BHG Financial Personal Loan Review
NMLS#1136
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 Illinois and Maryland. 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:
- Flexible 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.
- Considers more than credit scores: BHG Financial examines more than just your credit score when considering your personal loan application, so those with lower credit scores may be able to qualify.
- Higher interest rates: BHG Financial’s interest rates are a bit higher than some competitors (11.96% – 25.31%). Consumers with excellent credit scores may be able to find lower rates with other lenders.
- Long wait times: While it only takes 24 hours to get approved for a loan with BHG Financial, it can take up to five days before you receive your funds.
- No prepayment fees: If you want to repay your BHG Financial loan early, you can do so without the risk of having to pay a prepayment penalty.
- Charges an origination fee: If you get a loan through BHG Financial, plan to pay an origination fee of 3.00% - 4.00%.
- Best for large loan amounts: Since BHG Financial has a minimum loan amount of $20,000, this lender is best for people who are seeking and can afford large loans to cover their expenses.
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 |
|---|---|
High maximum loan amount ($200,000) Loan terms up to 36 to 120 months No application fees or prepayment penalties | High minimum loan amount ($20,000) May take up to 5 days to receive funds Unclear eligibility requirements Origination fee of 3.00% - 4.00% |
At $200,000, BHG Financial offers one of the highest personal loan amounts on the market, and its loan terms go as high as 120 months. Keep in mind that to qualify for these higher amounts and terms, you may need to meet certain income or credit requirements.
BHG Financial may not be a good fit for you if you’re seeking a small personal loan, as its minimum loan amount is $20,000. On top of that, BHG’s personal loan requirements aren’t entirely clear. A loan through this lender can take up to five days to receive, so those looking for quick funding may need to look elsewhere.
BHG Financial requirements
Aside from a minimum credit score requirement, BHG Financial doesn’t specify the factors used to determine personal loan eligibility. Here’s what you need to know:
| Minimum credit score | 660 |
| Debt-to-income ratio | Not specified |
| Minimum income | Not specified |
| Required documents |
|
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
Personal investing
Major life events
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 loan with BHG Financial
When applying for a BHG Financial loan, you can apply online or over the phone. 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.
If you’re worried about whether you’ll be approved for a loan with BHG Financial, you can boost your chances of loan approval by improving your credit score or considering a co-applicant for your loan.
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 | 4.0/5 | 4.3/5 | 4.0/5 |
| Minimum credit score | 660 | Not specified | Not specified |
| APRs | 11.96% - 25.31% | 7.49% - 25.29% (with autopay) | 7.49% - 24.99% |
| 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 | Those with a lower credit score may have an easier time qualifying for a loan with BHG Financial, as this lender focuses on more than just your credit score. | With zero fees and low interest rates, LightStream also offers large loans, though you may have to have a high credit score and robust history to qualify. | Wells Fargo offers faster funding than BHG Financial, but also only provides personal loans to current Wells Fargo customers. However, it does offer more competitive rates and smaller loan amounts. |
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.
Yes — you can pay off a BHG Financial loan early without having to worry about being charged a prepayment penalty. This is a type of fee that some lenders charge to recoup their losses on interest when you repay a loan.
When applying for a BHG Financial loan, you will have to verify your income. You can do this by providing documentation, such as pay stubs or tax returns.
While it only takes 24 hours to get loan approval through BHG Financial, it can take up to five days before you receive your loan funds.