BHG Financial 2026 Personal Loan Review
BHG Financial personal loans let six-figure earners borrow $20,000 to $250,000 and repay the loan over two to 10 years.
- Need a large loan.
- Earn at least six figures.
- Need the money fast.
- Have a credit score below 640.
What to know about BHG Financial personal loans
Most personal loan lenders cap loans around $50,000. A few let you borrow up to $75,000 or $100,000. BHG Financial, however, has one of the highest personal loan amounts I’ve come across. You can borrow from $20,000 to $250,000 from this financial services company.
If you’re looking for an unsecured loan for a big expense like a major home renovation project or to consolidate a bunch of high-interest debt, I’d recommend pre-qualifying with BHG Financial. Pre-qualifying won’t impact your credit score, and you can compare your anticipated loan amount, rates and terms with loan offers from other lenders.
But here’s the kicker: Large loans come with large monthly payments, and you’ve got to have the income to support that. BHG Financial requires borrowers to have an annual income of at least $100,000 — a much higher income requirement than most personal loan lenders.
You’ll also need a credit score of at least 640, but that isn’t uncommon for lenders who gear their loans to good- and excellent-credit borrowers.
» MORE: Compare the best personal loans
What we like most about BHG Financial
- Competitive rates: Annual percentage rates for BHG Financial personal loans start at 6.49%, which is among the lowest of the lenders we review. The maximum APR is less than 30%, which is lower than the 35.99% maximum that many lenders have.
- You can borrow up to $250,000: This is the highest loan amount among the personal loan lenders we review, making this lender suitable for large borrowing needs. If you only want to borrow a few thousand dollars though, you’ll need to go with another lender. The smallest personal loan you can get from BHG Financial is $20,000.
- Wide range of repayment terms: BHG Financial offers loan terms ranging from two to 10 years. Most lenders don’t extend repayment terms past seven years. Having more time to repay a loan means you can have smaller monthly payments. However, you’ll pay more in interest if you choose a longer repayment term over a shorter one.
Why BHG Financial may not be right for you
- Your annual income must be at least $100,000: Of the lenders we review that disclose an income requirement, this is the highest. BHG Financial says its average borrower’s annual income is more than $200,000, and the most common reason it denies loan applications is due to applicants not having enough income.
- Must have a credit score of 640 or higher: If your score is below 640, consider lenders that cater to borrowers with bad credit. If your score is on the lower end of BHG Financial’s requirement, adding a co-signer with a higher credit score to your loan application could help you qualify for a lower rate or higher loan amount than you could get on your own.
- Funding time can take at least five days: BHG Financial says it can approve your loan application the same day you apply, but you may not get your money for another five days. Most lenders these days offer faster funding. If getting a loan quickly is high on your priority list, look for a lender that offers same- or next-day funding.
How much does a BHG Financial loan cost?
The total cost of your BHG Financial loan depends on the amount borrowed, annual percentage rate and loan term. Here’s an example of how different rates affect the costs of a $50,000 loan with a 7-year term. The financial services company told NerdWallet its average borrower typically gets an APR from 15% to 19.99%.
APR | 15%. | 19.99%. |
Monthly payment | $965. | $1,110. |
Total interest cost | $31,047. | $43,241. |
Total loan cost | $81,047. | $93,241. |
» MORE: Use our personal loan calculator to estimate your costs
Do you qualify for a BHG Financial personal loan?
You may qualify for a BHG Financial loan if you have good or excellent credit and meet the company’s other requirements below. BHG Financial offers personal loans in most U.S. states except Connecticut, Idaho, Louisiana, Maine, Maryland, Montana, Nebraska, North Dakota, Rhode Island, Vermont and Wisconsin.
You can pre-qualify with BHG Financial to preview what loan amounts, rates and repayment terms you’d likely receive if approved — plus you can learn what your monthly payments and total interest costs would be. Pre-qualifying involves a soft credit check that doesn’t impact your credit score.
BHG Financial’s borrowing requirements
- Minimum credit score: 640.
- Minimum annual income: $100,000.
- Maximum debt-to-income ratio: 65%.
- Must be a U.S. citizen and provide a Social Security number.
- Must have a valid email address.
- Must provide proof of employment or income.
- Must have a valid U.S. bank account.
