BHG Financial Personal Loan Review
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Read more about how we rated BHG Financial.
BHG Financial, formerly BHG Money, is a personal loan lender that offers fixed rates on loans in all states except for North Dakota and Montana. To get a loan through BHG Financial, you’ll need a credit score of at least 660. Here are a few other factors to consider:
- Long loan terms: While many lenders only offer repayment terms of up to 60 or 72 months, BHG Financial’s loan terms range from 36 to 120 months. A longer loan term usually means lower monthly payments but more overall interest.
- Accepts fair credit: You could qualify for a BHG Financial loan with a credit score as low as 660. However, don’t expect to be approved for a $200,000 loan. The average BHG Financial borrower has a credit score of 744.
- Higher interest rates: Thanks to a higher minimum annual percentage rate (APR), you can probably find a cheaper loan somewhere else if you have excellent credit.
- Long wait times: Many online lenders offer same- or next-day loans. With BHG Financial, it can take up to five days before you receive your money.
- Charges an origination fee: If you get a loan through BHG Financial, plan to pay an origination fee of 3.00% - 4.00%. This is an amount of money that BHG will deduct from your loan before sending it to you.
- Best for major purchases: Since the smallest loan you can get from BHG Financial is $20,000, this lender is best if you need to cover a large expense, such as a home improvement project.
BHG Financial pros and cons
BHG Financial personal loans offer plenty of benefits to borrowers looking for larger loans, but BHG Financial is not a one-size-fits-all financial solution. Here’s what to keep in mind about the benefits and downsides of a personal loan with BHG Financial.
| Pros | Cons |
|---|---|
Can borrow up to $200,000 Offers longer repayment terms Won’t automatically deny you for having fair credit | Loans start at $20,000 May take up to five days to receive funds Not as competitive if you have excellent credit Origination fee of 3.00% - 4.00% Must fill out a web form to contact customer service |
At $200,000, BHG Financial offers one of the biggest personal loans on the market. It also offers repayment terms from 36 to 120 months. A longer repayment term can be especially helpful on a big loan. The longer you stretch out your payments, the lower your monthly bill will be. But keep in mind that the longer your loan is active, the more overall interest you’ll pay.
If you need a small loan, BHG isn’t for you. The same goes if you have excellent credit. BHG Financial’s rates start at 11.96%, much higher than the most competitive personal loan lenders. It also charges an origination fee on every loan. Many other lenders waive this fee if you have excellent credit (if it charges one at all).
BHG Financial requirements
Aside from a minimum credit score requirement of 660, BHG Financial doesn’t provide many details about its personal loan requirements. It does state that its average borrower has a 744 FICO score, no past bankruptcies or collections and makes $241,000 a year.
It also doesn’t offer joint loans, so you can’t add a second person to your application. That means you’ll have to qualify under your own merit.
If you meet the basic requirements listed above, you may need to disclose how you plan to use your personal loan. Here’s how you can use a loan from BHG Financial:
Debt consolidation
Home improvement projects
Major life events
Large purchases and expenses
Refinancing a BHG personal loan
If BHG Financial’s loan options won’t work for your borrowing needs, be sure to shop around for a lender that can help you reach your financial goals and offer you the best-fitting rates, terms and amounts.
How to get a personal loan with BHG Financial
You can apply for a BHG Financial loan online, on its website. Here’s what to expect when filling out an application:
- First, you’ll need to specify how much money you’d like to borrow and the reason for your personal loan. Then, you’ll need to provide your basic information, such as your name and contact information.
- Next, you’ll need to supply information about your income level, your source(s) of income and your occupation.
- Once you’ve submitted your application, you’ll work with the lender to verify your information. For instance, you’ll need to provide pay stubs to verify your income and government-issued identification to prove your identity.
- After your information has been finalized and your loan application is officially approved, you’ll need to sign a loan agreement. You can expect to receive funds within five days of approval.
How BHG Financial compares to other personal loan companies
Even if you believe BHG Financial aligns with what you’re looking for in a personal loan, it never hurts to shop around and compare lenders. Here’s how BHG Financial stacks up against similar personal loan lenders.
| BHG Financial | LightStream | Wells Fargo | |
|---|---|---|---|
| LendingTree’s rating | 3.2/5 | 4.1/5 | 3.5/5 |
| Minimum credit score | 660 | Not specified | Not specified |
| APRs | 11.96% - 25.31% | 6.94% - 25.29% (with autopay) | 6.99% - 24.49% |
| Loan amount | $20,000 - $200,000 | $5,000 - $100,000 | $3,000 - $100,000 |
| Repayment term | 36 to 120 months | 24 to 84 months | 12 to 84 months |
| Origination fee | 3.00% - 4.00% | No origination fee | None |
| Funding timeline | May receive funds up to five days after approval | May receive funds as soon as the same day as approval | Receive funds within one to three business days |
| Bottom line | BHG Financial could be a good fit if you need a lot of money and have time to wait for it. It offers loans as large as $200,000, but it could take up to five days to get your funds. | With zero fees and low interest rates, LightStream also offers large loans. But unlike BHG Financial, LightStream requires good to excellent credit. | Wells Fargo has cheaper rates and a faster turnaround time than BHG, but you have to be a client for at least a year to be eligible. |
How we rated BHG Financial
To come up with our star rating for personal loan companies, LendingTree considered 22 data points across three categories:
- Accessibility: We paid attention to whether lenders offered loans to nontraditional borrowers, as well as those without excellent credit scores. We also checked if lenders offered soft credit pulls and whether they were transparent about eligibility criteria other than credit scores.
- Rates and terms: We wanted to know if lender rates, terms, amounts and fees were not only transparent, but competitive.
- Repayment experience: We based this category on lenders’ reputations, customer support availability and unique benefits.
The data points reflect every step of the process to shop and apply for, borrow and repay personal loans. A five-star lender, for instance, has flexible eligibility requirements, offers you the chance to prequalify without commitment and supports you in zeroing your balance.
The 22 data points, culled from the lenders themselves, determine the overall rating. We score lenders consistently, sometimes awarding partial points, so that you can make apples-to-apples comparisons when shopping around.
LendingTree isn’t paid for conducting these reviews, and lenders don’t have control over their content. With our reviews and ratings, we aim to give our users the objective and exhaustive information they need to make the best possible decisions.
BHG is not especially hard to get approved for since it requires a credit score of at least 660, which is fairly standard. However, its average borrower has a 744 FICO score, no bankruptcies or delinquencies and makes $241,000 a year. So, while you might be approved with a lower score, BHG probably won’t offer its largest loan amounts or longest terms.
When applying for a BHG Financial loan, you will have to verify your income. You may have to provide documentation, such as pay stubs or tax returns.
It can take up to five days before you receive your personal loan from BHG Financial. If you need money fast, consider lenders that specialize in quick loans, instead.