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BHG personal loans review
Large loans and quality customer service set this online lender apart.
finder.com’s rating: 3.6 / 5.0
★★★★★
Bottom line: If you’re looking to borrow at least $20,000, BHG is a good place to start your search. But like many lenders, it receives mixed customer reviews — and may be a costly option if you don’t have good to excellent credit. Read the full review.
Details
| Min. Loan Amount | $20,000 |
|---|---|
| Max. Loan Amount | $200,000 |
| APR | Varies |
| Interest Rate Type | Fixed |
| Min. Credit Score | 700 |
| Origination Fee | Starting from |
| Origination Fee | As low as 1% |
| Late Fee | Not stated |
| Loan Term | 2 to 7 years |
| Turnaround Time | Five days or more |
Pros
- Extremely high maximum loan amount of $200,000
- Overall positive customer reviews
- May accept borrowers with fair credit
Cons
- Potential turnaround time of more than five days
- High minimum loan amount of $20,000
- Must call for potential costs and requirements
BHG rates, fees and terms
Bankers Healthcare Group, or BHG, isn't up front about its interest rates online or over the phone. But I was told by a customer service rep that most borrowers qualify for an APR ranging from the high single digits to the mid-teens.
Loan terms range from 24 months to 84 months — or two to seven years. BHG allows each borrower to select the loan term that's right for them. So if you'd prefer a loan term of 36, 48, 60 or 72 months, BHG will work with you.
As for fees, there are no prepayment penalties if you want to pay off your loan early. According to the rep I spoke with, there is an origination fee, usually between 1% to 3%.
You can use our calculator to see what your loan might cost every month and overall.
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How BHG compares to other lenders
BHG has good options — here's how it stacks up against two other personal loan providers.
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BHG reviews and complaints
BHG receives positive reviews from current and former customers on its Better Business Bureau (BBB) page and on Trustpilot. Its chief marketing officer (CMO), Chris Panebianco, responds to both positive comments and complaints on Trustpilot. And while there are no customized responses on its BBB page, BHG frequently addresses customer complaints.
The majority of these complaints center around unsolicited mail offers and the high interest rates on its loans. Before you agree to borrow, review your loan offer and note the interest rate and potential cost. This will show what kind of monthly payments to expect — and help guide you toward a decision.
Its positive reviews center around good customer service and quick turnaround on its loans. When I called about BHG's personal loans, my representative was extremely informative and answered all my questions. They also gave me their direct number to help expedite the application process, which could be useful for someone looking for quick turnaround.
How to qualify
BHG previously limited its personal loans to licensed healthcare professionals, then to licensed professionals in any field. These days, almost anyone can qualify for a loan — even if you aren't in the healthcare industry.
But there isn't any information on the requirements you'll need to meet. Instead, you'll need to speak with a BHG representative to see if you're eligible.
How the application works
You can get started with an application online. This is a secure process, and you'll need to provide some personal information like your date of birth and Social Security number.
A BHG representative will then reach out to discuss your loan options and finances. If you'd like, you can also call its customer service line directly to speed up the application process. Whichever you choose, a loan officer will send over a full application for you to complete.
Once your full application is submitted, it takes about 24 hours for BHG's underwriting team to come to a decision. If approved, you can settle on your loan term and finalize your offer. You have up to 30 days to accept a loan offer from BHG.
What sets it apart
BHG is known for its customer service — despite having some mixed reviews. It's a unique lender because of its large personal loans, but this comes at a cost: If you don't need to borrow at least $20,000, there are certainly other competitive lenders out there.
Aside from its loan amounts, BHG is a standard option. Like most online lenders, it accepts borrowers with fair credit and offers a variety of terms.
Are BHG personal loans legit?
Yes, BHG personal loans are legit — and Bankers Healthcare Group is a reputable lender. Beyond its overall positive customer reviews on its BBB page and on Trustpilot, BHG has earned an award for excellence in customer service from the Business Intelligence Group.
BHG also has an encrypted website that keeps your personal information safe. Its privacy policy covers what information it collects and shares, including how you can limit that sharing. Importantly, this sharing includes how your information may be used to assist with marketing. Because customer complaints frequently involve high volumes of marketing materials, you may want to contact BHG's customer service team to learn how you can opt out.
Review by
Kellye Guinan
kellye.guinan@findercrew.comKellye Guinan is a seasoned financial writer with over 500 articles under her belt spanning all things loans from auto to personal to business and everything in between. With four years in the field and five years of research experience, she's able to make complex personal finance decisions easier for anyone to tackle. When she's not up to her knees learning about the latest trends in lending, she spends her time improving her own financial literacy and expertise — and maintaining a Duolingo streak of over 1,300 days.
Expert review
Bankers Healthcare Group (BHG) is based in Florida but serves borrowers across the US. It has been in the lending industry since 2001 — making it one of the oldest online lenders out there. And unlike most lenders, it offers a wide range of loan amounts: From $20,000 to $200,000.
If you don’t need that much, there are lenders that offer smaller loans. However, very few online lenders have received awards for customer service. So while customers do have some valid complaints — the high cost is a common problem — BHG is a solid option when you’re looking for a large loan.
