Small business owners have various lender options thanks to online and non-bank lenders like BHG Money (powered by BHG Financial). While it’s mostly known for personal loan offerings, some business owners may be interested in BHG Money business loans.
However, the lender might not suit all businesses, as it has limited loan amounts. In addition, some business owners may prefer lenders that focus exclusively on commercial loans.
This review covers what you must know about BHG Money business loans, including the benefits, drawbacks, and application process to help you make an informed decision. Specifically, we’ll answer these questions and more:
BHG Money is a non-bank direct lender that offers personal loans and business financing to help borrowers with various financial needs. Whether it’s for debt consolidation, increasing working capital, or expanding a business, BHG Money provides the necessary funding.
The company prides itself on offering competitive interest rates, flexible loan terms, and personalized payment plans that cater to individual needs. Powered by BHG Financial, the lender aims to ensure borrowers can access the funds they need while also receiving exceptional service.
Known initially as Bankers Healthcare Group, BHG Financial was established in 2001 to provide direct loans for personal and professional purposes. Headquartered in Davie, Florida, the company has financed more than $10 billion for over 700,000 borrowers.
BHG Financial provides a diverse range of personal and commercial financial services. BHG Money is the company’s provider of business and personal loans.
BHG Money is a direct lender that provides business loans to meet various business financing needs. It offers multiple flexible loan options, including business term loans and SBA 7(a) loans.
The lender offers four primary commercial loan categories:
The lender offers competitive interest rates and flexible repayment terms. This means small business owners can secure funding without facing exorbitant interest charges and choose repayment options that align with their cash flow.
BHG Money does not set qualifications to apply for its commercial loans. That means you don’t need to meet a minimum credit score requirement. The lender evaluates business loan applications on a variety of factors, including creditworthiness, income or revenue, and the intended use of the funds.
Applicants must provide personal and business financial statements. You also need an active medical license for the medical practice loan option. While you can apply regardless of your time in business, revenue, or credit score, the lender provides information on the average approved borrower profile for each loan option.
Business Opportunity Loans:
Existing Business Loans:
Commercial Debt Consolidation Loans:
Medical Practice Loans:
While the lender offers specialized services for medical professionals, it services all industries. BHG Money business loans are available nationwide.
The lender only conducts a soft credit pull on your personal credit history when you apply for a commercial loan. It also doesn’t report commercial loans to the consumer credit bureaus, so these loans have no impact on your personal credit. However, they may report delinquent payments and loan defaults, lowering credit scores.
You don’t have to pay any amount upfront, as the non-bank lender doesn’t charge pre-approval fees. However, there may be origination fees once approved.
BHG Money provides unsecured loans, meaning you don’t have to put up personal assets as collateral. However, they may secure some loans by filing a UCC lien against your business.
It offers fixed interest rates for all commercial loans. That makes it easier to predict payments and calculate your costs. The lender provides a concierge service seven days a week in the US.
While the website doesn’t publish information about a business loan affiliate program, some lending marketplaces offer their products. ISOs and business loan brokers should contact BHG Money or BHG Financial directly.
Applying for a BHG Money business loan is simple and straightforward. Applicants do not need to provide a business plan, but you will need to provide financial statements. Follow these steps to apply.
The first step is to complete an online application. You’ll indicate why you’re requesting the loan and how much funding you need. A rep will then contact you to complete the process. The lender attempts to finish phone calls in 15 minutes or less.
You’ll sign and submit the completed application for BHG Money to begin reviewing your file. You may need to provide additional documentation depending on your creditworthiness.
The lender will finalize a custom loan offer and send your funds if approved. Getting funding in as few as three business days may be possible. The lender honors approved loan requests for up to 12 days.
Once the funds have been disbursed, borrowers have the flexibility to utilize them for different purposes, such as debt consolidation or other essential business expenses. The lender does not require you to submit receipts to prove how the money is being used.
Loan payments are due monthly. Depending on your loan type and creditworthiness, carrying two BHG Money loans may be possible.
Since BHG Money is a direct lender, borrowers benefit from streamlined communication and personalized services throughout the entire process – from application to post-funding support. This direct interaction with the lender ensures that any queries regarding payments or other aspects of the loan are addressed promptly and accurately.
BHG Money offers a variety of business loan options to meet various needs. The diversity in loan options makes it an attractive option for small business owners.