Profile of an average BHG Financial borrower
For an idea of where you would fit in among other borrowers and what to expect, we asked BHG Financial about its average borrower. Here’s what the lender told us.
- Average loan amount: $81,000.
- Average APR: 15% to 19.99%.
- Most common loan term: 90 month term.
- Most common loan purpose: Debt consolidation.
- Average borrower’s credit score: 744.
- Average annual income: $241,000.
- Average borrower’s debt-to-income ratio: 31% to 50%.
» MORE: How to get a personal loan
Frequently asked questions
Q: What can I use a BHG Financial personal loan for?
A: You can use a BHG Financial loan for several purposes including debt consolidation, home improvement projects, vacations, weddings, business expenses and other large purchases. However, the lender says you aren’t able to use its loan for higher education expenses or college tuition, gambling, medical expenses, vehicle expenses, taxes, emergency purposes or illegal activities.
Q: Does BHG Financial offer co-signed, joint or secured loans?
A: BHG Financial offers co-signed loans but not joint or secured loans. Adding a co-signer to your loan application could help you qualify or get a lower rate or higher loan amount.
Q: Will BHG Financial send loan funds directly to my creditors if I’m using the loan to consolidate debt?
A: No, BHG Financial does not send loan funds directly to your creditors for debt consolidation, but it says that’s a feature it plans to make available in the near future.
Q: Does BHG Financial report loan payments to the major credit bureaus?
A: BHG Financial reports loan payments to TransUnion but not Experian or Equifax. This means your loan payment history with BHG Financial will only be reflected on your TransUnion credit report.
Q: What happens if I can’t make an upcoming loan payment?
A: BHG Financial lets you change your payment due date, and it has a five-day grace period for late payments. If you aren’t able to make a payment by the end of the grace period, BHG Financial charges a late fee that’s either $40 or 5% of the monthly payment amount, whichever is less. The company doesn’t offer hardship accommodations. Since BHG Financial reports loan payments to TransUnion, your TransUnion credit score may drop if you miss a loan payment by 30 days or more.
How does BHG Financial compare?
 |  |  |  |  |
|---|---|---|---|---|
Est. APRFrom 8.99% to 28.89% | Est. APRFrom 6.99% to 35.49% | Est. APRFrom 5.96% to 35.99% | Est. APRFrom 7.24% to 24.89% | Est. APRFrom 7.74% to 35.99% |
Loan amountFrom $20,000 to $250,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 | Loan amountFrom $5,000 to $100,000 | Loan amountFrom $1,000 to $75,000 |
Min. credit score640 | Min. credit scoreNaN | Min. credit score600 | Min. credit score660 | Min. credit score600 |
How we rated this lender
NerdWallet’s editorial team rates lenders using a rubric with five weighted categories and 29 subcategories. Here are the factors we prioritized, plus why this lender received each score.
BHG Financial has starting rates in the single digits and a maximum APR below 30%, plus it occasionally offers rate discounts. However, its loans come with an origination fee that can be up to 5% of the loan amount.
Our Method: We review lenders’ rates and fees, plus any opportunities for rate discounts.
BHG Financial’s customer service agents are available seven days a week, and you can adjust your monthly payment due date. But the company doesn’t have a mobile app to manage payments, and it doesn’t offer hardship accommodations. BHG Financial also only reports payments to one of the three major credit bureaus.
Our Method: We look at factors such as customer service availability, monthly payment flexibility and whether the lender reports on-time payments to major credit bureaus.
BHG Financial lets you apply with a co-signer and has a wide range of repayment term options. However, it does not offer small loans of less than $20,000.
Our Method: We assess loan amount and term ranges and whether lenders offer multiple loan types or direct payment to creditors on debt consolidation loans.
BHG Financial checks your credit to help gauge your likelihood of repaying the loan, but it uses a soft credit check when you pre-qualify, which won’t impact your credit score. The lender loses points in this subcategory because it only offers loans in 39 states, rather than nationwide.
Our Method: We consider how widely available and accessible the loans are and how lenders review applicants’ credit.
BHG Financial provides you with ample information about your loan when you pre-qualify, but you may have to wait five days for funding.
Our Method: We evaluate loan approval and funding times and the lender’s transparency throughout the application process.
Read more about our ratings methodologies for personal loans.
Learn more about personal loans
