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BHG Money personal loans review: An option for professionals needing high loan amounts.

Offers personal loans up to $200,000 or even $500,000, but customer reviews are mixed.

1.5 ★★★★★ (12 reviews) Write a review
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BHG personal loans

Learn more and apply on BHG's secure site

Our verdict

BHG Money is a direct lender, offering loans up to $200,000 and $500,000 — much higher than most — with terms ranging from three to 12 years. But unlike some lenders, BHG charges an origination fee, and prepayment penalties may apply based on the loan type. And while many customer reviews are positive, there are plenty of negative ones, too.

Best for: Good credit borrowers looking for a high loan amount.

Pros
  • Loans up to $200,000
  • US-based phone service
  • No minimum credit score
Cons
  • Mixed customer reviews
  • Not transparent about fees
  • Must work with a loan officer
3.6

★★★★★

Finder rating

Max. Loan Amount

$200,000

APR

Varies

Minimum credit score

700

What makes BHG Money shine

BHG Money, formerly Bankers Healthcare Group, mostly stands out for its high loan amounts that reach up to $200,000 and as much as $500,000 for medical professionals. These limits are higher than most personal loans, which typically cap out at $50,000 or $100,000. This makes BHG best for professionals with good credit who need a large loan and can secure BHG’s lowest rates.

BHG Money also allows coguarantors, 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 up front about basic information like interest rates, fees or eligibility requirements online 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.

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 rangeNone
APR8.49%
Loan amounts$20,000 to $200,000, and up to $500,000 for medical professionals
Terms3 to 12 years
Approval turnaround24 hours
AvailabilityAll states except Illinois and Maryland
Fees
  • Origination fees (vary)
  • Prepayment fee may apply
Other fees
  • Unknown

How to qualify for a BHG Money personal loan

BHG Money isn’t clear about its eligibility criteria, but a company rep told us it doesn’t require a minimum credit score or income.

  • No stated minimum credit score
  • No stated minimum income requirement
  • Social Security number or Individual Tax ID

How to apply

Here’s how to apply for a personal loan with BHG Money:

  1. Prequalify online or call the company.
  2. Wait for a loan officer to contact you.
  3. Review your loan offer, then formally apply with a hard credit check.
  4. Read over and accept the loan terms.
  5. 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 8.49% APR is higher than competitors like LightStream, Sofi and Marcus — and unlike these lenders, BHG charges an origination fee on its loans.

BHG Money also gets mixed reviews on sites like Trustpilot, where about half of reviewers give it positive reviews and half give it negative reviews. 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 personal loans logo

BHG personal loans

★★★★★

Finder rating 3.6 / 5

Go to site


APR

Varies


Loan term

2 to 7 years


Loan amount

$20,000 to $200,000


Minimum credit score

700

Best Egg personal loans logo

Best Egg personal loans

★★★★★

Finder rating 3.8 / 5

Go to site


APR

8.99% to 35.99%


Loan term

3 to 5 years


Loan amount

$2,000 to $50,000


Minimum credit score

600

Upstart personal loans logo

Upstart personal loans

★★★★★

Finder rating 4.15 / 5

Go to site


APR

6.5% to 35.99%


Loan term

3 or 5 years


Loan amount

$1,000 to $50,000


Minimum credit score

300

BHG Money reviews and complaints

BBB accredited Yes
BBB rating A+
BBB customer reviews 3.32 out of 5 stars, based on 195 customer reviews
Trustpilot Score 4 out of 5 stars, based on 1,866 customer reviews
Customer reviews verified as of 16 December 2022

BHG Money receives many positive reviews from current and former customers on its BBB page and on 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?

Yes, BHG Money personal loans are legit. Founded in 2001, it offers personal and business loans as well as credit cards. BHG Money has an encrypted website, and its privacy policy covers what information it collects and shares, including how you can limit that sharing.

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