One of its more advantageous loan options is commercial debt consolidation. This allows businesses carrying multiple forms of debt to better manage their finances with a single monthly payment. It might also save money on interest.
As a non-bank lender with a solid online presence, BHG Money can provide quick funding on some business loans. Borrowers with an urgent funding need would benefit from these expedited options.
The lender offers strong customer service, including its concierge service. It also has a transparent fee structure and fixed interest rates, simplifying repayment and making it easier to calculate repayment.
BHG Money business loans cap out at $500,000 and most are between $20k – $250k. While they may be suitable for some business needs, borrowers seeking higher amounts must look elsewhere.
Completing the application process requires speaking to a company’s lending expert. Comparatively, some alternative and online lenders allow you to complete the process entirely online.
BHG Money’s website is not as user-friendly as some of its competitors, and loan details can be vague. Since most online reviews are about BHG Money personal loan products, finding accurate feedback about its commercial loan options can be difficult.
Pros:
Cons:
Yes, BHG Money is a legitimate financial provider with a track record of assisting businesses with funding needs. They adhere to industry regulations and have garnered positive reviews from satisfied clients.
The lender is also a verified company on Trustpilot. Its parent company, BHG Financial, is Better Business Bureau (BBB) accredited with an A+ rating.
BHG Money has primarily positive reviews but some negative ones as well. The lender has a 4.7 rating with over 3,000 reviews on Trustpilot.
However, it’s challenging to separate reviews for the lender’s commercial loans from personal loan reviews. The majority of reviews available focus on BHG personal loans.
Positive reviews often center around the interest rates and terms of their business financing products. Many borrowers share positive experiences about the competitive interest rates offered.
Numerous reviews highlight the seamless application process and swift funding provided by BHG Money. Business owners can access the necessary funds promptly, enabling them to address urgent financial needs or capitalize on growth opportunities without delay. Another common theme in BHG Money reviews is how their loans have helped entrepreneurs with debt consolidation.
Negative reviews for BHG Money business loans typically focus on high interest rates, hidden fees, and poor customer service. Customers have reported feeling misled about the true cost of the loan and experiencing frustration with the lack of transparency in the terms and conditions.
Some have also expressed dissatisfaction with the support they received from BHG Money when trying to address concerns or issues with their loan. Overall, the negative reviews highlight concerns about the affordability and fairness of BHG Money’s business loan offerings.
If BHG Money denies your business loan request, it could be due to your credit score and credit requirements. If you’re denied, the lender should provide written documentation explaining the reasons for the decision.
The denial letter may include information about improving your application and when you can apply again. If it doesn’t or if you need more information, call the company directly.
Fortunately, many lenders are available if BHG money doesn’t work for you. Consider alternative lenders that offer large loan amounts with flexible repayment terms. These lenders may not have the same stringent credit requirements as BHG Money, making it easier for some borrowers to get approved.
You may be interested in one of the following small business loan options:
BHG Money is best suited for small business owners seeking amounts under $500k with a fast funding need. In particular, the lender could be an advantageous option if you’re looking to invest in a new business opportunity, consolidate business debt, or want to expand a medical practice.
Business owners seeking a substantial loan amount will likely need to find a different lender or marketplace. Well-qualified borrowers can likely find lower-cost financing options from traditional lenders. In addition, businesses with urgent financing needs could potentially find alternative lenders that offer a faster application process and funding time.
Based on the available information, we rate BHG Money business loans at 3.9 out of 5. The lender offers good commercial lending options and has excellent user reviews, but the lower loan amounts and limited information on its website are concerns.
Disclaimer: The BHG Moeny trademark is owned by BHG Financial, LLC, and its use herein is for reference purposes only, and it does not indicate sponsorship or endorsement from BHG Financial, LLC.
Fraud Disclosure:
Please be aware that individuals have been fraudulently misrepresenting to business owners (and others) that United Capital Source, Inc. (“UCS”) can assist small businesses in receiving government grants and other forgivable business loans, when in fact those grants or loans do not exist or are not available. These individuals have ulterior motives and are engaging in the unauthorized use of the names, trademarks, domain names, and logos of UCS in an attempt to commit fraud upon unsuspecting small business owners.
UCS will never communicate with a prospective client on Facebook, Facebook Messenger, or any other type of social media. Further, any email communications will always come from an official UCS email address and not a Gmail, Yahoo, or other email domain. If you believe you have been contacted by someone posing as an employee of UCS, please email [email protected].
