BHG Financial Personal Loans: 2024 Review

BHG Financial is a direct lender that offers both personal and business loans. Founded in 2001, the company has extended over $18 billion in loans over the past 23 years.

BHG Financial may be a good fit if you have good or excellent credit (a FICO of 670 or higher) and are looking for a loan of at least $20,000. The company offers competitive rates and terms up to 10 years. However, on the downside, it takes five days or longer to fund loans and BHG may charge an origination fee between 2% and 4%.

Best for large personal loans

BHG Financial is recommended for borrowers who are looking for large personal loans because it offers loan amounts up to $200,000. Most other lenders limit loans to $50,000 or less.

Along with the high maximum loan limit, it offers a relatively low maximum annual percentage rate (APR), meaning if you can qualify for a loan with fair credit, you could get a lower APR with BHG than you would with many other lenders. Plus, the company has repayment terms up to 10 years, while most lenders cap repayment terms at seven years.

Great for personal loans with cosigners

If you'd like a large loan from BHG Financial but can't qualify on your own, there's good news - BHG will allow you to apply with a cosigner. As a result, if you know someone with a strong credit and income profile who is willing to act as a loan guarantor for you, then you may be able to qualify.

However, it's important to take this route with caution. If you end up unable to make the payments, your cosigner will be responsible, and the loan will impact both of your credit reports and scores.

What to consider before applying for a loan with BHG

Before applying for a personal loan, it's helpful to do a little prep work.

Check your credit

First, how's your credit? Does your score meet BHG's minimum? Review your credit reports and scores and look for ways to quickly improve them. You might:

• Pay down revolving credit lines.
• Add utility bills and rent payments to your credit file through a service like Experian Boost.
• Request a credit line increase on your credit cards.
• Become an authorized user on the account of someone with a low credit utilization and good payment habits.

If you have derogatory marks that are bringing your scores down, check when they will drop off. If it's soon, it may be worth it to wait. Dispute any errors that could be impacting your scores with the appropriate credit bureau.

Evaluate your income

BHG Financial has the highest minimum income requirement we've seen. If you don't earn $100,000 per year, you may not qualify. That said, you may be able to apply with a co-applicant or a guarantor on the loan in order to meet the minimum income threshold.

Consider the loan amount and monthly payments

Next, get very clear on why you need the loan, the amount you need, and the monthly payment you can afford. You can start by making an itemized list of all the expenses you'd like to finance. Then, add them up to get the amount you need to borrow. From there, review your budget and figure out the maximum monthly payment you can afford. Remember, financial experts recommend keeping your total debt-to-income ratio (your monthly debt payments divided by your gross monthly income) below 36%.

Compare lenders

With all that done, consider which personal loan lender will be the best fit for your situation. While it may be BHG Financial, it may not be. The best way to find out is to shop around and collect a handful of quotes by prequalifying.

Prequalifying won't hurt your credit, and you can "Check Rates" via the link below to prequalify with multiple lenders at once. Then, compare quotes side by side to find the best deal, reviewing factors such as loan amounts, annual percentage rates (APRs), fees, loan terms, monthly payment amounts, and overall costs.

Note that once you apply with most lenders, the lender will conduct a hard credit inquiry, which could temporarily lower your credit score. However, BHG won't conduct a hard pull until after you apply, and only if you accept the loan terms.

How to qualify for a loan with BHG Financial

To qualify for a personal loan with BHG Financial, it's best to have a minimum annual income of at least $100,000, a FICO score over 660, and no previous bankruptcies or collections on your credit report. The company's customer service team communicated there may be some flexibility regarding minimum requirements, but a score in the mid-600s is typically required.

One way to find out if you're likely to qualify with BHG is to fill out the quick rate check application on BHG's website. It's short and won't cause any damage to your credit score. If you accept the loan, BHG Financial will perform a hard credit check once it funds your loan, which can temporarily lower your credit score.

How to apply for a loan with BHG Financial

1. Apply on the company's website, over the phone with the company's customer service team, or get started below. Here's how the online application generally works.
2. Enter information about your desired loan, including the loan's purpose and amount.
3. Enter your financial information, including your annual income, employment status, and monthly mortgage or rent payment amount.
4. Enter personal information, such as your name, birthday, address, email, and Social Security number.
5. Allow a soft inquiry on your credit report.
6. Agree to the terms of use.
7. Submit your application.

Depending on where you start the application process, you may be routed to BHG's website to finish up or submit documentation.

If approved, BHG will send you a loan contract to review and sign. If you accept the loan, BHG will then conduct a hard pull on your credit and proceed to disburse the loan funds. Approval decisions may be made within 24 hours, and funding is completed in as few as five days.

How to contact BHG Financial

To get in touch with BHG Financial, you can head over to the company's Contact page and send a message through one of its online forms. Options are available for various types of questions, such as for general customer service, help with a credit card or loan, or assistance with a loan application.

You can also reach out through the following channels:

• Email: [email protected]
• Phone: 866-588-7910

BHG's business hours are Monday through Friday from 8 a.m. to 12 a.m. ET, and weekends from 10 a.m. to 2 p.m. ET.

How BHG Financial compares

BHG Financial can be a good fit for some borrowers, particularly if you have good credit and are looking for a large loan amount. But it won't be best if you need to borrow less than $20,000 or if you have fair-to-poor credit.

Methodology

Credible evaluated personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible's team of experts gathered information from each lender's website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

FAQ

Is BHG Financial a legitimate lending company?

BHG Financial is a legitimate lending company. Since its founding in 2001, the company has provided over $18 billion in loan solutions to more than 170,000 borrowers.

Is it difficult to get a BHG Financial personal loan?

It's very easy to find out if you qualify for a personal loan with BHG Financial. However, it can be more difficult to get approved due to the high minimum income requirement.