In short, I went to get a loan and was approved for $150,000, but I only needed $50,000, so that’s what I’m going with. After some negotiation (mostly by not answering the phone due to being busy), I received new offers with better terms.
Here are the details:
Net Loan Proceeds: $50,000.00
Monthly Payment: $1,022.21
Term: 84 months
Interest Rate: 16.49% fixed
Documentation Fee: $750.00
Reimbursable Servicing Fee: $0.00
No Lockout
Allows Partial Pre-Payment
Total Financed Amount (including Documentation Fee): $50,750.00
Everything looks good, but since receiving the contract for signing, I’ve been getting daily phone calls asking if I’ve reviewed everything and have any questions. It seems unusual for a loan provider to be so persistent, right?
I’m hoping someone here has experience with them and can confirm if they are legitimate or not. Any insights would be appreciated.
I got a loan from them. It indicated that I could pay off the loan early, but the catch is that you had to pay it off completely at once, and they do not accept extra payments every month. BHG removed my last Trust Pilot review. I need to send in a copy of my loan agreement for it to be considered a “verified” complaint now. Just keep an eye out for this remark in your contract because most people cannot afford to repay the entire amount all at once, early.
I realise I’m a couple of months late to this, and the country’s financial condition has deteriorated since then, but I just wanted to let you know that we’re in a similar scenario and are trying to acquire a loan for $170,000 to do some home renovations. Details below (and, yes, the interest rate is bananas). I enjoy the notion of having it as an unsecured loan that has no bearing on our credit score, but the monthly simply does not make sense.
That was exactly my thought: 15% is expensive, but it is still less than what I am already paying to service that same debt. (Yes, I hear you’re running up those cards again…If only I could talk to the younger self, you know?
They probably get paid for originations, which is why they are blowing you up. 16% looks ridiculously excessive, but maybe I’m simply uninformed about business lending.