BHG Financial Personal Loans Review December 2024

Who are BHG personal loans best for?

BHG personal loans are best for people with a six-figure income who need a large lump sum of money with flexible repayment terms. 

Best large debt consolidation loans

BHG Financial is a non-bank lender that offers unsecured personal loans up to 200,000^[1], which is the highest personal loan limit we’ve seen. It may be a good fit if you have a 660 FICO score or higher, an annual income over $100,000, and are looking for a $20,000 loan or more. The company offers competitive rates and terms up to 10 years^[1,2].

This lender is ideally suited for professionals, such as people who work in the medical community or in the field of law and small-business owners. Because it takes at least five business days to fund loans, this is not a lender for people who need smaller sums of fast cash. Also, BHG may charge an origination fee between 3% and 4%, which would reduce the amount you receive.

Great for high-earners with very good credit

The typical customer of BHG earns $241,000 a year, has no prior bankruptcies or collections, and has a FICO score of 744. If you fit this profile, you’re likely to be approved for a BHG personal loan.

Pros and cons of BHG personal loans

Pros

• Large loan amounts: BHG offers personal loans up to $200,000.
• Flexible terms: You could have up to 10 years to pay back the loan.
• Concierge service: Every loan applicant is matched with a U.S. based loan specialist.
• Unsecured loans: You don’t need to provide collateral to get a personal loan.
• Fair-credit eligible: Even though its typical customer has very good credit, BHG will consider applicants with FICO scores as low as 660.

Cons

• Slower to fund: It takes at least five days to fund loans.
• Must make a high income: Unless you make at least $100,000, you won’t qualify for a loan.
• Lack of transparency: BHG doesn’t mention any loan origination fees, requirements, or whether there are prepayment penalties on its website. You’d need to apply for the loan to get those questions answered.

How to qualify for a BHG personal loan

Credit score and financial history

BHG requires a FICO credit score of 660 or higher to qualify for a loan via Credible. Keeping in mind that the company’s typical customer has a 744 FICO score, it’s best to have strong credit to qualify. You also can’t have any bankruptcies or accounts in collections. 

BHG looks at your entire credit profile to decide whether you’ll be approved, and if so, what the rate and terms will be.

Income and employment

BHG requires a minimum annual income of $100,000 to apply for a loan through Credible. Applicants can expect to provide typical necessary documentation, such as proof of income. This can be in the form of recent pay stubs, W-2 forms, and tax returns.

BHG personal loan purposes

People can use BHG personal loans the following:

• Consolidate credit card debt
• Debt Consolidation

BHG personal loan fees and penalties

There can be loan fees and penalties when you get a BHG personal loan, but they will be disclosed beforehand once you get your personalized offer.

Loan origination fees

Loan origination fees range between 3% and 4%, but won’t be disclosed until after you apply. At that time, you can decide whether the terms offered to you are acceptable.

Early repayment penalties

A call to a BHG representative verified that there can be early repayment penalties written into the loan contract, often in exchange for a better rate and/or loan term. If that is offered to you, you could choose whether to accept the better terms with the early repayment penalty or forgo the early repayment penalty for a higher interest rate.

How BHG compares to other lenders

How to contact BHG

For general questions, you can contact BHG by calling 866-588-7910, or you can email BHG at [email protected]. If you need help with your application or loan, you can fill out a form found on the “contact us” page and someone should get back to you.

About BHG personal loans

BHG Financial is a non-bank lender, established in 2001, that offers business and personal loans. It specializes in loans for professional businesspeople and small-business owners. BHG Financial started by serving the medical industry and was originally called Bankers Healthcare Group. It has since expanded to cater to other types of high-earners and is now called BHG Financial. The American Bar Association, for example, is one of its partners.

Rating BHG personal loans

Credible evaluated personal loan lenders based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, and fees. Credible's team of experts gathered information from each lender's website, customer service department, in-house resources, and via email support. Each data point was verified to make sure it was accurate at the time of publication.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

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