Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Personal Loans BHG Money Personal Loans Review Updated Nov 02, 2023   |   7-min read Reviewed by Lauren Ward Reviewed by Lauren Ward Expertise: Mortgages, real estate, investing, credit, debt, small businesses Lauren Ward is a personal finance writer who regularly covers topics like mortgages, real estate, and investing. Learn more about Lauren Ward View Rates Loan amounts: $20,000 – $200,000Funding within 5 days Best for borrowers in professionals fields BHG Money is a direct lender that focuses on professional borrowers looking for large loan amounts. Discover how rates and terms stack up to other personal lenders, plus everything you need to know about the application process. Table of Contents Skip to Section BHG Money personal loan at a glanceEligibility requirementsMore about BHG Money About BHG Money BHG Money was founded in 2001 to help professionals get approved for personal loans with a stress-free lending experience. The lender has helped hundreds of thousands of clients over more than 20 years. You can apply for both personal and business loans through BHG Money, unless you live in Illinois or Maryland. There’s no collateral requirement and successful applicants can receive funding within five days. It’s best for potential borrowers in a professional field who want a large loan amount or an extended repayment term. BHG Money personal loan at a glance Here’s everything you need to know about applying for a personal loan with BHG Money. TermDetailsMinimum credit scoreNot disclosedMinimum incomeNot disclosedFixed rates (APR)11.96% – 24.91% Variable rates (APR)N/ARate discountsNone availableLoan amounts$20,000 – $200,000Repayment period3 – 10 yearsUnsecured or secured?UnsecuredJoint loans?Not disclosedTime to funding after approval5 daysRepayment assistance?NoneFeesUndisclosedUnique featuresLoan quote in 30 secondsLarge loan amountsCustomer service available 7 days a week How does a BHG Money personal loan work? Start with an online quote that takes just 30 seconds and doesn’t involve a hard credit check. You’ll see your estimated monthly payment to determine whether or not a BHG Money loan fits into your budget. The estimate also tells you how long the repayment term is—the longer your term, the lower your monthly payment will be. The downside is that you’ll end up paying more in interest since you’ll carry a balance for a longer period. If you like the loan terms, you can then submit a full application either online or over the phone. Loan requests are usually approved within 24 hours and it takes five days to receive the funding. Once approved and funded, you’ll start making payments. BHG Money is a direct lender, so your payments go directly to it. Check your loan agreement for acceptable forms of payment. What can a BHG Money personal loan be used for? As an unsecured personal loan, there aren’t many restrictions on how you can use your BHG Money funds. The lender outlines the following three uses, which are fairly flexible: Personal debt consolidationHome improvementLife events You can choose from these three categories before starting your personal loan application and must note your intended loan purpose when you apply. Who’s eligible for a BHG Money personal loan? BHG Money focuses on “professional” borrowers. When getting your quote, you’ll need to submit your occupation. There are many options available, including medical, financial, legal, and real estate professions. You can also opt for “other” if your job doesn’t fall under one of the listed categories. RequirementDetailsCitizenshipUndisclosedEmployment statusMust be in a professional industry State of residenceAny except Illinois or MarylandMinimum ageUndisclosedMinimum credit scoreUndisclosedMinimum incomeUndisclosed What are the costs and fees of a BHG Money personal loan? Your interest rate and loan term are the biggest factors impacting the total cost of your loan from BHG Money. Rates range from 11.96% to 23.99% APR, while terms can be as short as three years or as long as 10. Let’s look at some examples of how rates impact the overall cost. A $20,000 loan with the least expensive interest rate (11.96% APR) and shortest loan term (three years) adds an extra $3,900.55 to your loan amount over time. But if that same loan amount has the highest rate (23.99% APR) and the longest repayment term (10 years), the total interest jumps to an incredible $32,898.70. BHG Money is also unclear on whether or not it charges origination fees. Most lenders usually deduct upfront fees from the loan funds before they arrive in your bank account. So even though you’re making payments on the full amount, you receive less cash. Check your loan agreement to see