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BHG Money: Personal Loans (2024 Review)

BHG Money: Personal Loans (2024 Review)

Are you considering getting a personal loan to fund major life events, pay off debts, or cover unexpected costs?

If yes, BHG Money’s personal loans might be the right choice for you.

In this review, we will discuss all there is to know about BHG Money's personal loans, pros and cons, and how BHG Money stacks up against its competitors.

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Long Story Short
With excellent reviews, BHG Money could be a great option for a personal loan of up to $200k for those with a minimum income of $100k and a healthy debt-to-income ratio.

BHG Money Review

bhg money by bhg financial brand

BHG Financial, commonly referred to as BH Money, is a direct lender that offers personal loans up to $200,000 with fixed rates and no collateral required. This provides borrowers who may have limited assets but a strong income and credit report to secure the funds they need for major projects, high-interest debt consolidation, or larger emergency expenses. While they primarily focus on unsecured personal loans, they also offer BHG business loans to eligible borrowers, though these loans often come with higher interest rates and are limited to certain restrictions and service areas.

Qualifying for a BHG Money personal loan takes a few simple steps. When you first apply, you will be subject to a soft credit check to determine pre-qualification. If your application income amounts and soft credit check indicate a good chance for approval, they will perform a hard credit check and income verification before funding your loan. Loan approval requires a minimum score of only 660, which makes it a good option for borrowers who may have been denied by companies requiring stricter credit guidelines.

Pros & Cons

There are many benefits that come with choosing a BHG personal loan, such as higher loan amounts, flexible repayment terms, and easier financial requirements. Below, we will look at the pros so you can see how BHG Money compares with other lenders.

Pros

  • Large Loan Amounts: BHG Money is a lender that offers borrowers higher loan amounts, ranging from $20,000 to $200,000. These larger personal loans are ideal for debt consolidation and other household expenses such as home renovations or medical bills. There is no origination fee, which makes them a much more affordable option than some competitors. Other options, like SoFi, do offer credit lines ranging between $5,000 and $100,000, so it is important to consider other financial institutions and their loan amounts and requirements so that you make the best financial decision for your situation.
  • Extended Repayment Terms: BHG Money allows borrowers to select loan terms of up to 10 years, allowing them to reduce their monthly payments. However, it is important to remember that if you choose a longer repayment term, you understand the complete cost of the loan. A longer term will give you a lower monthly payment but will result in more interest and a higher total loan cost. It is important to weigh the pros and cons of a lower monthly payment versus a higher total loan and see which option will better benefit your financial needs and situation.
  • Flexible Credit Score Requirements: BHG loans are available to a broader range of borrowers because they require a minimum credit score of only 660. By taking into account the entire credit profile instead of just the credit score, BHG Money can approve individuals who wouldn’t be eligible for loans from vendors with more strict credit requriements. If your credit score is on the border, adding a co-guarantor to your loan application could increase your chances of approval. It is important to note that even with a co-signer, the interest rate and terms will be based on your financial situation and not theirs.

Cons

  • When it comes to a BHG Money personal loan, there are some potential drawbacks that should be taken into consideration. Their interest rates tend to be steeper compared with other providers, and the availability of services is limited. For instance, they don’t offer service in Illinois or Maryland.
  • Higher Interest Rates: BHG Money interest rates range from 11.96% to 23.99%. While these could be suitable for some, they are not the most competitive compared with other top lenders, which often start around 7%. A higher interest rate means a higher cost for the loan, likely a longer repayment term, and often a higher monthly payment than other options.
  • Limited Service Areas: Residents of Illinois and Maryland unfortunately cannot receive personal loans from BHG Money. This can be inconvenient for potential borrowers in these locations looking to secure a personal loan using their services.

Applying for a BHG Money Personal Loan

When applying for a BHG Money personal loan, there is no cost involved. Applicants are simply required to fill out an online application with their contact information, date of birth, and Social Security number, along with providing income verification documents. Once approved, the funds should be available between five days and two weeks, depending on each individual’s situation.

Qualifying for a BHG Money Loan

personal loan application

To receive credit approval for a BHG Money personal loan, you will need to meet certain income requirements and be able to verify your income by supplying specified documents such as pay stubs and tax records. The minimum income qualification for a BHG loan is $100,000 annually, along with a debt-to-income ratio of no more than 55%.

Tips to Maximize Your Experience

To get the most out of your BHG Money personal loan experience, comparing and researching other lenders before you commit is important. Look at the different repayment options, interest rates, loan amounts, and other terms so you fully understand how much your loan will cost you per month and throughout its lifetime.

