What is A Short Term Loan, If It’s Not A Payday Loan?

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At BMG Money, we spend a lot of time blogging about finances. We have covered topics such as Bitcoin investment, the best types of bank accounts, and even how to make money from your own backyard. However, one topic we rarely cover is our own services. What exactly is a short term loan with BMG Money, if not a payday loan?

Well, for one, a payday loan is a slight misnomer. Payday lenders will often give this type of loan to anybody – employed or not. If unemployed, the payday lender will apply hefty fees until that loan is repaid. It’s marketed as both easy and convenient, often in just a click of a button. By the time that job is secured, it will take months before it can pay for the loan. This is why the term “predatory” is often associated with payday loans.

Now, you may be asking yourself, if BMG Money works with your employers – what makes it different from a payday loan?

First of all – we have an extensive list of employers that we work with. So yes, you must be employed to qualify for our Loans At Work program. We also vary in that a BMG Money loan is repaid in fixed, affordable payments (instead of one lump sum).

We go through your company’s payroll department, make sure all of our I’s are dotted, and T’s are crossed. Our goal is never to create a “cycle of debt” – but rather, to create a situation that benefits our clients. After all, we believe that happy clients are the best clients! Our business has actually grown exponentially – simply via referrals!

Short term loans with no credit checks are valuable to those who are new to building their credit, or who have simply made poor decisions in the past. A BMG Money loan is often the first step in repairing bad credit. Once we verify employment, that’s all we need – and the choice to repay the loan over 6 to 24 months is entirely up to you.

BMG Money is based out of Florida, but provides loans to customers throughout the United States. Contact us if you have a specific question regarding bringing your employer into the Loans At Work program, we’re happy to assist!