Are you in need of a personal loan but struggling to find one that offers the loan amount you require? Look no further than BHG Money, the lending arm of BHG Financial (formerly Bankers Healthcare Group). BHG Money stands out from the competition by providing high loan amounts of up to $200,000. This is significantly higher than the average personal loan cap of $50,000 or $100,000. With BHG Money, individuals with good credit can secure a large loan at the lowest rates available.
The BHG Money Advantage
One of the standout features of BHG Money is its ability to accommodate co-guarantors. This arrangement allows both parties to use their credit to secure the loan, making them jointly responsible for repayment. Additionally, BHG Money offers quick approval, with the possibility of receiving approval within 24 hours. However, it may take up to five days to actually receive the funds if your application is successful.
Areas for Improvement
While BHG Money shines in terms of loan amounts and approval speed, transparency is an area where it falls short. Unlike other lenders who provide upfront information about fees on their website, BHG Money requires potential borrowers to contact them for this basic information. Unfortunately, this can result in long wait times for a call back from a loan officer, if any at all. Another downside is the high minimum income requirement of $100,000 annually.
When comparing BHG Money with other lenders, it becomes apparent that their significant advantage lies in their loan amounts. However, if you have good to excellent credit, it may be worth exploring other lenders who do not charge origination fees. It is always recommended to compare multiple lenders to ensure you secure the best possible deal for your personal loan needs.
Loan Details at a Glance
- Minimum Credit Score/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:
- Origination fees (vary)
- Other fees: Unknown
Qualifying for a BHG Money Personal Loan
To be eligible for a BHG Money personal loan, you must meet the following basic requirements:
- Credit score of 700 or higher
- Minimum income of $100,000 annually
- Social Security number or Individual Tax ID
Applying for a BHG Money Personal Loan
Applying for a personal loan with BHG Money is a straightforward process:
- Prequalify online or call the company.
- Review your loan offer, then formally apply with a hard credit check.
- Carefully review and accept the loan terms.
- Follow the repayment plan.
BHG Money in Comparison to Other Lenders
Outside of its exceptional loan amounts, BHG Money does not particularly stand out among the multitude of personal loan lenders. Its starting APR of 11.96% is higher than competitors like LightStream, Sofi, and Marcus. Additionally, BHG Money charges an origination fee on its loans, unlike some of its counterparts. While BHG Money receives mostly positive reviews on platforms like Trustpilot, it is worth noting that the company also has a significant number of complaints registered on the Better Business Bureau (BBB) website. In comparison, lenders like LightStream have relatively few BBB complaints.
BHG Money Reviews and 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 garners numerous positive reviews from satisfied customers on both its BBB page and Trustpilot. Customers often mention the knowledge and expertise of the loan representatives, some even naming them directly. Despite high interest rates, many borrowers are pleased with their loan terms. However, it is important to note that there are also many negative reviews and complaints. These grievances typically revolve around unsolicited mail offers, fraud concerns, denied loans, and the aforementioned high interest rates. When considering borrowing from BHG Money, it is crucial to review your loan offer meticulously, paying attention to rates, prepayment penalties, and any hidden fees.
BHG Money: A Legitimate Option
Rest assured that BHG Money personal loans are legitimate, as the company has been in operation since 2001. In addition to personal loans, BHG also offers business loans and credit cards. BHG Money’s website is encrypted, and its privacy policy details the information it collects and shares, as well as measures you can take to limit that sharing.
For more information about BHG Money and its services, visit ATICE.INFO. Explore the possibility of securing a personal loan with high loan amounts and quick approval today!