BHG loans reviews – Read to find out everything you need to know about BHG Loans, requirements , advantages and application process.
TAKEAWAYS POINTS
- APRs start at 7.99 percent and go up from there. These are the typical personal loan interest rates. If you have strong credit, you might be able to get a loan with lower interest rates.
- Large loan amounts are available. BHG Personal Loans allows you to apply for loans up to $250,000.
- A hard credit check is required. Without a hard pull on your credit report, you can’t check your rates or determine if you prequalify for BHG Personal Loans. The majority of lenders allow you to do a soft pull on your credit report.
- A 3% origination fee is charged. For lenders who impose an origination fee, this is on the low end. Many lenders, on the other hand, do not impose an origination fee.
- The loan terms are extremely long. BHG Personal Loans offers up to 84-month loan lengths. The majority of personal loans have a 60-month maximum term.
BHG Loans Review
Bankers Healthcare Group Inc., a direct lender founded in 2001 and based in Davie, FL, offers BHG Personal Loans. Personal loans from BHG are offered in 27 states across the United States.
The Benefits of BHG Personal Loans
- There is no charge for prepayment.
- Within one business day, funds are available.
Disadvantages of BHG Personal Loans
- Charges a fee of up to 3% of the loan amount as an origination fee.
- Only applicants with good credit are considered.
- Pre-approval with a light credit pull should be avoided.
- Charges a penalty for late payments.
QUESTIONS AND ANSWERS ABOUT BHG PERSONAL LOANS
What are the interest rates and terms of personal loans offered by BHG Personal Loans?
BHG Personal Loans provides interest rates that are lower than the average for lenders assessed by SuperMoney.
What are the interest rates offered by BHG Personal Loans?
BHG Personal Loans offers a personal loan with a fixed APR that starts at 7.99 percent.
What is the maximum amount you may borrow through BHG Personal Loans?
The amount of a business loan ranges from $20,000 to $250,000.
What is the longest loan term offered by BHG Personal Loans?
BHG Personal Loans provides loans for up to 84 months.
Interest Rates & Loan Terms for BHG Personal Loans
Amount of Personal Loan ranges from $20000 to $250000
Loan terms can last up to 84 months and has an APR Starting at 7.99 percent
Is there an origination Fee with BHG Personal Loans?
A personal loan origination fee of 3% of the loan amount may be charged by BHG Personal Loans. Before depositing your money, BHG Personal Loans deducts the origination cost straight from your personal loan amount, so make sure you factor this price in when deciding how much you need to borrow.
Is there a late fee with BHG Personal Loans?
If you miss one of your monthly payments, BHG Personal Loans may charge you a late payment fee.
Is there a prepayment penalty with BHG Personal Loans?
Prepayment fees are not charged by BHG Personal Loans. This implies that if you pay off your personal loan early, you won’t have to pay any further fees.
Fees for BHG Personal Loans
- 3 percent origination fee
- No fee for prepayment
- No late payment fee
What are the requirements for BHG Personal Loans?
BHG Personal Loans may be available to applicants with a credit score of 700 or higher. To be eligible, you must be 18 years old or older than the state’s minimum age.
BHG Personal Loans does not have or disclose a minimum annual income criteria for eligibility. Employed borrowers are the only ones considered by BHG Personal Loans.
Lenders are prohibited from charging military members more than 36 percent APR on credit granted to covered borrowers under the Military Lending Act (32 C.F.R. 232). BHG Personal Loans accepts applications from active duty service members and their covered families. Their interest rates are limited by the Military Lending Act.
Citizens of the United States are, of course, eligible for BHG Personal Loans’ services. Green card holders and permanent residents are also able to apply.
Documentations Required To Process BHG personal Loans:
- License to drive
- Photo identification from the government is required.
- Identification proof
- Proof of citizenship or a valid visa
Eligibility Criteria for BHG Personal Loans
- Minimum Age – 18 years old.
- Is a bank account necessary? No
- Accepted Application Types – Individual Submissions
- Credit score – starting at 700,
What is the expected time for a personal loan from BHG Personal Loans to be funded?
In most cases, BHG Personal Loans will make a credit decision in less than an hour and finance the loan the next business day.
Is your account activity reported to credit bureaus by BHG Personal Loans?
Yes, BHG Personal Loans sends information about your account to the following credit bureaus:
- Equifax
- Experian
- Transunion
Making on-time payments to a creditor who reports to one or more credit bureaus demonstrates financial responsibility and may help you improve your credit.
