Offers personal loans up to $200,000, but customer reviews are mixed.
BHG Money is a direct lender, offering loans up to $200,000 — much higher than most — with terms ranging from three to 10 years. But unlike some lenders, BHG charges an origination fee. 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.
finder.com's rating: 3.6 / 5.0
★★★★★
Bottom line: If you're looking to borrow at least $20,000, BHG Money is a good place to start your search. But funding your loan could take five days or more, and this may be a costly option if you don't have good to excellent credit. Read the full review.
| Min. Loan Amount | $20,000 |
| Loan Amount | $200,000 |
| APR | 11.96% - 23.99% |
| Interest Rate Type | Fixed |
| Min. credit score | 700 |
| Origination Fee | 1% to 3% |
| Loan term | 2 to 7 years |
| Turnaround Time | Five days or more |
| Phone number | 877-731-6561 |
| Customer service hours | Weekdays from 8 a.m. to 12 a.m. ET, weekends from 10 a.m. to 2 p.m. ET |
| Not provided | |
| @BHGstat | |
| @BankersHealthcareGroup |
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.
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.
| 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 |
| Fees |
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| Other fees |
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BHG Money’s basic eligibility requirements include:
Here’s how to apply for a personal loan with BHG Money:
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.
| BBB accredited | Yes |
|---|---|
| BBB rating | A+ |
| BBB customer reviews | 3.55 out of 5 stars, based on 372 customer reviews |
| Trustpilot Score | 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.
Yes, BHG Money personal loans are legit, and the company was founded in 2001. Along with personal loans, BHG offers business loans and 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.
Kat Finder
Writer
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