About Company
BHG Money loans are personalized financial solutions tailored to meet the diverse needs of professionals across the United States. Offering both personal and business loans, BHG Money provides funding options customized to individual goals and financial circumstances. With BHG Money, borrowers can access premium financing to achieve major milestones, whether it's consolidating consumer debt, upgrading living spaces, covering significant purchases, or expanding business operations.
These loans are designed with flexibility in mind, featuring extended repayment terms of up to 10 years for personal loans and up to 12 years for business loans. BHG Money prides itself on offering competitive interest rates and affordable monthly payments, ensuring that borrowers can manage their finances effectively. With a commitment to exceptional customer service and a streamlined application process, BHG Money aims to provide a lending experience that is both convenient and efficient for its clientele.
Key Features
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Premium Concierge Service. Borrowers benefit from a concierge service that is available seven days a week, ensuring dedicated specialists are on hand to craft the right financial solution for each individual.
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Flexible Loan Terms. BHG Money provides flexibility in loan terms, with extended repayment periods of up to 10 years for personal loans and up to 12 years for business loans, allowing borrowers to choose terms that align with their financial capabilities.
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Large Loan Amounts. BHG Money offers substantial loan amounts, with personal loans going up to $200,000 and business loans ranging from $20,000 to $500,000, providing financial support for various needs.
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Variety of Loan Purposes. Whether it's consolidating debt, upgrading living spaces, covering major purchases, or expanding a business, BHG Money loans can be used for a variety of purposes, providing versatility to borrowers.
Pros and Cons
Pros
Cons
Reliability
The reliability of the company is evidenced by its positive reputation, with a rating of 4.7 out of 3,161 total reviews on Trustpilot. Being recognized as a Better Business Bureau (BBB) accredited business further underscores its commitment to ethical business practices and customer satisfaction. These accolades suggest a notable level of trustworthiness and reliability within the customer community, as reflected in both the high Trustpilot rating and the BBB accreditation. However, individual experiences may vary, and potential customers are encouraged to consider multiple factors when assessing the reliability of the company for their specific needs.
How to Apply for a BHG Money Loan?
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Explore Loan Options. Begin by exploring the various loan options offered by BHG Money, including personal loans and business loans. Determine which type of loan best suits your needs and financial goals.
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Start the Application. Begin the loan application by providing basic information about yourself, including your name, contact details, and the loan amount requested. You may also need to specify the purpose of the loan and other relevant details.
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Submit Required Documents. Depending on the type of loan and your circumstances, you may be required to submit additional documentation to support your application. This could include proof of income, financial statements, or other relevant documents.
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Review and Verification. Once you've submitted your application and required documents, the BHG Money team will review your qualifications and verify the information provided. This may involve checking your credit history and assessing your financial profile.
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Credit Approval. After reviewing your application, BHG Money will make a credit decision based on your qualifications and creditworthiness. This process typically takes a short amount of time, with decisions often provided within 24 hours.
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Loan Approval. If your application is approved, BHG Money will work with you to finalize the loan details and ensure that the loan solution meets your needs. You may be required to review and sign a loan agreement outlining the terms and conditions of the loan.
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Receive Funds. Once the loan agreement is finalized and all necessary steps are completed, BHG Money will disburse the funds directly to you. Depending on the loan product and other factors, funds may be available in as few as five days.
Conditions and Requirements
Conditions
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Loan Amounts. BHG Money offers substantial loan amounts, ranging from $20,000 to $500,000 for business loans and up to $200,000 for personal loans, providing borrowers with access to financing for various needs.
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Loan Terms. Borrowers can choose from flexible loan terms, with repayment periods of up to 10 years for personal loans and up to 12 years for business loans. Longer loan terms may result in lower monthly payments but could also lead to higher overall interest costs.
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Interest Rates. Interest rates on BHG Money loans are competitive and vary based on factors such as the borrower's credit profile, loan amount, and repayment term. Borrowers with higher credit scores may qualify for lower interest rates.
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Fees. BHG Money may charge origination fees or other applicable fees, which can vary depending on the loan product and the borrower's circumstances. It's essential to review the loan agreement carefully to understand any fees associated with the loan.
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Repayment Options. BHG Money offers flexible repayment options, allowing borrowers to choose a repayment schedule that aligns with their financial situation. This may include options for making bi-weekly or monthly payments and the ability to pay off the loan early without incurring prepayment penalties.
Requirements
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Credit Profile. BHG Money evaluates borrowers' credit profiles to assess their creditworthiness. While specific credit score requirements may vary based on the loan product and the borrower's financial situation, having a solid credit history is generally beneficial.
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Income Verification. Borrowers may be required to provide proof of income to demonstrate their ability to repay the loan. This could include recent pay stubs, tax returns, or other documentation verifying sources of income.
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Financial Stability. Lenders typically assess borrowers' financial stability to ensure they can afford the loan payments. This may involve reviewing factors such as debt-to-income ratio, employment status, and overall financial health.
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Documentation. During the application process, borrowers may need to submit various documents to support their loan application. This could include identification documents, bank statements, and other relevant paperwork.
