5 Installment Loans for Federal Employees

American flag waving on flag pole with cloudy sky

Installment loans for federal employees are available from a variety of privately-owned financial firms, as well as from some non-profit organizations.

These loans can help federal employees during unexpected financial emergencies or hardships.

For more details of the installment loans available to federal employees and how to apply, see below.

The List

An installment loan differs from other short-term loan options like payday loans in that it offers the borrower a longer term over which to repay the debt, which usually makes the payments more affordable.

Installment loans are paid back in regularly-timed “installments” of a single, fixed dollar amount, making them relatively easy to plan for and budget.

It’s still important to exercise caution when taking an installment loan. While a fixed payment is more straightforward to budget for, the terms of installment loans are often determined by on your credit score, which may lead you to pay a higher interest rate and have a higher total borrowing cost.

Additionally, there may be fees for paying off the loan early, depending on the lender.

Like everyone else, federal employees sometimes run into financial setbacks or hardships that require immediate funding. Many lenders offer affordable (and occasionally interest-free) installment loans specifically designed for federal employees and their families.

Below, we have the list of lenders that offer special financing options for federal employees.

BMG Money logo

BMG Money

BMG Money offers installment loans to federal employees who work with specific partner employers. You can check to see if your employer is a BMG Money partner on BMG Money’s website.

  • Loan amount: From $500 to $10,000[1]
  • Terms: Payment plans from six to 36 months; no credit needed[1]
  • APR: Varies from 16% to 36%[1]
  • Requirements: Borrowers must be at least 18, cannot be active-duty military, and cannot be in bankruptcy. You must have an employment history of at least one year and must work for one of BMG Money’s partner employers.[1]
  • Apply

Fed Choice logo

FedChoice Federal Credit Union

FedChoice Federal Credit Union exclusively serves federal employees and their families. It offers a wide range of loan products to choose from, including installment loans.

  • Loan amount: $500 to $35,000[2]
  • Terms: Up to 60 months; fixed rates[2]
  • APR: 7.49% or higher, depending on the loan amount and your creditworthiness[3]
  • Requirements: You must be a member of FedChoice to receive a loan.[2] You must be a federal employee, a federal employee’s immediate family member, or a Tangerine Foundation donor to receive membership.[4]
  • Apply

FEEA logo

Federal Employee Education & Assistance Fund

This non-profit organization offers confidential, interest-free loans to eligible federal employees who can demonstrate immediate financial need or hardship.[5]

  • Loan amount: Up to $1,500[5]
  • Terms: Generally 10 months[6]
  • APR: N/A
  • Requirements: Borrowers must be full- or part-time federal employees or postal employees who have been working for at least one year. Only certain financial hardships and expenses are eligible for an FEEA loan, including (but not limited to) physical illness or injury, major property damage due to a natural disaster, safe housing for survivors of domestic violence, rent and/or mortgage payments, home utilities, and funeral expenses.[5]
  • Apply

Kashable logo


Kashable offers low-cost loans specifically designed for federal employees.[7]

  • Loan amount: $500 to $20,000[7]
  • Terms: Six to 24 months[7]
  • APR: Varies from 6% to 36%[7]
  • Requirements: Borrowers must demonstrate a “responsible financial history.”[7]
  • Apply

Superior Funding logo

Superior Funding

Superior Funding specializes in loans for postal workers who may have less-than-ideal credit. Keep in mind, these loans come at a higher APR than the other loans featured in this list.[8]

  • Loan amount: Up to $1,000 for first-time borrowers; up to $3,000 thereafter[8]
  • Terms: One year for repayment with bi-weekly payments[9][10]
  • APR: Either 94 or 95%[10]
  • Requirements: Must submit a photo ID, two most recent paystubs, proof of your bank account, a current bill with your information on it, a copy of your debit card, and a payroll deduction authorization form[11]
  • Apply

For more information on financial resources for federal employees, see our research on “bad credit” loans.

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