Financial Wellness for America's Essential Workers
BMG Money was founded in 2009 with a single mission: to provide affordable, transparent credit access to the Americans who need it most — the dedicated workers who power our government, healthcare system, schools, and postal service, yet are often denied credit by traditional banks due to credit score requirements they can't meet.
Headquartered in Miami, Florida, BMG Money pioneered the allotment loan model in the US consumer market, drawing on the success of Brazil's consignado credit system — where automatic payroll deduction dramatically reduces default risk and allows lending to borrowers with imperfect credit at responsible rates.
The Consignado Inspiration
BMG Money's founding team drew inspiration from Brazil's highly successful crédito consignado (consignado) lending system, where automatic payroll deduction allows banks to serve borrowers at significantly lower interest rates than traditional consumer credit. The Brazilian consignado market became one of the largest personal loan markets in the world precisely because the deduction mechanism virtually eliminates default risk.
Serving the Underserved
The CFPB estimates that approximately 26 million Americans are "credit invisible" — lacking sufficient credit history for traditional scoring models. Millions more are "unscorable" despite having years of reliable employment. BMG Money was founded to serve exactly this population: steady workers with stable incomes who fall through the cracks of FICO-based lending.
Our History
BMG Money was incorporated in Miami, Florida in 2009 by a team of financial services professionals who identified a critical gap in the US lending market: millions of federal government employees and steady-income workers were being denied credit not because they couldn't repay — but because traditional credit scoring methods failed to capture their creditworthiness.
The company's breakthrough insight was the payroll allotment repayment mechanism. By structuring loan repayment as a payroll deduction — similar to how insurance premiums, union dues, and retirement contributions are handled — BMG Money could virtually eliminate default risk while offering loans to borrowers that traditional lenders rejected.
From its earliest days serving USPS workers in Florida and federal employees in Virginia, BMG Money has grown to serve 500,000+ borrowers across 33+ states, funding over $1 billion in loans to help America's workforce manage financial emergencies with dignity and at fair rates.
WebBank Partnership
Most BMG Money loans are originated by WebBank, an FDIC-insured, state-chartered industrial bank based in Salt Lake City, Utah. WebBank is a federally regulated banking institution that serves as the legal lender of record for loans to customers in most states.
This partnership structure allows BMG Money to operate under WebBank's federal banking charter, subject to FDIC oversight and federal consumer protection regulations. For states where the WebBank arrangement is not applicable, loans are made by BMG LoansAtWork, Inc., a licensed consumer lender in those jurisdictions.
Awards & Recognition
Since 2009 — 16 consecutive years
3,400+ verified reviews
NerdWallet, Bankrate, Business Insider
Team & Leadership
15+ years in consumer finance and fintech
Former VP at major US regional bank
Specialist in alternative credit underwriting
Regulatory Compliance & State Licenses
BMG Money operates under comprehensive regulatory oversight at both federal and state levels. As a partner of WebBank (an FDIC-insured institution), BMG Money's lending practices are subject to federal banking regulations, CFPB oversight, and the Truth in Lending Act (TILA) disclosure requirements.
BMG LoansAtWork, Inc., the standalone lending entity for some states, is licensed as a consumer lender in each state where it operates independently. All applicable state usury laws, lending disclosure requirements, and consumer protection regulations are followed.
For a current list of states where BMG Money is licensed, visit our States page. Residents of states where BMG Money is not licensed are not eligible to apply. Sources: CFPB, BBB.org.