BHG Financial Business Loans Review: Low Max Loan Amount
- Min. Amount
- $20,000
- Max. Amount
- $500,000
- APR
- Starting at 10.70%
Our verdict
This lender offers personalized customer service and long loan terms, but most borrowers can only qualify for up to $250,000.
BHG Financial offers working capital, debt consolidation, acquisition and startup business loans up to $500,000 — although the majority of borrowers only qualify for up to $250,000. It’s a nonbank direct lender, but the process requires talking to a loan representative, which could be considered an outdated step compared to similar lenders. Its rates start at 10.7%, loan terms run as long as 12 years and most loans require a lien on your business assets to secure the loan. BHG Financial’s website doesn’t give a lot of details about its business loans, so you’ll have to call to find out more. Plus, it may charge early repayment penalties on some loans.
Best for: Established businesses or startups in need of long-term loans with quick funding.
Pros
-
Business loans up to $500,000
-
Rates start at 10.7%
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No hard credit check to qualify
Cons
-
Most borrowers only qualify for up to $250,000
-
Most loans must be secured by a lien on business assets
-
May be penalties for early repayment
Is BHG Financial legit?
Yes. BHG Financial is an award-winning nonbank direct lender that offers a variety of business loans. It got its start in 2001 providing loans to professionals in the medical industry, but then expanded to other industries. To date, it has originated more than $18 billion in loans.
BHG Financial’s website and application are encrypted to keep your information safe, and it offers a variety of tools and information designed to help you find the best solution for your finances.
It advertises a clear privacy policy that describes how it collects and uses your information. And its FAQs provide additional information about its services and how its loans work.
What makes BHG Financial shine?
BHG Financial is known for its excellent customer service and personalized approach to business loans. Its dedicated, US-based concierge services are rare in the world of online lending and help to build trust between the lender and its customers.
It also offers business loans like those offered by traditional banks and credit unions but without the lengthy loan process. BHG Financial promises a lending decision within 24 hours and funding in as little as three days. Similar business loans from a bank could take weeks by comparison.
BHG Financial also offers personal loans to consumers, with the same dedicated customer service it applies to its business loan clients.
Where BHG Financial falls short
One of the drawbacks to BHG Financial is that it’s not very transparent about its rates and fees on its website. For example, you have to dig around quite a bit to even find out its starting interest rate. Plus, despite customer reviews — and other third-party reviews — that talk about origination fees and prepayment penalties, these details are not disclosed on its site.
And, while BHG Financial has a reputation for excellent customer service, you can’t get a loan without talking to a loan representative first. This step may feel antiquated to some business owners who are looking for the efficiency of a fully online loan process.
BHG Financial loans also don’t help to build business credit. The loans aren’t listed on your credit report, so you don’t get credit for timely payments. But, if you get behind on your payments, it will report your delinquency to the credit bureaus.
BHG Financial loan details
| Minimum credit score/credit range | 660 |
| APR | Starting at 10.70% |
| Loan amount | $20,000 to $500,000 |
| Terms | 3 to 12 years |
| Approval turnaround | As soon as 24 hours |
| Availability | Not available in: Illinois, Maryland |
| Fees | Application/origination fees Prepayment penalties |
| Other fees | Unknown |
BHG Financial contact info
| Phone number | 866-588-7910 |
| Customer service hours | Weekdays: 8 a.m. to 9 p.m. Saturday: 9 a.m. to 12 p.m. |
| customerservice@bhg-inc.com | |
| X, formerly Twitter | @BHGfinancial |
| BHG Financial |
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How to qualify for BHG Financial business loans
The basic requirements to get most BHG Financial business loans include:
- Minimum credit score of 660
- Business and personal tax returns
- Business and personal bank statements
- No bankruptcies in the past year
While BHG Financial considers factors such as your personal income, business revenue and time in business when reviewing your application, there don’t appear to be any hard minimums.
How to apply
You can start the application process by either calling or completing a short online form. From there, you’ll:
- Speak with a BHG Financial representative to discuss your loan options.
- Submit the required documents for a decision in about 24 hours.
- Review and sign your loan documents, if approved.
- Follow the repayment plan.
BHG Financial may send you the funds as soon as three business days after receiving your signed loan documents. While there are faster business lenders out there, it’s still much quicker than borrowing from a traditional bank, which can take weeks to fund a business loan.
How BHG Financial compares to other lenders
What is the Finder Score?
The Finder Score crunches 12+ types of business loans across 35+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best business loans for startups loans, you can see how each business loan stacks up against other business loans with the same borrower type, rate type and repayment type.
BHG Financial reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.6 out of 5 stars, based on 1,122 customer reviews |
| BBB customer complaints | 370 customer complaints |
| Trustpilot Score | 4.8 out of 5 stars, based on 3,823 customer reviews |
| Customer reviews verified as of | 17 October 2024 |
BHG Financial has high ratings on both Trustpilot and the Better Business Bureau, and its ratings on both sites have improved in the last year. Satisfied customers praise the excellent customer service, smooth loan process and fast funding.
Negative reviews mention excessive solicitation, high rates and the lack of a loan portal. Others complain of poor customer service and a lack of transparency.
What do people on Reddit say?
There was also some discussion about a class-action lawsuit against BHG Financial, alleging that it issued expensive loans fraudulently disguised as business loans. That lawsuit has since been dismissed with prejudice, meaning it can’t be brought back to court.
Frequently asked questions
How hard is it to get approved by BHG Financial?
BHG Financial says that it considers a wide variety of factors when determining loan approval and doesn’t state minimum income, revenue or time in business requirements. However, it states on its website that the average business customer has 13 years in business, which could indicate that more established businesses have a better chance of loan approval.
What is the minimum credit score for BHG Financial business loans?
BHG Financial appears to accept credit scores of around 660, but it also says that the average borrower has a credit score well over 700. So, while BHG Financial considers lower scores, you’ll probably need a score of 700+ to get the best rates.
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Lacey Finder
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