider the Lender and Loan Process
Choosing the right lender and loan option is critical. Every lender offers different loan terms and benefits, so it’s important to do your research and compare your borrowing options.
These are some popular loan options available for you to consider:
Payday Loans
Payday loans are small-dollar loans with short repayment periods, similar to cash advances. These single-payment loans are generally repaid through payroll deduction. While convenient for financial hardship, these loans typically have very high APRs.
Installment Loans
Installment loans provide lump sum payments that are repaid monthly for a period of several months or years. These loans are versatile and rates vary depending on the lender, loan terms, and creditworthiness.
Title Loans
Title loans are secured loans that use the borrower’s vehicle as collateral, which makes them financially risky. Borrowers could get thousands of dollars, but the approval process is long, and rates can be high.
Things To Know Before Taking a Loan
It’s in your best interest to learn about the rates, loan amounts, and loan terms of online loans before you submit an application.
Interest Rate and APR
The APR is similar to the interest rate, but it’s the total yearly cost, which includes the interest plus all applicable fees.
Be Mindful About Loan Amounts and Loan Terms
Your loan terms can directly affect your total loan cost. Borrowing more money means you will likely pay a higher interest fee. A short repayment term generally results in a higher monthly payment, but a longer repayment term may cost more over the total life of the loan.
CreditNinja: How Does it Compare?
CreditNinja is an online lender that offers personal installment loans with same-day funding.* We work with all types of credit score backgrounds and offer flexible repayment options.
Here’s more information about us and the benefits we offer our customers:
Is There a Minimum Credit Score Required to Apply?
CreditNinja is a good online loan option due to our flexible credit requirements. We do not require a minimum credit score for approval, which makes us an ideal option for people with low credit scores.
What Are the Repayment Options With CreditNinja?
CreditNinja offers personal loans up to 24 months. Loans range between $300 to $5,000, which makes them ideal for all kinds of unexpected situations. There are no prepayment penalties, so borrowers can repay their loans earlier than their contracted due date.
What Does the Application Process Look Like With CreditNinja?
Applying for a CreditNinja loan can be done easily and quickly through the CreditNinja website. All you have to do is provide basic personal information and complete a bank verification process. If you are approved, you can electronically sign your loan documents and get your money directly deposited the same day.*
What Will Repayment Look Like With CreditNinja?
Borrowers can easily repay their CreditNinja loans online through their online account or over the phone. We also offer an automatic payment option, so you don’t have to worry about late payments on your loan.
What Are Some of the Benefits of Working With CreditNinja?
Working with CreditNinja can help you get exclusive benefits like no credit score minimums, flexible repayment options, same-day funding, and quality customer service.* These perks are just a few reasons why CreditNinja remains one of the top online lending options.
Fast Funding Once Approved*
Applicants who are approved could get same-day funding in their bank account with CreditNinja.*
Flexible Repayment
CreditNinja offers easy and flexible repayment plans. Borrowers can get loans up to 24 months and repay as early as they like to save money on interest fees. There are no prepayment penalty fees on CreditNinja loans.
Bad Credit History is Okay for Applying
CreditNinja personal loans are available to a wide variety of borrowers. Individuals with poor credit history and bad credit scores may still apply and get approval with CreditNinja.
Excellent Customer Service
CreditNinja has stellar customer service and thousands of 5-star reviews on Trustpilot. Borrowers with questions or concerns can easily connect with a customer service agent by calling (855-NINJA-01) or sending an email to [email protected].
