BHG Financial Personal Loan Review
What to know first: BHG Financial offers personal loans from $20,000 to $200,000 for professionals and business owners. Loans come with flexible terms up to 10 years and no collateral required. While funding is fast, interest rates aren’t disclosed publicly and may be higher than traditional personal loan options.
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BHG Financial may be the best option for you if you’re a small business owner or high-earning professional looking for flexible financing. BHG Financial personal loans are well-known for providing large loan amounts, long durations, and individualized attention, catering to the particular requirements of certified professionals. We’ll examine BHG Financial’s personal loan rates, terms, benefits and drawbacks, qualifying requirements, and if it’s the best lender for your financial objectives in this in-depth analysis. This article will help you in deciding whether BHG is a viable option for debt consolidation, large-scale expense coverage, or business expansion capital.
What is BHG Financial?
BHG Financial, formerly known as BHG Money, provides personal loans with fixed interest rates to borrowers across the United States, excluding North Dakota and Montana. To qualify, you’ll need a credit score of at least 660. Below are some key points to keep in mind if you’re considering a loan from BHG Financial:
Extended loan terms available
Unlike many lenders that limit repayment terms to 60 or 72 months, BHG Financial offers loan terms ranging from 36 to 120 months. While longer terms can help lower your monthly payments, they may also increase the total interest you pay over time.
Fair credit accepted
A credit score of 660 may be enough to qualify, making BHG a potential option if your credit isn’t perfect. Still, don’t expect to qualify for the highest loan amounts. On average, BHG borrowers tend to have credit scores around 744.
Interest rates may be on the higher side
If you have excellent credit, it’s worth shopping around. Due to a higher starting APR, BHG loans may not offer the lowest rates available compared to other top lenders.
Funding may take several days
As many online lenders can provide funds within a day, BHG’s funding process may take up to five business days. This might not be ideal if you need quick access to cash.
Origination fees apply
BHG Financial deducts an origination fee ranging from 3.00% to 4.00% from your loan amount. Be sure to factor this in when determining how much you need to borrow.
Better suited for large expenses
With a minimum loan amount of $20,000, BHG is best for major financial needs like home renovations, business investments, or consolidating significant debt.
Who Are BHG Personal Loans Best For?
BHG personal loans are best suited for individuals with a strong financial background, particularly those earning a six-figure salary and seeking a large loan amount with flexible repayment options. If you need access to significant funding and value long-term payment plans, BHG could be a great fit.
Top Choice for Large Debt Consolidation Loans
As a non-bank lender, BHG Financial offers some of the highest personal loan amounts available, with limits reaching up to $250,000. If you have a credit score of at least 660, earn over $100,000 annually, and need to borrow $20,000 or more, BHG could be a strong option. The lender provides competitive terms, including repayment plans that extend up to 10 years, making it an appealing choice for consolidating large debts or covering major expenses.
Cusomized for Professionals and Business Owners
BHG Financial often works with professionals in fields like healthcare, law, and small business. Its focus on higher-income borrowers means it’s a better match for those with solid financial standing rather than people in need of smaller, quick loans. Since it typically takes about five business days to receive funding, it’s not ideal if you need cash in a hurry. Borrowers should also expect an origination fee between 3% and 4%, which will be deducted from the loan proceeds.
Best for High-Income Borrowers with Excellent Credit
The typical BHG customer has a FICO score of 744, earns around $241,000 per year, and has a clean credit history with no bankruptcies or past-due accounts. If your financial profile aligns with this, your chances of approval are significantly higher.
Pros And Cons Of BHG Personal Loans
- High loan amounts available
- Longer repayment options
- Personalized support
- No collateral required
- Accessible to fair-credit borrowers
- Longer funding timeline
- Best for high earners
- Limited information upfront
Pros Of BHG Personal Loans
High loan amounts available
BHG stands out by offering unsecured personal loans as large as $250,000, which is significantly more than most traditional lenders.
Longer repayment options
Borrowers can take advantage of loan terms as long as 10 years, giving added flexibility when managing monthly payments.
Personalized support
Each applicant is paired with a dedicated U.S.-based loan consultant who provides one-on-one guidance throughout the process.
No collateral required
These personal loans are unsecured, so you won’t need to risk any assets like your home or car to qualify.
Accessible to fair-credit borrowers
Even though BHG typically works with high-income individuals who have excellent credit, they do consider applicants with FICO scores starting at 660.
Cons Of BHG Personal Loans
Longer funding timeline
Compared to many online lenders offering same-day or next-day funding, BHG takes at least five business days to disburse funds.
Best for high earners
Applicants generally need to earn over $100,000 annually to qualify, which can make these loans inaccessible for many borrowers.
