BHG Financial Business Loan Review
Pros and cons of
Pros
- Relatively fast funding
- Long repayment terms
- Each applicant is paired with a dedicated loan specialist
Cons
- maximum loan size is smaller than other lenders
- Uses a blanket lien
- Charges prepayment penalties
small business loans review
- Businesses looking for fast, long-term financing. offers funding in as little as three days for long-term business loans. These loans have flexible loan terms of up to months, which allows you to select a repayment window that suits your needs.
- Established businesses. typically lends to businesses with high credit scores and annual revenues, as well as long business histories, so it’s likely not going to be a fit if you need startup funding.
- Businesses in need of small loans. The company advertises loan amounts up to , but says that amount is reserved only for its most well-qualified borrowers. Most applicants can only get approved for up to $250,000.
small business financing at a glance
| Product | Loan amounts | Repayment term | Interest rate | Fees |
|---|---|---|---|---|
| Term loan | Up to months | Starting at | Not disclosed, but user reviews point to an origination fee and prepayment penalty |
Term loans
lacks transparency around its eligibility criteria and fees, which can make it hard to tell if you’re a good fit. Interested borrowers can get preapproved for a business loan, which will provide a rate estimate. But, keep in mind that receiving a loan offer isn’t the same as loan approval, and you may be given different terms once you submit an application through the lender’s customer service team.
By the same token, remember to ask about the lender’s fee structure up front if you apply. While this lender doesn’t disclose its fees publicly, customer reviews reveal that most borrowers will be subject to an origination fee and a prepayment penalty.
borrower requirements
| Minimum annual revenue | |
| Minimum time in business | |
| Minimum credit score |
Compared to other lenders, ’s business loan requirements are fairly steep, suggesting it’s likely a better fit for well-established businesses. The company also outlines the profiles of typical consumers, which tell a similar story. Those numbers indicate that
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
| Best Egg | |||
|---|---|---|---|
| Minimum credit score | |||
| Repayment term | Up to months | Not specified to Not specified months | months |
| Minimum funding time | 3 days | 2 days | Same day |
| Starting interest rates | Not specified
| per month | |
| Maximum loan size | Not specified | ||
| Minimum annual revenue |
vs. Best Egg
Best Egg is another online lender that offers business term loans up to Not specified. The major difference between the two lenders is in their repayment terms. BHG offers term lengths up to months, while Best Egg’s offerings only extend to Not specified months.
Still, if you can make that repayment window work, you may be able to get your money a little bit faster with Best Egg, which may be able to disburse funds in just two days compared to
If you have excellent credit, you may be able to score a more favorable interest rate with this Best Egg. Plus, Best Egg discloses its APR in addition to its interest rate, giving you a clearer picture of the full cost of borrowing, including fees.
vs.
Similarly, is another alternative lender that provides fast funding, as soon as the same day. However, this lender’s core strength is that it provides more options than .
For one, its maximum loan amount extends to compared to . It also offers many different types of financing, including business lines of credit, equipment financing and SBA loans, while only offers term loans.
Still, loan terms for only extend to four years, while is likely going to be a better option for you.
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