Speedy Cash offers installment loans as a step up from their payday products — longer terms, larger amounts, and (slightly) lower APRs. But how do they compare to the allotment installment loans available to federal employees through BMG Money?
What Are Speedy Cash Installment Loans?
Speedy Cash installment loans are multi-month personal loans ranging from approximately $200 to $5,000 (depending on state), repaid in fixed monthly payments over terms typically ranging from 3 to 24 months. APRs vary widely by state due to differing regulations — but typically range from 99% to 250% APR for Speedy Cash installment products.
Unlike their payday loans, installment loans give borrowers more time to repay. This reduces the lump-sum shock of a payday loan due date. However, the APRs — while lower than payday loans — remain dramatically higher than what federal employees can access elsewhere.
What Are Allotment Loans (BMG Money)?
BMG Money allotment loans are installment loans specifically designed for federal employees. The key difference is the repayment mechanism: rather than ACH debits from your bank account, repayment comes from a federal payroll allotment — an automatic deduction from your biweekly paycheck before you receive it. This structural difference allows BMG Money to price risk at dramatically lower APRs (19.99–35.99%).
Installment Loan Comparison: Speedy Cash vs. BMG Money
| Feature | Speedy Cash Installment | BMG Money Allotment Loan |
|---|---|---|
| APR Range | ~99–250% | 19.99–35.99% |
| Loan Amounts | $200–$5,000 | $500–$12,000 |
| Repayment Terms | 3–24 months | 6–60 months |
| Repayment Method | ACH bank debit | Auto payroll allotment |
| Origination Fee | Varies | 5% one-time |
| Credit Bureau Reporting | Varies by state/product | All 3 bureaus |
| Credit Check | May include soft/hard pull | No FICO check |
| Eligibility | General public | Federal employees/retirees |
| Missed Payment Risk | Bank NSF/late fees possible | Minimal (automatic allotment) |
Real Dollar Cost: $3,000 Loan, 24 Months
Speedy Cash Installment — $3,000
APR: ~150% (midrange estimate)
Monthly payment: ~$390
Total repaid: ~$9,360
Total interest: ~$6,360
BMG Money — $3,000 / 24 months
APR: 31.35% (actual example)
Biweekly payment: $76.00
Total repaid: ~$3,952
Total interest: ~$952