Limited information upfront
Details like origination fees, exact requirements, or prepayment policies aren’t clearly listed on BHG’s website. You’ll need to start the application to get full transparency.
Bhg Financial Average Rates And Loan Amounts
BHG Financial tends to offer competitive interest rates, especially for borrowers with fair credit scores ranging from 580 to 669. One reason for this may be the company’s focus on debt consolidation and credit card refinancing, as well as its relatively high minimum income requirements. Borrowers who meet these criteria may be offered lower rates compared to what’s typically available through other lenders.
Average APR by Credit Score
BHG Financial’s rates are generally lower than average across most credit tiers, especially for those with moderate credit. Here’s a breakdown of average APRs based on credit score ranges:
| Credit Score Range | Avg. APR (BHG Financial) | Avg. APR (All Lenders) |
|---|---|---|
| 580 – 669 | 17.5% | 22.5% |
| 670 – 739 | 14.8% | 18.9% |
| 740 – 799 | 12.3% | 15.4% |
| 800+ | 10.1% | 13.0% |
Average Loan Amount by Credit Score
Borrowers with higher credit scores tend to qualify for larger loan amounts through BHG Financial. Here’s how average loan amounts vary by credit score bracket:
| Credit Score Range | Avg. Loan Amount |
|---|---|
| 580 – 669 | $25,000 |
| 670 – 739 | $48,000 |
| 740 – 799 | $67,000 |
| 800+ | $91,000 |
How To Qualify For BHG Personal Loans
Getting approved for a personal loan through BHG Financial requires meeting specific eligibility criteria. The company places a strong emphasis on creditworthiness and income, which helps explain why its typical customer profile is higher than average. Below are the main requirements you’ll need to meet to qualify.
Credit Score and Financial Background
To be eligible for a loan with BHG through the Credible marketplace, you’ll need a minimum FICO score of 660. While this allows for applicants with fair credit, approval is more likely if your score is closer to the average BHG borrower, which is around 744.
Along with your credit score, BHG reviews your entire credit history. That means they look for red flags like bankruptcies or accounts in collections, either of which could disqualify you from receiving a loan offer. A clean credit profile and a solid history of on-time payments will improve your chances of approval and could help you secure better rates and loan terms.
Income and Employment Verification
Another main qualification is income. BHG generally requires a minimum annual income of $100,000 to be eligible for a loan through Credible. This threshold reflects the lender’s focus on higher-income individuals, including professionals and business owners.
When applying, be prepared to provide documents that verify your employment and earnings. These may include recent pay stubs, W-2 forms, or full tax returns, depending on your employment type and financial situation.
How to Apply for a BHG Personal Loan
Follow these simple steps to check your rate and get started with a BHG personal loan application:
- Head over to the official BHG website and click on “Apply Now.” Choose a personal loan as your loan type to begin the process.
- Enter the amount you wish to borrow along with the reason for your loan.
- Fill in details such as your annual income, current mortgage, and employment status.
- Share your full name, home address, contact number, date of birth, and Social Security number. This helps you view loan offers tailored to you without affecting your credit score.
- Review the available loan options and pick the one that suits your needs.
- Be ready to provide any additional documents needed to verify your financial and personal details.
BHG Personal Loan Purposes
BHG personal loans offer flexible funding that can help with a variety of financial goals. Whether you’re looking to simplify your finances or lower your interest rates, these loans are designed to give you greater control over your money. Common ways borrowers use a BHG personal loan include:
- Debt consolidation – Combine multiple debts into a single monthly payment, making it easier to manage and potentially saving on interest.
- Credit card refinancing – Pay off high-interest credit card balances with a lower-rate personal loan, helping you reduce your overall interest and pay off debt faster.
Loan Fees And Penalties
It’s significant to fully understand the costs and possible charges associated with applying for a BHG personal loan. After you receive your customized loan offer, they will be explained in detail so you can decide wisely before moving further.
- Origination fees – BHG may charge an origination fee ranging from 3% to 4% of the loan amount. This fee is only disclosed after you’ve submitted your application and received your loan terms. You can then review the offer to decide if it works for your financial situation.
- Prepayment penalties – BHG personal loans for consumers do not include any early repayment penalties. This means you can pay off your loan ahead of schedule without facing extra fees.
How BHG Compares To Other Lenders
When choosing a personal loan, comparing lenders side by side can help you find the best fit for your financial needs. Here’s a look at how BHG compares to other major loan providers like LightStream and SoFi.
BHG offers higher loan amounts and longer repayment terms than many competitors, making it a solid choice for borrowers with strong credit seeking larger funding options.
