BHG Financial Review

Pros

• Long repayment terms¹
• Excellent customer support
• Fast & easy application process
• Fast loan approvals & funding
• Competitive interest rates

Cons

• Borrowing requirements may be difficult to meet
• Nontransparent rates & fees

What Is BHG Financial?

BHG Financial is a lender that has funded over $18 billion since 2001. BHG got its start by funding medical professionals and has since expanded to providing funding to professionals across a variety of industries.

BHG Financial specializes in funding established businesses, as well as experienced professionals looking for startup funding. While newer businesses with a lack of industry experience, revenue, or credit history need not apply, businesses that do meet the stringent requirements will potentially be rewarded with competitive rates and long repayment terms.

Services Offered

BHG Financial offers the following products:

• Small business loans up to $500,000¹·²
• Startup loans up to $500,000¹·²

BHG notes that loans typically range from $20,000 to $250,000, but well-qualified borrowers may qualify for up to $500,000.

BHG Financial’s small business loans can be used for working capital, consolidating commercial/business debt, acquiring a business, or for other business purposes. Startup loans can be used for starting a business, acquiring a practice, buying into a partnership, investing in real estate, starting a side hustle, and more.

While not for everyone, BHG Financial does provide solid options for established businesses and well-qualified startups that want long-term, low-cost funding.

BHG Financial Borrower Requirements

One of the downsides of BHG Financial is that specific borrowing requirements are not listed. The lender does, however, offer some average statistics that can help borrowers determine if this solution is right for them.

Based on BHG Financial’s average stats, borrowers seeking a small business loan typically have the following:

• 21+ years of professional experience
• Personal credit score of 755+

According to BHG, the average small business loan issued is $173,000.

If you’re seeking funding for a startup, the average borrower has:

• 19+ years of professional experience
• Personal credit score of 752+
• Annual income of $299,000

The average startup loan issued is $116,000.

Not all solutions, loan amounts, rates, or terms are available in all states

What stands out about BHG Financial in terms of its startup loans is that a lending decision can be made based on the applicant’s W-2 or personal income — no new business pro forma required. This is pretty unique when compared to other lenders, although borrowers will still have to meet the strict business experience, personal income, and credit score requirements to qualify.

While not as transparent as we like to see, we at least appreciate that some information is provided. And while it does appear that BHG has strict borrowing requirements, established businesses with solid revenue and credit scores may find the funding they’re looking for through BHG Financial.

BHG Financial Interest Rates & Fees

One of the areas where we feel as though BHG Financial could improve is by disclosing its rates and fees. Very little information is provided, although it is disclosed that the minimum APR for loans with 12-year terms is 8.69%.¹ Maximum repayment terms are 12 years,¹ and payments are made monthly.

BHG does disclose that its small business loans have fixed rates. An origination fee is not charged on commercial loans.

BHG’s startup loans are secured and do not have pre-closing costs.

A UCC lien applies to both startup loans and small business loans.

Although it doesn’t disclose all rates and fees, BHG Financial does have a great loan estimate tool on its website. With just a little bit of information (such as the amount you wish to borrow and your FICO score range), you can get an estimate of your monthly payment. You can adjust the term length and borrowing amount to see updated monthly payments.

While this tool is helpful, we typically like to see more transparency surrounding terms and fees. This factor did impact our rating for this category.

Application Process

BHG’s application process is simple, straightforward, and completely online.

The application requires basic information, including the requested loan amount, the purpose of the loan, personal information including name and address, personal income, credit score range, date of birth, social security number, and information about your business. Just submitting an application does not impact your credit score.

Once you complete and submit the application, BHG states that you could get approved in as little as 24 hours.³ BHG’s loan specialists will begin working to create a personalized funding solution for your business.

If you’re approved, you can receive funds in as little as three days³ — which is pretty quick for long-term funding.

Sales & Advertising Transparency

Overall, BHG Financial provides a good amount of information on its website. While not quite as transparent as it could be, the company does provide enough information to help businesses determine if they should put in an application. If they’re still unsure, the application process is quick and easy (and doesn’t impact credit).

All information is very straightforward with no fluff, gimmicky marketing, confusing language, or red flags. BHG Financial has social media profiles, where the company posts frequently.

Customer Service & Technical Support

BHG Financial offers a few ways to get in touch, whether you’re a potential borrower or a current customer.

A single point of contact is assigned to every applicant and will work with each business throughout the process, from application to funding.

You can contact BHG Financial by phone, email, or through an online form. BHG Financial also has profiles on Facebook, X/Twitter, Instagram, LinkedIn, and YouTube. There is no knowledgebase or help center, and there’s also no company blog. We took this into account for our rating.

As far as the quality of service, customers are overall pleased with the level of service they’ve received, with no major red flags or recurring complaints to note.

User Reviews

BHG Financial’s reviews are overwhelmingly positive. The company earns a 4.7 rating on Trustpilot (based on 3,900+ reviews) and a 4.5 rating on the BBB website (based on 1,100+ reviews).

Negative Reviews & Complaints

While its reviews are mostly positive, there are a few complaints to keep in mind, including:

• Aggressive marketing tactics by phone and mail
• Reps were nonresponsive after the application was submitted
• Lack of transparency for fees and rates during the pre-approval process

Positive Reviews & Testimonials

The positive reviews far outweigh the negative. Thousands of customers were pleased with BHG Financial, citing that they most liked:

• Professional, friendly, and knowledgeable representatives
• Clear and easy application process
• Fast approvals
• Fair rates
• Excellent communication

Is BHG Financial A Good Choice For Business Funding?

BHG Financial earns a solid score, earning high marks for its great customer support, user reviews, and easy application process. However, its overall score was lowered due to a lack of transparency, as well as borrowing requirements that may be difficult for many businesses to meet.

That being said, established businesses that can meet these requirements can potentially score low rates and long repayment terms¹ — all without having to wait weeks for funding. Applicants with industry experience, strong revenue, and good credit may qualify for startup funding without the hassles typically associated with these types of loans.

If BHG Financial seems like a good fit, it’s worth submitting an application (with no impact on your credit score) or using the company’s loan estimator to check out potential monthly payments. If you’re still looking for options, make sure to check out our list of the best small business loans for other solutions.