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State of Residence. Loan availability and terms may vary depending on the borrower's state of residence. It's essential to check whether BHG Money offers loans in your state and to understand any specific regulations or requirements that may apply.
Ways to Receive the Money
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Direct Deposit. The most common method of receiving loan funds is through direct deposit into a designated bank account. Once the loan agreement is finalized, BHG Money disburses the funds directly into the borrower's bank account, typically within a few business days. This method offers a secure and efficient way for borrowers to access their funds.
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Wire Transfer. In some cases, borrowers may opt to receive their loan funds via a wire transfer to their bank account. This method typically involves faster processing times compared to a paper check, ensuring that borrowers can access the funds quickly. However, wire transfers may incur additional fees, so borrowers should inquire about any associated costs.
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ACH Transfer. Some borrowers may opt to receive their funds via an Automated Clearing House (ACH) transfer to their bank account. ACH transfers are electronic transfers of funds between financial institutions, offering a secure and reliable way for borrowers to access their loan funds. This method typically has faster processing times compared to traditional check payments.
Products
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BHG Personal Loans (up to $200,000). BHG Money's personal finance options are designed to help individuals address various personal financial needs, such as consolidating debt, making home improvements, covering major purchases, or funding important life events. With flexible terms and competitive interest rates, borrowers can choose a loan amount and repayment schedule that suits their financial situation.
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BHG Business Loans (from $20,000 to $500,000). BHG Money offers business loans to help professionals expand their businesses, consolidate commercial debt, or fund other business-related expenses. With extended repayment terms of up to 12 years and affordable monthly payments, borrowers can access substantial funding to support their business growth initiatives.
Other Loans
Reasons for Getting Rejected for a BHG Money Loan
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Credit Profile. A poor credit history, including a low credit score, significant outstanding debts, or a history of late payments, can significantly impact loan eligibility. BHG Money typically assesses applicants' credit profiles to evaluate their creditworthiness, and individuals with subpar credit may be rejected for a loan.
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High Debt-to-Income Ratio. Lenders consider the ratio of an individual's monthly debt payments to their gross monthly income when assessing loan eligibility. A high debt-to-income ratio, indicating that a significant portion of income is already committed to debt payments, may raise concerns about the applicant's ability to afford additional debt obligations.
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Incomplete Documentation. Inaccurate or incomplete information provided during the loan application process can lead to rejection. Missing documentation, such as proof of income or identification documents, may delay the application review process or result in outright rejection.
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Unstable Employment History. Lenders may consider an applicant's employment history and stability when evaluating loan eligibility. Applicants with a history of frequent job changes, gaps in employment, or unstable income sources may be viewed as higher-risk borrowers and could face rejection.
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Ineligible State of Residence. BHG Money may have specific lending restrictions or regulations in certain states, limiting loan availability to residents of those states. Applicants residing in states where BHG Money does not offer loans may be automatically rejected.
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Previous Loan Default. Individuals with a history of loan default or bankruptcy may face challenges in obtaining new financing. Lenders may view past financial difficulties as indicators of higher risk and may be hesitant to approve loans for applicants with a troubled credit history.
How to Repay a BHG Money Loan?
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Review Loan Terms. Before making any payments, it's essential to review the terms and conditions of your BHG Money loan agreement. Familiarize yourself with the repayment schedule, including the amount due each month, the due date, and any applicable fees or penalties for late payments.
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Choose a Payment Method. BHG Money typically offers multiple payment methods to accommodate borrowers' preferences. Common payment methods may include online payments through the lender's website or mobile app, and automatic bank withdrawals (ACH). Choose the payment method that works best for you and ensure you have the necessary funds available on or before the due date.
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Make Timely Payments. To avoid late fees or penalties and maintain a positive payment history, it's crucial to make your loan payments on time each month. Set up reminders or automatic payments to ensure you never miss a payment deadline. BHG Money may offer options for setting up automatic payments to simplify the repayment process and ensure timely payments.
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Monitor Your Account. Regularly monitor your loan account and payment history to verify that payments are processed correctly and to stay informed about your remaining loan balance. Keep track of your payment schedule and adjust as needed if your financial situation changes.
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Consider Early Repayment. If you have the financial means to do so, consider paying off your BHG Money loan early. Early repayment can help you save money on interest charges and may improve your overall financial well-being. Check your loan agreement for any prepayment penalties or fees associated with early repayment.
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Contact Customer Service. If you encounter any difficulties or have questions about the repayment process, don't hesitate to reach out to BHG Money's customer service team for assistance. They can provide guidance on payment options, address concerns about your loan account, or help you navigate any challenges you may encounter.
Alternatives
OnDeck provides fast-term loans tailored for small-business owners looking to expand, even with less-than-ideal credit scores, with a maximum loan amount of $250,000. Their estimated APR ranges from 35.40% to 99.90%, offering accessible financing options for entrepreneurs aiming to grow their businesses efficiently.
