topic Re: BHG - I applied, approved $200K -- Any other experiences? in Personal Finance

BHG - I applied, approved $200K -- Any other experiences?

RickNATL — Tue, 27 Jun 2023 17:35:36 GMT

I saw two posts about BHG Finance -- the sale is no hard inquiry, no report to personal credit, up to 12 years to pay back, and interest is negotiable, esp. if you have a competitive loan consideration to negotiate with. However, what's life like what BHG -- I don't see an app, just a website, etc. They are antiquated in how they collect docs (text messages or email). Any negatives, caveats or buyer beware advice out there?

Re: BHG - I applied, approved $200K -- Any other experiences?

FireMedic1 — Tue, 27 Jun 2023 18:15:29 GMT

You applied and got approved. Now you want to now how they operate? Was this a business loan?

Re: BHG - I applied, approved $200K -- Any other experiences?

FireMedic1 — Tue, 27 Jun 2023 18:16:30 GMT

https://money.usnews.com/loans/personal-loans/reviews/bhg-personal

Re: BHG - I applied, approved $200K -- Any other experiences?

CreditCuriosity — Thu, 29 Jun 2023 17:34:53 GMT

Didnt the business loan have a prepayment penatly and other things that were a huge turn off? I have CK pre-approvals galore on these people for huge amounts, not 200k huge, but big.. nope for me as dont need

Re: BHG - I applied, approved $200K -- Any other experiences?

Citylights18 — Wed, 05 Jul 2023 15:37:10 GMT

I don't have a pre-penalty payment on mine and the term was 8 years not 12.

They will give you a payoff schedule if you request it from them.

Re: BHG - I applied, approved $200K -- Any other experiences?

RickNATL — Sat, 08 Jul 2023 04:29:22 GMT

It was personal...no collateral. Annoying part is origination fee. Sofi offer up to $100K no fee.

Re: BHG - I applied, approved $200K -- Any other experiences?

RickNATL — Sat, 08 Jul 2023 04:30:53 GMT

@Citylights18 correct.

Re: BHG - I applied, approved $200K -- Any other experiences?

Luv2Cruise — Tue, 08 Aug 2023 23:00:48 GMT

My hubby just got approved with BHG at % rate of 15.67 and 7yr loan and our loan if he goes through with it, the finance charge seems is higher than we had with lending club and the loan would only pay off 2 of our joint accts and his 10k cc with about 2,000 put into our acct to pay off smaller cc. What I like about Lending Club is they let you decide which bills you want to pay which isn't thecase with BHG, they decide and they cut checks and over night to you then you mail to the cc you are paying off. He only got approved for 48k

Re: BHG - I applied, approved $200K -- Any other experiences?

CBetc — Tue, 15 Aug 2023 16:45:58 GMT

Recently pulled the trigger with BHG as well and I had a few of the same thoughts about the process... I constantly have difficulties logging into their website as well.

Overall, the ability to have this not report to your personal file (so long as paid on time) was the cincher for me. This was primarily for refinancing business CC debt (which still had a PG but was not reporting to my file). The interest rate on those CCs were fine in the Beforetimes, but was beginning to become an issue. Consolidation helps keep that off my file while making that debt load much more managable.

It may also be an option for people looking to "kickstart" a high-debt credit score by paying off a lot of those revolvers, and then leveraging a good rate on a new personal loan to pay off the BHG one (no pre-payment penality on this one) with a better rate in the future.

Either way, BHG seems to be providing a valuable service, so I'm not too upset about the origination fee in my case.

Re: BHG - I applied, approved $200K -- Any other experiences?

Mdg1307 — Wed, 16 Aug 2023 20:15:25 GMT

Which bureau(s) do they pull ?

Re: BHG - I applied, approved $200K -- Any other experiences?

CBetc — Fri, 18 Aug 2023 15:28:29 GMT

@Mdg1307 wrote:
Which bureau(s) do they pull ?

For me only TU. The HP appeared about three weeks after funding.

Re: BHG - I applied, approved $200K -- Any other experiences?

Mdg1307 — Fri, 18 Aug 2023 16:51:10 GMT

@CBetc wrote:
@Mdg1307 wrote:
Which bureau(s) do they pull ?
For me only TU. The HP appeared about three weeks after funding.

Glad to hear as that's my best score at 848. What other info/ documentation was needed ?

also they say the trade line doesn't appear on your report, is that true in your experience?

Re: BHG - I applied, approved $200K -- Any other experiences?

CBetc — Fri, 18 Aug 2023 21:04:58 GMT

@Mdg1307 wrote:
@CBetc wrote:
@Mdg1307 wrote:
Which bureau(s) do they pull ?
For me only TU. The HP appeared about three weeks after funding.
Glad to hear as that's my best score at 848. What other info/ documentation was needed ?
also they say the trade line doesn't appear on your report, is that true in your experience?

Verification of pay via last four paystubs, and three months of bank statements for the account it will be paid into (and autopaid out of). No business accounts directly, just personal accounts.

So far, nothing on personal credit, correct. Given that that was the primary selling point for BHG for my purposes, and was emphasized by the officer I was working with, I'll be quite upset if I was misled, lol. This was very recent though, and if it were to post it could still do so and simply be delayed.

Re: BHG - I applied, approved $200K -- Any other experiences?

Mdg1307 — Fri, 18 Aug 2023 21:23:24 GMT

@CBetc wrote:
@Mdg1307 wrote:
@CBetc wrote:
@Mdg1307 wrote:
Which bureau(s) do they pull ?
For me only TU. The HP appeared about three weeks after funding.
Glad to hear as that's my best score at 848. What other info/ documentation was needed ?
also they say the trade line doesn't appear on your report, is that true in your experience?
Verification of pay via last four paystubs, and three months of bank statements for the account it will be paid into (and autopaid out of). No business accounts directly, just personal accounts.

So far, nothing on personal credit, correct. Given that that was the primary selling point for BHG for my purposes, and was emphasized by the officer I was working with, I'll be quite upset if I was misled, lol. This was very recent though, and if it were to post it could still do so and simply be delayed.

Thank you for all the info!

this send like a good program they're offering

Re: BHG - I applied, approved $200K -- Any other experiences?

Knowledgelevel — Wed, 13 Nov 2024 16:53:07 GMT

What was the underwriting like after the pre approval? What docs did they require for funding ?

Re: BHG - I applied, approved $200K -- Any other experiences?

AzCreditGuy — Fri, 15 Nov 2024 21:43:30 GMT

Hmmm I would stay away from them, they offered me a predatory loan a year ago on the business side. The guy was a shady car salesperson who acted like the fee's and rate were perfect me. I told them to F off and never contact me again. I continue to get mailers from these shady company and I just put "RETURN TO SENDER" I would have an attorney or lender look at the paperwork before you accept any terms from them