APR Range: 9.96% – 23.48%
Loan Amounts: $20,000 to $250,000
Min. Credit Score: 660
Term Length: 3 to 10 years
Minimum Credit Score: 660
LightStream Personal Loan is known for its low starting APRs, but it typically requires excellent credit for approval. Loan amounts and terms are more limited compared to BHG.
APR Rate: 6.49% – 25.29%
Loan Amounts: $5,000 – $100,000
Min. Credit Score: 700
Term Lenght: 2 to 7 years
SoFi Personal Loan offers competitive rates and flexible terms, along with additional perks like unemployment protection. However, its highest APRs can be steep depending on your credit profile.
APR Rate: 8.99% – 35.49%
Loan Amounts: $5,000 to $100,000
Term Lenght: 2 to 7 years
Minimum Credit Score: Not publicly disclosed
Where Does BHG Operate?
BHG provides personal loans across most of the United States, giving borrowers nationwide access to its lending services. However, BHG personal loans are not currently offered in Illinois and Maryland. If you live outside these two states, you can apply for a loan directly through their website and explore available offers based on your location.
How To Contact BHG
It’s easy to get in touch if you need assistance or have inquiries about BHG personal loans. You can phone 866-588-7910 to talk to a person immediately. You can also email customerservice@bhg-inc.com for general questions or help.
Need help with a loan application or have a specific issue? Visit BHG’s “Contact Us” page and fill out the online form. A team member will follow up with you shortly to provide the support you need.
About BHG Personal Loans
BHG Financial is a private, non-bank lender that’s been offering personal and business financing since 2001. Originally known as Bankers Healthcare Group, the company began by serving professionals in the healthcare field. Over the years, it rebranded as BHG Financial and broadened its reach to include high-earning individuals and small-business owners across various industries.
Known for its focus on professionals, BHG has partnerships with respected organizations like the American Bar Association and continues to tailor its loan products to meet the needs of doctors, lawyers, and other skilled professionals.
Rating BHG Personal Loans
Here’s a quick snapshot of how BHG Financial scores across key areas for its personal loan offerings:
- Overall Personal Loan Rating: 3.5 out of 5 – A solid option with a few areas for improvement.
- Affordability: 2.0 out of 5 – Interest rates and fees may be on the higher side compared to other lenders.
- Customer Service: 4.4 out of 5 – BHG receives high marks for responsiveness and support.
- Eligibility: 4.3 out of 5 – A relatively flexible approval process, especially for qualified professionals.
Conclusion
BHG Financial personal loans are best suited for professionals and high-income earners looking for larger loan amounts and longer repayment terms. While the interest rates and origination fees may be higher than some competitors, BHG stands out for its flexible eligibility, strong customer service, and focus on borrowers with established careers. If you need funding for debt consolidation, business-related expenses, or major personal needs and you meet the credit and income criteria, BHG could be a reliable option.
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FAQ’s
FAQs About BHG Financial Personal Loan Review
Is BHG good for personal loans?
BHG Financial is a solid choice for personal loans if you’re a high-earning professional seeking large loan amounts and flexible repayment terms. While its rates can be higher than some competitors, BHG offers strong customer support and tailored loan options, making it a reliable option for qualified borrowers.
Is BHG hard to get approved for?
BHG approval can be easier for professionals with strong credit and stable income. With a minimum credit score requirement of 660, it’s not the hardest to qualify for, especially if you meet their preferred borrower profile. BHG’s flexible eligibility standards give it an edge for qualified individuals.
How much does BHG finance charge?
BHG charges origination fees ranging from 3% to 4%, which are disclosed only after application. APRs start around 9.96% and can go up to 23.48%, depending on creditworthiness. While rates are on the higher side, they reflect BHG’s focus on larger loan amounts and extended terms.
Does BHG require collateral?
BHG personal loans are typically unsecured, meaning no collateral is required. However, depending on the loan product or applicant profile, some business-related loans might involve collateral. For most personal loan borrowers, BHG offers financing without the need to back it with assets.
Is BHG a bank?
No, BHG Financial is not a bank. It is a non-bank lender founded in 2001 that provides personal and business loans. BHG partners with banks but operates independently, offering loans primarily to professionals and high-income individuals across various industries.
How do I opt out of BHG Financial?
To opt out of marketing communications from BHG Financial, you can contact their customer service at 866-588-7910 or email customerservice@bhg-inc.com. Additionally, you may unsubscribe from promotional emails using the link provided in the message footer. Be sure to request removal from all communication types.
What credit score do you need for BHG?
BHG Financial typically requires a minimum credit score of 660 for personal loan approval. While higher scores improve your chances of receiving better terms, BHG also considers income, employment status, and overall financial profile, making it accessible to professionals with strong credit histories.
