Best for: Large loan amounts
BHG Money offers personal loans up to $200,000, as well as extended repayment terms. If you’re looking for a loan to help with debt consolidation, home improvements, or important life milestones, BHG may offer the funds you need.
However, if you’re looking for the lowest interest rates — or if you live in Illinois or Maryland — BHG Money may not be the right choice for you.
In this review:
- BHG Money pros and cons
- BHG Money loan details
- BHG Money standout features
- What to consider before applying for a BHG Money personal loan
- How to qualify for a personal loan from BHG Money
- How to take out a personal loan with BHG Money
- How to contact BHG Money
- How BHG Money compares to other lenders
- How BHG Money can improve
- BHG Money FAQs
BHG Money pros and cons
BHG Money offers personal loans between $20,000 and $200,000, which is useful if you’re looking to borrow a large amount. And with a wide range of loan terms — from three to 10 years1 — it’s possible to create a repayment plan that works with your budget.
On the other hand, BHG Money’s rates on personal loans are 13.39% - 21.38% APR , which is higher than some other lenders. If you’re looking for lower interest rates, you may need to look beyond BHG Money.
BHG Money loan details
|APR range||13.39% - 21.38% APR|
|Loan amounts||$20,000 to $200,0001|
|Min. credit score||660|
|Repayment terms||3 to 10 years|
|Time to fund||In as few as 5 days2|
|Fees||Origination fee; late fee|
|Cosigners accepted?||Does not disclose|
BHG Money standout features
BHG Money’s loan amounts and term lengths set it apart. While many lenders cap their personal loans at a relatively low $25,000 or $50,000, BHG Money lends up to $200,000 for personal loans.
And thanks to its extended term lengths, you can take up to 10 years to repay your loan, instead of the typical maximum of five to seven years. Long-term loans can help lower your monthly payments, making large loans more affordable month to month, though you’ll pay more in interest over the life of the loan.
What to consider before applying for a BHG Money personal loan
When you get a personal loan from BHG Money, you should expect to wait anywhere from five days to two weeks to receive your funds, so keep this timeline in mind before applying for a personal loan. You can find much speedier funding with other lenders — some can even deposit funds to your account the same day you’re approved.
You also won’t be able to borrow less than $20,000, as that’s BHG Money’s minimum loan amount. If you’re looking for a smaller loan than that, you’ll want to consider different personal loan lenders.
Finally, if cost is an issue, you may find lower rates, as well as discounts, from other lenders. A lower interest rate could save you money, especially if you can reduce it further with an autopay discount.
How to qualify for a personal loan from BHG Money
To qualify for a personal loan from BHG Money, you’ll need to meet some basic requirements:
- Must be at least 18 years old
- Must be employed
- Must have an annual income of $100,000 or more
- Must not live in Illinois or Maryland
- Must not have a reported bankruptcy in the past 36 months
- Must have a FICO Score 9 credit score of at least 660
- Must not have had a 60-days-past-due delinquency within the last 36 months
- Must not have a debt-to-income (DTI) ratio greater than 40%
- Must not have any collections in the past 36 months
- Must not have any charge-offs in the last three years
- Must have a credit profile established with TransUnion
How to take out a personal loan with BHG Money
Here’s how to get a loan from BHG Money:
- You can begin your BHG Money application online or over the phone. The company offers concierge service 7 days a week.
- When you apply, be prepared to provide your personal contact information, date of birth, and Social Security number. You’ll also need to know how much you’d like to borrow.
- You must provide proof of income in the form of your most recent pay stubs.
- Once you’ve completed and signed your application, wait for the loan specialists at BHG Money to evaluate your application. You may receive a decision in as little as 24 hours.
- If you’re approved, BHG Money will send the funds to your account, typically within 3 to 14 days.
How to contact BHG Money
BHG Money offers a few ways for customers to get in touch:
- Phone: 866-297-4664
- Email: [email protected]
- Online contact form: https://bhgmoney.com/contact-us
How BHG Money compares to other lenders
You can get a better idea of whether BHG Money is right for you by comparing it to similar lenders. Here’s a look at how BHG Money stacks up against two other lenders that offer large loan amounts: LightStream and SoFi.
|APR||13.39% - 21.38% APR||7.49% - 25.49% APR with autopay||8.99% - 25.81% APR10|
|Minimum credit score||660||700||Does not disclose|
|Loan amount||$20,000 to $200,0001||Up to $100,000||Up to $100,000|
|Repayment terms||3 to 10 years||2 to 12 years for home improvement, boat, and RV loans; 2 to 7 years for all other loan purposes||2 to 7 years|
|Fees||Origination fee; late fee||None||None|
|Discounts||Does not disclose||0.50% autopay discount||Does not disclose|
|Time to fund||In as few as 5 days2||As soon as the same business day||
3 business days
You can compare various lenders and see prequalified offers when you use Credible to check personal loan rates.
How BHG Money can improve
Although BHG Money offers truly sizable loan amounts with flexible terms, there is some room for improvement in what the lender offers:
- Unclear fee structure: BHG Money doesn’t clearly state how much it charges in origination fees or late fees before you apply for a loan. It’s helpful to know upfront, before you’re hit with a hard credit check.
- No rate discount: Some other lenders provide rate discounts when you sign up for autopay, but BHG doesn’t.
- Higher interest rates: BHG Money doesn’t have the lowest interest rates when compared to some competitors.
BHG Money FAQs
What types of personal loans does BHG Money offer?
BHG Money offers unsecured personal loans, meaning they don’t require collateral. Its personal loans also have fixed rates — this means your interest rate won’t fluctuate, and you’ll always know how much your monthly payment will be.
How does a BHG Money personal loan affect my credit?
When you apply for a personal loan from BHG Money, the lender will run a soft credit check, which will not impact your credit.³ However, a hard credit check will be performed upon funding of a loan. A hard credit check typically causes your credit to decrease by five points or fewer, and the hard inquiry will only remain on your credit reports for two years. Your credit score may be impacted for just a few months to a year.
Can I repay a personal loan from BHG Money early?
Credible evaluated the best 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, and via email support. Each data point was verified to make sure it was up to date.
Personal loans not currently available in Illinois or Maryland. 1 Terms subject to credit approval upon completion of an application. Loan sizes, interest rates, and loan terms vary based on the applicant's credit profile. Finance amount may vary depending on the applicant's state of residence. Call 866-297-4311 for complete program details. 2 This is not a guaranteed offer of credit and is subject to credit approval. 3 There is no impact on your credit for applying. For personal loans, a complete credit history, which will appear as an inquiry on your credit report, will be performed upon acceptance and funding of the loan and may impact your credit. Consumer loans funded by one or more participating lenders. Equal Housing Lenders. Rates as of May 26, 2023 and subject to change. For California Residents: BHG Money loans made or arranged pursuant to a California Financing Law license - Number 603G493.