Maintaining effective communication with customer service throughout your application and repayment is also recommended in order to ensure a smooth loan process and allow you to stay on top of potential issues.

Compare BHG Money to Other Lenders

When making a comparison between BHG Money and other lenders, it is important to consider certain factors, such as the loan amount available, the interest rate charged, and payment conditions. For instance, Achieve permits credit scores starting from 620 with a maximum finance of up to $50,000, while BHG Money requires a minimum credit score of 660 and provides loans up to $200,000. BHG’s rates are relatively higher than some other well-known providers whose base interest starts at 7%. Since terms, rates, and loan amounts can vary from lender to lender, it is important to take all these details into consideration before making your final decision.

Alternatives to BHG Money

While BHG personal loans provide borrowers with the funds they need and no origination fees, there are other personal loan lenders that offer larger loan amounts to those who may not have excellent credit. While there are a number of alternatives on the market, some of BHG Money's top competitors include So-Fi, Achieve, and Discover.

Below we'll take a closer look at those competitors so you can see how they compare. However, it is critical to remember that you should also consider the money loan details in the loan agreements as well as other factors, such as pre-payment penalty, to see how there issues may affect your personal finance situation.

1) SoFi

SoFi offers personal loans to borrowers in amounts ranging from $5,000 to $100,000. While they don't have a minimum credit score to qualify for their loans, you will need to have a score in the good range to qualify for their best interest rates. They also offer flexible repayment terms to help you control your monthly payment. The main drawback is that they have a wide range of interest rates, from 8.99% to 25.49%. If you don't qualify for their lower range of interest rate, the loan may be more costly than other options.

Read our full SoFi personal loans review

2) Achieve

The average amount of a loan from Achieve will likely fall somewhere in the range of $5,000 to $50,000, but there are lending options as high as $100,000. Achieve loans are a great option for those with less-than-perfect, as they will approve borrowers with credit scores as low as 620. The main con of a loan from Achieve is the interest rate. Interest rates can go as high as 35.99%, which can make the loans more expensive than other options.

Read our full Achieve loans review

3) Discover

Discover offers personal loans at more competitive interest rates when compared to creditors. Their rates go as low as 7.99%, but they do require a credit score of 660 or higher for your application to be considered. They are able to fund your loan fast, which makes them a great option when you need money urgently. One of the drawbacks to Discover loans is their lending amounts tend to be lower, ranging between $3,000 and $40,000.

The Bottom Line

BHG Money personal loans can be a great choice for those who require larger loan amounts and are looking for flexible credit score requirements. BHG offers loan amounts up to $200,000 along with longer repayment terms. However, the higher interest rates with BHG may not make this option attractive to all borrowers, so it’s important that you compare BHG with other lenders in order to determine which loan is right for your financial needs. Consideration must also be given to service areas before taking out one of these personal loans since they are not offered in all states.

Frequently Asked Questions

What is the maximum loan amount offered by BHG Money?

BHG Money offers personal loans up to a maximum of $200,000.

What is the minimum credit score required for a BHG Money personal loan?

In order to be eligible for a BHG Money personal loan, one must possess at least a 660 FICO score.

What is the range of interest rates for BHG Money personal loans?

BHG Money personal loans feature competitive interest rates that start at 11.96% and can go up to 23.99%.

Are there any income requirements to qualify for a BHG Money personal loan?

Yes, there are income requirements to qualify for a BHG Money personal loan. Applicants must have a minimum annual income of $100,000 and a debt-to-income ratio of 55% or less.

How long does it take to receive funds after being approved for a BHG Money personal loan?

After approval, you should anticipate getting the money between five days and two weeks.

What are customers saying about BHG Money?

BHG Money has received mostly positive reviews from borrowers, who cited their higher loan amounts, ease of applying, and responsive customer service as their top pros. In terms of drawbacks, some borrowers found issues with the higher interest rates when compared to some of their competitors, but still expressed a positive overall experience.


By
Melissa Nason Ferreura

Melissa has worked in finance for over a decade, focusing on publications designed to help readers make their money work to their advantage to achieve both short-term and long-term financial goals.

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Editor
Zach Robbins

Zach has been recognized on Inc. 500 & “Top Places to Work” lists & has been featured in ConsumerAffairs, Forbes, GoBankingRates, Huffington Post, and U.S. News & World Report.

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