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Pros explained
- High borrowing limit: Qualifying borrowers can get a loan of up to $250,000—much higher than most other lenders’ limits.
- Long loan terms: Repayment terms of up to 10 years are available.
- Fair-credit borrowers might qualify: The minimum credit score for a BHG Financial loan is 640.
Cons explained
- Slower funding than competitors: Funds disburse in as few as five days, while other lenders offer same-day or next-day funding.
- High minimum loan amount: You must borrow at least $20,000.
- Origination fee applies: An origination fee of 3% to 5% applies to all BHG Financial personal loans.
Buy Side’s take on BHG Financial personal loans
BHG Financial ranks below many of Buy Side’s best personal loan lenders. Its high borrowing limit is attractive, but the minimum loan amount, origination fees and slow funding times limit its appeal. The lender’s low minimum credit score can benefit fair-credit borrowers, but those with low scores might not qualify for large loans or favorable terms.
How BHG Financial compares to other lenders
BHG Financial offers higher loan amounts and longer loan terms than many other personal loan lenders. However, its fees and slow funding time fall behind the pack.
BHG Financial vs. LightStream
LightStream offers personal loans for $5,000 to $100,000. Terms range from two to 20 years, depending on the loan purpose. LightStream’s annual percentage rate (APR) range is lower than BHG Financial’s, and borrowers can qualify for a rate discount of 0.50% by enrolling in autopay. Same-day funding is also available.
LightStream approves applicants with good to excellent credit, so those with fair credit might be more likely to qualify with BHG Financial.
BHG Financial vs. SoFi
SoFi has a lower borrowing limit and shorter maximum repayment term than BHG Financial. Its loans range from $5,000 to $100,000, and its terms range from two to seven years. The lender also has a slightly higher APR range. SoFi does not require origination fees, although fees might be charged to some borrowers. Receive SoFi personal loan funds as soon as the same business day, making it a more appealing option for borrowers wanting money quickly.
How to apply for a BHG Financial personal loan
Apply for a BHG Financial personal loan over the phone with a loan representative or online by following these steps:
- Check your rate: Submit basic information, including the loan amount, the loan purpose and your income, to get estimated rates with no credit impact. At the funding stage, BHG Financial performs a hard inquiry, which can reduce your score temporarily.
- Choose your terms: Select the loan terms that suit your needs.
- Submit the required documentation: Verify your income, identity and other information. A loan representative will assist you.
- Read and accept your loan agreement: Carefully review the loan agreement before accepting it.
- Receive funds: Funds are available as soon as five days after you accept your loan terms.