Funding Circle caters to established businesses seeking financing for expansion or debt refinancing, offering a maximum loan amount of $500,000. With a minimum credit score requirement of 660, Funding Circle provides competitive APRs ranging from 15.22% to 45.00%, making it a viable option for businesses with solid credit profiles.
Upgrade stands out as an accessible option for borrowers with bad credit, offering personal loans ranging from $1,000 to $50,000 with terms of two to seven years. With a minimum credit score requirement of 580 and no minimum income requirement, Upgrade provides flexibility and accessibility for individuals seeking financing options, including debt consolidation.
Discover's personal loans offer borrowers the convenience of interest-free repayment within 30 days, alongside a user-friendly online application process and mobile banking tools. With loan amounts ranging from $2,500 to $40,000 and terms of three to seven years, Discover provides borrowers with flexible financing options and efficient customer support, making it a notable choice for various financial needs.
Loans like BHG Money
OnDeck
OnDeck stands out as an excellent choice for short-term business loans, offering the flexibility of borrowing substantial amounts, even for businesses with a minimum credit score. What makes OnDeck particularly attractive is its ability to provide funds swiftly, with same-day approval and disbursement for qualifying applicants. Moreover, OnDeck emphasizes the opportunity to build and strengthen business credit by consistently making on-time payments. The loan terms range from 18 to 24 months, with loan amounts spanning from $5,000 to $250,000. While the starting interest rate is 35.40% for a portion of customers, the accessibility and speed of funding make OnDeck a notable player in the short-term business loan landscape.
Funding Circle
Funding Circle distinguishes itself in the realm of long-term business loans by offering competitive rates, extended repayment terms, and a lack of prepayment penalties. This lending option caters to businesses seeking larger loan amounts, ranging from $25,000 to $500,000, with a reasonable starting interest rate of 11.29%. Beyond financial support, Funding Circle prioritizes efficiency, enabling businesses to access funds in as little as two business days. Notably, Funding Circle also showcases its commitment to diversity by providing funding options specifically tailored for women-owned businesses and minority entrepreneurs. The loan terms extend from 6 to 84 months, making Funding Circle a favorable choice for businesses with a more extended financial horizon.
Credibly
Credibly positions itself as a reliable source for working capital loans, particularly for businesses requiring quick funding to address immediate operational needs like payroll or inventory expenses. Notably, Credibly's working capital loans boast a rapid approval process, often providing funds in less than 24 hours. The lender exhibits flexibility by considering applicants with a minimum credit score of 500 and a willingness to look beyond a less-than-perfect credit history, provided there is a healthy annual revenue. Beyond working capital loans, Credibly collaborates with a network of lenders to offer a diverse range of financing options, including merchant cash advances, business lines of credit, equipment financing, SBA loans, and invoice factoring.
Fundbox
For startups in need of swift financing, Fundbox presents an appealing option with its business line of credit, offering up to $150,000. What sets Fundbox apart is its relatively lenient eligibility criteria, allowing new companies to qualify after just six months of operation and a minimum annual revenue of $100,000. The business line of credit provides the flexibility to withdraw funds as needed, and businesses only pay interest on the amount utilized. Additionally, Fundbox offers perks such as up to 20% off fees through its Fundbox Plus upgrade. With competitive starting interest rates ranging from 4.66% for 3-month terms to 8.99% for 6-month terms, Fundbox addresses the financial needs of emerging businesses seeking quick and accessible startup loans.
Editorial Opinion
Important
How to Choose a Lender
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Make sure to confirm whether the lender is licensed to operate in your state. You can verify this information with your state regulator or attorney general.
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Check if the lender is a member of a reputable association, such as the Community Financial Services Association of America. Membership in such organizations may provide an extra level of reliability.
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Carefully review all the terms and conditions of your payday loan contract.
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Thoroughly examine the interest rates on payday loans and ensure that your contract includes a detailed breakdown of the total cost of the loan.
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Take advantage of your right of rescission. Usually, you can rescind the loan within three days after signing the agreement. Alternatively, there is typically a "cooling-off" period, which allows you several days to thoroughly review the contract before making an informed decision to enter into a consumer loan agreement based on the terms specified by the lender.
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Choosing a payday lender is a significant decision that demands careful consideration and a good understanding of how such organizations operate.
Methodology
At Finanso, we've carried out a comprehensive analysis of over 50 business lenders, assessing them based on 35 different parameters across six key categories: accessibility of loans, customer relations, quality of service, interest rates, and transparency of conditions.
In each category, we carefully considered the most critical factors in selecting a lender. These factors include the interest rates, available loan amounts, minimum credit score, minimum income, application fees, and the speed at which funds are transferred.
At Finanso, we highly value our users, which is why we also focus on the quality of customer service, user reviews, and additional features that can aid our users in making a well-informed decision.
Our ultimate goal is to provide insightful recommendations and expert advice to assist you in selecting a lender that best caters to your specific needs.
Additional Resources
- BHG Money Account Review
- How to Apply for BHG Money Loan
- How to PayOff BHG Money Loan
- BHG Money Mobile Apps
- BHG Money Reviews
