What makes BHG Money shine
BHG Money is the brand for the lending portion of BHG Financial, formerly Bankers Healthcare Group. It mostly stands out for its high loan amounts that reach up to $200,000. These limits are higher than most personal loans, which typically cap out at $50,000 or $100,000. This makes BHG best for people with good credit who need a large loan and can secure BHG’s lowest rates.
BHG Money also allows co-guarantors, an arrangement in which both parties’ credit is used to secure the loan and both are responsible for paying it back. BHG’s approval is relatively quick, with approval as soon as 24 hours. But you may have to wait up to five days to receive your funds if you’re approved.
Where BHG Money falls short
BHG’s lack of transparency is where it falls short. It’s not upfront about basic information like fees on their website or over the phone. Instead, you must contact BHG and wait several hours for a potential call back from a loan officer to give you information. The callback we requested never came in. And BHG Money requires a high minimum income requirement of $100,000 annually.
Besides its high loan amounts, BHG doesn’t appear to have any real advantages over other lenders. If you have good to excellent credit, you may be better off trying to secure a loan with a lender that doesn’t charge origination fees. As always, compare multiple lenders to make sure you’re getting the best deal.
BHG Money loan details
|Minimum credit score/credit range||700|
|APR||11.96% – 23.99%|
|Loan amounts||$20,000 to $200,000.|
|Terms||3 to 10 years|
|Approval turnaround||As soon as 24 hours|
|Availability||All states except Illinois and Maryland|
How to qualify for a BHG Money personal loan
BHG Money’s basic eligibility requirements include:
- Credit score of 700 or higher
- A minimum income of $100,000 annually
- Social Security number or Individual Tax ID
How to apply
Here’s how to apply for a personal loan with BHG Money:
- Prequalify online or call the company.
- Review your loan offer, then formally apply with a hard credit check.
- Read over and accept the loan terms.
- Follow the repayment plan.
How BHG Money compares to other lenders
Aside from its high loan amounts, BHG Money doesn’t stand out from the sea of personal loan lenders. Its starting rate of 11.96% APR is higher than competitors like LightStream, Sofi and Marcus — and unlike these lenders, BHG charges an origination fee on its loans.
BHG Money gets mostly positive reviews on sites like Trustpilot. However, it also has hundreds of complaints registered on the Better Business Bureau (BBB) website. While this is typical of many financial companies, some lenders, like LightStream, have relatively few BBB complaints.
BHG Money reviews and complaints
|BBB customer reviews
3.55 out of 5 stars, based on 372 customer reviews
4.7 out of 5 stars, based on 2,861 customer reviews
|Customer reviews verified as of
12 September 2023
BHG Money receives many positive reviews from current and former customers on its BBB page and Trustpilot. Satisfied customers mention knowledgeable loan representatives, who they often mention by name. Others report being happy with their loan terms despite high interest rates.
But there are also many negative reviews and hundreds of complaints. Most of these complaints center around unsolicited mail offers, fraud, denied loans and high interest rates. Before you agree to borrow, review your loan offer carefully, paying special attention to rates, prepayment penalties and hidden fees.
Is BHG Money legit?