- 1 BHG Money Summary
- 2 What is BHG Money?
- 3 How does BHG Money work?
- 4 How much does BHG Money charge?
- 5 BHG Money Reviews
- 6 BHG Money FAQs
- 7 How to qualify for BHG Money’s services
- 8 Are there any pre-payment penalties?
- 9 Does BHG Money affect your credit score?
- 10 Can you cancel your loan?
- 11 How long will the offer be valid if you receive approval from BHG Financial?
- 12 So, is BHG Money legit?
BHG Money is a direct lender that offers business and personal loans. The company is a DBA of Bankers Healthcare Group LLC, powered by BHG Financial, and advertises its services through bhgmoney.com.
BHG Money Summary
BHG Money Review
BHG Money Review Summary
Bhgmoney.com is a legitimate lender that has been in business for over 19 years. They are accredited by the Better Business Bureau and have an excellent rating on Trustpilot. Before signing your loan contract, be sure to carefully read and understand the terms and conditions, including any penalties for early repayment. You may owe interest on the entire loan amount even if you pay it off early.
In recent months, BHG Money has been attracting a lot of attention. So we decided to investigate and see what this company is all about. Our deep research led us to give them a 3-star rating.
If you’ve been getting mail from BHG Money lately, you may have seen an offer for a debt consolidation loan. It might have looked something like this:
CONGRATULATIONS! YOU’VE BEEN PRE-SELECTED FOR A $250,000 LOAN, AND YOU COULD GET YOUR MONEY IN AS LITTLE AS 3 DAYS.
Before you decide whether or not to accept what seems like a great deal, you may want to take a closer look.
We decided to break it down for you:
- Loans come from one or many different lenders.
- There is no guarantee that this offer of credit will be approved.
- Currently, residents of Illinois and Maryland are not able to apply for a loan through this company.
- Rates as low as 7.99% and terms up to 12 years are available.
- The loan amount ranges from $20,000 to $250,000.
- You don’t need to put up any personal collateral.
- There may be a pre-payment penalty associated with your program.
What is BHG Money?
BHG Money is a direct lender that can quickly provide you with the cash you need when you need it. With just a few clicks, you could be approved for a loan and have the money in your account in as little as three days.
BHG Money is a company with over two decades of experience in the industry. With over 1,800 reviews on Trustpilot and 4.2 out of 5 ratings, they are also accredited by the Better Business Bureau (BBB) and have an A+ rating. In the last three years, they have averaged 186 customer reviews and 388 complaints closed.
They have multiple locations in Florida and New York and can be reached by email at [email protected] or by phone at (866) 588-7910.
How does BHG Money work?
Money loans from BHG are an option to consolidate your debt into one low monthly payment with no personal collateral requirements.
There is no commitment or cost to apply online or over the phone. In just 24 hours, we may be able to approve your funding and get the money wire transferred to your account in as little as 5 days.
|Loan Type||Loan amount||Loan term|
|Personal loans||Up to $200,000||Up to 25 years|
|SBA loans||Up to $5 million||Up to 25 years|
|Startup loans||$20,000 to $250,000||Up to 12 years|
How much does BHG Money charge?
BHG Money offers a variety of personal loans with APRs ranging from 10.49% to 29.99% and loan terms from 3 to 10 years.
A loan of $59,755 with a 7-year term and an APR of 17.2% would require 84 monthly payments of $1,229. This is just one example of the type of loan you could get.
Based on your credit profile, they will determine your loan amount, interest rate, and term. Your actual borrowing amount may differ depending on which state you live in.
BHG Money Reviews
As previously mentioned, they have an A+ rating from the Better Business Bureau and have been accredited since 11/22/2018. They have an average customer review rating of 3 out of 5 stars, with 186 customer reviews and 388 complaints closed in the last three years.
Here are some BHG Money reviews for your consideration:
Joseph G 09/21/2022
This company does not understand what “Remove me from your mailing list” means. I’ve continued to receive weekly mailings for months despite repeatedly asking to be removed. They’re a nuisance, and the practice of sending hard copy mailing is a ***** security risk. From the other reviews, it would appear this is common practice for this company.
Delia V 08/24/2022
I was assigned to a gentleman named ************. *****was extremely kind, and helpful and worked hard and diligently to get me a loan. He is truly an amazing professional.
rick d 09/12/2022
This is the worst company ever. When you apply with them and can’t do the loan, they sell your name and phone to thousands of lenders. Also, they send mail every week, sometimes with different words in large packages. I tried to call them to remove me from the mailings, but they answered and hung me on hold for a long time, then hung up.
John F 07/22/2022
The services provided by BHG were seamless and professional. From the time I received their information in the mail to when my needs were met, it was a fantastic experience! The people involved were courteous and very responsive to my questions and concerns. I would recommend them to anyone. Thanks, BHG
Franklin W. 07/09/2022
I have not received a loan from BHG, but I wish they would help me. I have tried a couple of times but have been denied. I know the reasons (low credit score and collections on my account). I will say that each rep I have spoken to has been courteous and very respectful. I can and am willing to pay a higher interest rate than usual (maybe 15% or 17%).
I wish they would look beyond the score and allow me to consolidate all my debt. This would allow me to have a higher score and pay less monthly over ***** years than I do now. It would mean a much better life for my wife and me. BHG, thank you for trying for me. Maybe one day, I can get approved and prove to you that your investment in me was meaningful and profitable.
Randy G. 07/06/2022
I have received unsolicited junk mail one to two times a week from these people for over two years. I have called – respectfully – six times to ask them to stop. To take me off of their list. Each time they say they will. They are harassing me. I received another *************, July 6, 2022. I probably should call the US ************** Inspector to file a formal complaint with the government. I truly need them to please take me off of their list.
BHG Money FAQs
How to qualify for BHG Money’s services
In order to apply for a loan, financial information and documentation will be required. This is so that your corporate and personal financial statements can be looked at, as well as your most recent pay stub.
After you finish the application, you will get a copy to check and sign. You need to send in the signed application and income documentation before they can make a credit decision. The amount of documentation they need may depend on how likely you are to repay the loan.
Are there any pre-payment penalties?
You may or may not have to pay a penalty for prepaying, depending on the program you choose.
Does BHG Money affect your credit score?
BHG Money offers applications without affecting your credit score. However, a full credit check will be conducted after you are approved for the loan and the funds are disbursed.
Can you cancel your loan?
Loan cancellations can be done at any time before the funds are received.
How long will the offer be valid if you receive approval from BHG Financial?
Approved loans from this company are valid for 12 days.
So, is BHG Money legit?
Bhgmoney.com is a legitimate lender that has been in business for over 19 years. They are accredited by the Better Business Bureau and have an excellent rating on Trustpilot.
Before signing your loan contract, be sure to carefully read and understand the terms and conditions, including any penalties for early repayment. You may owe interest on the entire loan amount even if you pay it off early.
Pay close attention to any pre-payment penalties that may apply. And ask questions about anything you don’t understand. It’s important to know what you’re agreeing to before putting your name on the dotted line.
Have you had any experience with BHG Money? We would like to hear it. Sound off in the comments below.
Thank you for reading.