Frequently Asked Questions

Affected by the Shutdown? Federal Employees may qualify for a deferred payment plan. Learn more:

This is a temporary payment relief program offered by BMG Money to help customers affected by large-scale events outside of their control, such as federal shutdowns, mass payroll delays, or employer-wide furloughs.

The deferment pauses loan billing cycle and payments for a set period of time. It temporarily suspends late fees and stops interest from accruing. Additionally, a customer’s days past due will not increase during the deferment period. Once the deferment is over, billing and interest will resume as normal.

This program is only for customers impacted by specific systemic events defined at the enterprise level, not for individual hardship or one-off disaster relief.

Eligible customers are granted a 30-day deferment.

If a customer is eligible, the deferment is applied automatically by BMG Money. Customers do not need to call or sign up.

All LFF customers are eligible, with the exception of USPS employees.

There is no self-service 'opt-out' feature required for this program. However, customers are allowed to make voluntary one-time payments during the deferment period.

Yes. If a customer is granted an extraordinary deferment, BMG Money will systemically pause all scheduled ACH, Plan B, or backup payments.

Customers will receive an email notification 7 days before the deferment period is completed to remind them that their regular payments will resume.

The system will automatically restart all normal loan servicing, including billing, interest accrual, late fees, and collection activity. The loan’s maturity date will be extended in alignment with the pause period.

The loan's status will be frozen during the deferment period to avoid customer harm.

The system is configured to ensure that when a customer’s account resumes, we only take the next Payment Due amount and not multiple payments.

Customer Reviews

1 Loan amounts range from $500 to $12,000. Loan lengths range from 6 to 60 months. Annual Percentage Rates (APRs) range from 19.99%-35.99%. Many loans have a one-time 5% origination fee. Loans do not require repayment in full within 60 days from the loan issue date. For example, a $3,000 loan repaid in 52 biweekly installments of $76.00 over 24 months will have a 31.35% APR. Your loan’s details will depend on the amount and your payroll schedule.
Most BMG Money-branded loans are made by WebBank. As of 08/01/2025, loans to residents of Illinois, Ohio, and Rhode Island are made by BMG LoansAtWork, Inc.
BMG LoansAtWork, Inc. is licensed in many states. For more information, see https://www.bmgmoney.com/compliance.
Loans through BMG Money are provided at a significantly lower cost than most payday loans. According to the Consumer Financial Protection Bureau, “A typical two-week payday loan with a $15 per $100 fee equates to an annual percentage rate (APR) of almost 400%". Your actual loan's details will depend on the amount and your payroll schedule.” Source: https://www.consumerfinance.gov/ask-cfpb/what-is-a-payday-loan-en-1567/

2 Your FICO Score will not be pulled or used for the processing of your loan application. Alternative credit scores are pulled and used in determining creditworthiness. We report payment history to all three major credit reporting agencies and failure to make payments may affect your credit scores.

3 A loan offer is not guaranteed. Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant’s credit profile. Loan terms are subject to verification of identity and credit information. Federal law requires financial institutions to obtain, verify, and record information that identifies each person who opens an account. We will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.

4 If you provide a valid debit card linked to the bank account where your primary income is generally deposited, Instant Funding is available within minutes of signing for your loan. For applications approved and signed by noon ET, same-day ACH funding usually is available. For applications approved and signed by 4:30 pm ET or on Sundays and holidays, funds usually are deposited the next business day.

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