BHG Financial Personal Loans: Good for High Income Borrowers
BHG Financial personal loans isn't available on Finder right now.
- Max. Loan Amount
- $200,000
- APR
- 11.96% - 25.31%
- Min. credit score
- 600
Our verdict
Offers personal loans up to $200,000, but customer reviews are mixed.
BHG Financial is a direct lender that offers personal loans up to $200,000 — much higher than most lenders — with loan terms from three to 10 years. But its lowest rates start at 11.96%, and it charges an (undisclosed) origination fee, which could make it more expensive than some competitors. And its website lacks — or makes you dig for — some basic details about its loans.
Best for: Good credit borrowers with higher-than-average income looking for a large loan amount.
Pros
-
Loans up to $200,000
-
US-based loan specialists
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Can prequalify with no impact to credit
Cons
-
Not transparent about fees
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Lowest rate is 11.96%, not including origination fee
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Must work with a loan specialist
Is BHG Financial legit?
Yes, BHG Financial’s loans are legit, and the company was founded in 2001. Along with personal loans, BHG offers business loans and credit cards. BHG Financial has an encrypted website, and its privacy policy covers what information it collects and shares, including how you can limit that sharing.
What makes BHG Financial shine?
BHG Financial mostly stands out for its high loan amounts, which reach up to $200,000. Most personal loans typically max out at $50,000 or $100,000. This high maximum amount makes BHG Financial best for people with good credit who need a large loan and qualify for BHG Financial’s lowest rates.
BHG Financial’s approval time is relatively quick, with a decision in as little as 24 hours. But you may have to wait up to five days to receive your funds if approved.
Where BHG Financial falls short
BHG Financial’s lack of transparency is where it falls short. It’s not up front about basic information like fees on its website, so you must call BHG Financial and talk to a loan officer to get the information. Turns out it charges origination fees of around 5% of the loan amount, whereas other personal loan lenders, such as Lightstream, don’t charge origination fees at all.
BHG Financial also has a relatively high minimum income requirement of $75,000 a year. Plus, loan amounts start at $20,000, so this lender isn’t suitable for anyone looking for a smaller loan.
Apart from its high loan amounts, BHG Financial doesn’t appear to offer any significant advantages over other lenders. If you have good to excellent credit, you may be better off trying to secure a loan with a top personal loan lender that doesn’t charge origination fees and offers lower rates.
BHG Financial product details
| Minimum credit score/credit range | 600 |
| APR | 11.96% – 25.31% |
| Loan amount | $20,000 to $200,000. |
| Terms | 3 to 10 years |
| Approval turnaround | As soon as 24 hours |
| Availability | |
| Fees | Origination fee around 5% |
| Other fees | Not stated |
BHG Financial contact info
| Phone number | 866-297-4664 |
| Customer service hours | Weekdays: 8 a.m. to 9 p.m. ET Saturday: 9 a.m. to 12 p.m. ET |
| customerservice@bhg-inc.com | |
| X, formerly Twitter | @BHGfinancial |
| bghfinancial |
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How to qualify for BHG Financial
The basic eligibility requirements for BHG Financial personal loans include:
- Minimum 600 credit score
- Annual income of at least $75,000
- No prior bankruptcies or collections
- Social Security number
How to apply
Here’s how to apply for a personal loan with BHG Financial:
- Prequalify online or call the company.
- Review your loan offer, then formally apply with a hard credit check.
- Read over and accept the loan terms.
- Follow the repayment plan.
How BHG Financial compares to other lenders1 - 5 of 5 BHG Financial reviews and complaints
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 4.46 out of 5 stars, based on 1122 customer reviews |
| Trustpilot Score | 4.8 out of 5 stars, based on 3,823 customer reviews. |
| Customer reviews verified as of | 17 October 2024 |
BHG Financial receives many positive reviews from current and former customers on its Better Business Bureau (BBB) page and Trustpilot, and its ratings on both sites have improved in the last year. Satisfied customers mention knowledgeable, friendly and professional loan representatives, who they often mention by name. Others report being happy with their loan terms despite high interest rates.
But there are also many negative reviews and hundreds of complaints. Most of these complaints focus on unsolicited mail offers, a lengthier-than-expected loan process, denied loans and high interest rates. Review your loan offer carefully, paying special attention to rates, prepayment penalties and hidden fees.
What do people on Reddit say?
Others complain about the high interest rates and origination fees. However, some Redditors said you can negotiate to get both of those lowered if you have the time and determination.
Frequently asked questions
Is it hard to get a loan from BHG Financial?
It may be difficult for some people to get a loan from BHG Financial because its annual income requirement of $75,000 is rather high. However, it lists 600 as the minimum credit score to qualify — down from 700 last year — so if you make enough money but don’t have great credit, you may qualify for a loan.
How long does it take to get approved by BHG Financial?
It says you can be approved within 24 hours, but this could be delayed if it requires further documentation or verification. If approved, you could see funds in five days or less, but some customers report that it took longer than expected.
What is the average BHG Financial personal loan customer profile?
The average personal loan customer has a credit score of 744 and earns $241,000 a year, according to the BHG Financial website.
Lacey Finder
Writer
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