BHG Financial Business Loan Review
Pros and cons of BHG Financial
Pros
BHG Financial small business loans review
On the business loans side, their long-term business loan offers amounts up to
What’s more, potential borrowers should know that consumer reviews for the company from sources like Trustpilot and Better Business Bureau (BBB) are mixed. Positive reviews talk about an easy loan application process and excellent customer service, while negative ones mention aggressive marketing tactics, bait-and-switch loan offers and some uncommon loan terms, like a prepayment penalty. If you decide to pursue a loan with BHG, read your loan agreement and make sure you understand all of the terms.
- Businesses looking for fast, long-term financing.
BHG Financial small business financing at a glance
| Product | Loan amounts | Repayment term | Estimated APR range | Fees |
|---|---|---|---|---|
| Term loan | Up to | Starting at | Not disclosed, but user reviews point to an origination fee and prepayment penalty |
Term loans
BHG Financial borrower requirements
| Minimum annual revenue | None |
| Minimum time in business | None |
| Minimum credit score | Not disclosed |
Unfortunately, beyond the criteria listed above,
Blanket liens are placed against all of your business’s assets, including future ones. This can make it harder to secure additional financing in the future because any new lender’s interest would come second to the existing blanket lien.
Consider both your current and future financing needs to determine if a blanket lien is likely to become a problem for your business in the future.
Alternatives to BHG Financial
| iBusiness Funding | |||
|---|---|---|---|
| Minimum credit score | Not disclosed | 640 | |
| Repayment term | Up to | 6 to 60months | |
| Minimum funding time | 3 days | 2 days | 3 days |
| Starting interest rates | Not specified | ||
| Maximum loan size | $500,000 | ||
| Minimum annual revenue | None | Not disclosed |
vs. iBusiness Funding
iBusiness Funding is another online lender that offers business term loans up to $500,000. The major difference between the two lenders is in their repayment terms. BHG offers term lengths up to months while iBusiness Funding’s offerings only extend to 60 months.
Still, if you can make that repayment window work, you may be able to get your money a little bit faster with iBusiness Funding, which is able to disburse funds in just two days compared to BHG’s three. And, if you have excellent credit, you may be able to score a more favorable interest rate with this lender.
vs.
Similarly, is another alternative lender that provides relatively fast funding, with a minimum funding time of just three days. This lender’s core strength is that it provides many more options than .
For one, its maximum loan amount extends to compared to BHG’s . For another, it offers many different types of financing, including business lines of credit, accounts receivable financing and SBA loans while BHG only offers term loans.
However, in order to qualify for one of loans, you have to be able to meet some fairly strict business loan requirements. For example, you need to be able to show that your business brings in at least $240,000 in annual revenue and you have to have been in business for at least two years to qualify for one of its term loans. BHG doesn’t formally impose these requirements, but even its typical consumer profiles are more lenient.
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