if there are any upfront costs. How do you repay a personal loan from BHG Money? BHG Money personal loans come with monthly payments; however, the lender doesn’t disclose payment options available. Most lenders typically allow online and check payments. Your loan terms are personalized based on the estimate you receive during the quote process. The details vary based on your requested loan amount, your income, credit score, and existing debt. Terms like your interest rate and length of the repayment period impact how much your loan costs overall. However, you can save money by paying off your loan early. BHG Money doesn’t charge any prepayment penalty fees, making that a good option if it’s possible. Pros and cons of BHG Money Consider both the advantages and disadvantages before applying for a personal loan with BHG Money. Pros Large loan amounts available Apply to borrow as much as $200,000 from BHG Money. Many lenders max out at $50,000 to $100,000. Extended repayment terms Take up to 10 years to repay your loan. It makes interest more expensive over time but helps to keep monthly payments lower. Competitive interest rates Some lenders start a little lower. But overall, BHG Money has competitive rates, especially for maximum APR. Cons Slow funding times While BHG Money provides approved loan funds within five days, many online lenders offer same-day or one-day funding. Professional job required BHG Money limits its applicant pool to borrowers in very specific professional industries, like medical and financial services. Limited information available You won’t find a lot of eligibility details on BHG Money’s website. They say credit requirements are flexible, so you’ll need to submit a quote request to find out if you’re likely to qualify. Many lenders offer at least a minimum credit score to help applicants understand whether or not they should apply. On top of that, BHG Money could also improve its funding times. The lender seems to have a less automated underwriting process, making it a less helpful option for borrowers who need cash fast. Is BHG Money a reputable lender? SourceCustomer ratingNumber of reviewsTrustpilot4.7 out of 52,925Better Business Bureau3.65 out of 5403 Collected on October 3, 2023. BHG Money (whose parent company is BHG Financial), is A+ accredited with the Better Business Bureau (BBB). BBB reviews are above average, with happy customers mentioning the professional and responsive staff. Most of the negative reviews reference unwanted marketing mail. Trustpilot customers give BHG Money an excellent rating, with 85% of reviews earning five stars. Does BHG Money have a customer service team? BHG Money has a U.S.-based customer service team that is available seven days a week to assist with the application process or managing your loan. They have two offices in Florida and one in New York. Here’s how you can contact BHG Money: Email: [email protected]Phone number: 866-588-7910Monday through Friday, 8 a.m. to 12 a.m. Eastern timeSaturday and Sunday, 10 a.m. to 2 p.m. Eastern timeMailing address: 201 East Las Olas Boulevard, Suite 1110, Fort Lauderdale, FL 33301 How to apply for a BHG Money personal loan The application process starts with a loan estimate. There’s no hard credit check; instead, you’ll choose a credit score range. If you want to move forward, you can then submit a full loan application that will include a hard credit check. Here’s what to expect once you get started: Enter your basic information: This includes your loan purpose and contact information. Enter income details: Next, you’ll be asked about your income as well as your professional information. Submit documentation: Gather required documentation, including pay stubs for income verification.Get a financing decision: BHG Money usually approves loan applications within 24 hours. Then you can sign your loan agreement to finalize the process.Receive funding: It takes around five days to have funds wire transferred into your bank account. What if I’m denied a personal loan from BHG Money? BHG Money doesn’t disclose how the denial process is handled. The lender does say that they have flexible credit requirements and can work one-on-one with individuals. Customer reviews also cite excellent customer service, which could give you an indication of best next steps if you aren’t approved for a loan. BHG Money personal loan FAQ Can you have more than one BHG Money personal loan? Yes, it is possible to have two loans at one time with BHG Money. But approval depends on your credit profile and loan needs. Can you pay off a BHG Money personal loan early? Yes, it is possible to pay off your BHG Money. There’s no early payment penalty, so you can do this at any point without incurring fees.