BHG Financial offers personal loans up to $200,000 with flexible terms, catering to professionals and borrowers seeking large sums.
APR
13.39% - 21.38%
Loan Amount
$20,000 - $200,000
Term
36 - 120 months
Min score
660
BHG Financial offers personal loans up to $200,000 with flexible terms, catering to professionals and borrowers seeking large sums.
APR
13.39% - 21.38%
Loan Amount
$20,000 - $200,000
Term
36 - 120 months
Min score
660
Our Verdict
BHG Financial provides personal loans to help people with their finances. You can borrow up to $200,000 for things like paying off debts, fixing your home, or covering important events. They offer flexible repayment plans, letting you choose how long you take to pay back the loan.
To apply, you can check if you qualify online without affecting your credit score. Once approved, you'll typically get your money within five days.
However, BHG loans aren't available in every state, and you'll need to earn at least $100,000 annually to qualify. There are also fees to consider, like an origination fee ranging from 3% to 4%.
What Do You Need To Apply?
BHG Financial offers personal loans with flexible repayment terms and large loan amounts. However, to qualify for a loan, there are specific requirements you need to meet. Here are the key requirements:
- You need a minimum credit score of at least 660 to qualify for a BHG personal loan.
- You must earn at least $100,000 annually to qualify for a loan with BHG Financial.
- BHG allows you to add a co-borrower to your loan application if you don't meet the minimum income requirement on your own.
- You'll need to provide documents such as pay stubs for income verification, occupation and employment status.
BHG Money Repayment Options
Understanding the repayment options and procedures is crucial when taking out a loan with BHG Financial. Here's what you need to know:
- BHG typically offers various payment methods, including online payments, check payments, and automatic withdrawals from your bank account.
- You can choose the payment method that suits you best for making timely payments.
- BHG may offer options to reschedule payments in certain situations, such as financial hardship.
- If you're facing difficulties making payments, reach out to BHG's customer service team promptly to discuss potential solutions.
BHG Money Personal Loan Pros & Cons
Pros | Cons |
|---|---|
High Maximum Loan Amount | Slow Funding Speed |
Option to Prequalify | High Minimum Income Requirement |
No Prepayment Penalties | Origination Fees |
Accessible Customer Service | Minimum Loan Amount |
No Collateral Required | |
Quick Application Process |
- Quick Application Process
The initial prequalification application on BHG's website takes approximately 30 seconds to complete, streamlining the loan application process for borrowers.
- Option to Prequalify
Prospective borrowers can check estimated rates and loan terms without impacting their credit score, providing valuable insight into their potential loan offers.
- High Maximum Loan Amount
BHG Financial offers one of the highest loan amounts in the personal loan space, allowing borrowers to access up to $200,000 for their financial needs.
- No Prepayment Penalties
BHG does not charge prepayment penalties, giving borrowers the freedom to pay off their loans early without incurring additional fees.
- Accessible Customer Service
BHG provides customer service support via phone and email seven days a week, ensuring borrowers can receive assistance with their inquiries or loan management needs.
- No Collateral Required
BHG's personal loans are unsecured, meaning borrowers do not need to provide collateral such as property or assets to secure their loan, reducing the risk for borrowers.
- Slow Funding Speed
Compared to some lenders that offer same or next-day funding, BHG's funding process may take a minimum of five days, potentially delaying access to funds for borrowers in urgent situations.
- High Minimum Income Requirement
To qualify for a loan with BHG, borrowers must have a minimum annual income of $100,000, which may exclude some individuals with lower incomes from accessing loans.
- Origination Fees
BHG charges an origination fee ranging from 3% to 4% of the loan amount, which is included in the loan's APR and adds to the overall borrowing cost for borrowers.
- Minimum Loan Amount
BHG's minimum loan amount of $20,000 may be higher than what some borrowers need, limiting options for those seeking smaller loan amounts.
Customer Experience
Customer reviews for BHG Financial are generally positive, with the company receiving high ratings on platforms like Trustpilot and the Better Business Bureau. Customers appreciate BHG's professional and responsive staff, as well as their efficient loan process.
However, some negative reviews mention receiving unwanted marketing mail.
BHG Financial | |
|---|---|
iOS App Score | N/A |
Android App Score | N/A |
BBB Rating | A+ 3.91/5 |
Contact Options | Phone/email |
You can reach BHG Financial's customer service team by phone or email. They offer support seven days a week, with phone lines open from 8 a.m. to midnight Eastern Time on weekdays, and from 10 a.m. to 2 p.m. Eastern Time on weekends.
For assistance, you can call their toll-free number at 866-588-7910 or email them at [email protected].
What Else You Should Know?
Before applying for a personal loan with BHG, it's important to understand additional factors that could impact your borrowing experience:
-
Can I get a BHG Money loan with a 600 credit score?
A credit score of 600 may fall below the typical threshold for prime lending.
If you're considering applying for a BHG Money loan with a credit score of 600, it's advisable to reach out to their customer service team for personalized guidance and clarification on eligibility.
-
Can I pay off the BHG Money loan early?
-
What is the funding time?
Funding time for BHG Financial's personal loans typically takes a minimum of five days.
While some lenders offer quicker funding, BHG's process may take slightly longer due to their procedures for verifying information and processing the loan. It's important for borrowers to plan accordingly and account for this timeframe when applying for a loan.
What Can a BHG Money Personal Loan Be Used For?
Common uses include debt consolidation, home improvement projects, financing major life events such as weddings or vacations, investing in real estate or other ventures, and covering emergency expenses.
Who Should Consider Applying?
Considering applying for a personal loan with BHG Financial? Here are some scenarios where it might be a good fit:
Professionals with High Income: Individuals earning at least $100,000 annually can benefit from BHG's high maximum loan amount, making it suitable for covering significant expenses or investments.
Borrowers Needing Large Loan Amounts: If you require a substantial sum of money, BHG's maximum loan amount of $200,000 provides ample funding for various purposes, such as debt consolidation or home renovations.
Those Seeking Flexible Repayment Terms: With repayment terms ranging from three to 10 years, BHG offers flexibility in structuring payments to fit your budget and financial goals, making it ideal for borrowers who prefer manageable monthly installments over an extended period.
Individuals with Good Credit Scores: Since BHG requires a minimum credit score of 660, applicants with strong credit histories may qualify for competitive interest rates and favorable loan terms.
