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Beware of BHG! We looked into getting a loan from them. Not only do they charge a prepayment penalty, but they calculate their loan using SIMPLE INTEREST! WHO DOES THAT? In other words, if you take out a 10 year loan for $100K, you will be paying interest on $100K for the ENTIRE LOAN! Unlike a normal loan, where the interest payment is compounded or recalculated monthly, quarterly or annually and adjusted downward as you pay off your loan, you are paying whatever their interest rate is for the ENTIRE LIFE OF THE LOAN! They quote you an 11.4% rate, but using compound interest, you are really paying over 20%! Plus, they add prepayment penalties so you can't even pay it back early!
SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM
The complaint has been investigated and resolved to the customer’s satisfaction.
They quoted me a loan at a 27% annualized interest rate and the loan doc was one of the longest i have ever seen. This is not a situation you want to get yourself into.
This company should be out of business with their predatory lending practices. They are operating a criminal enterprise. Where are the authorities to look into this loan sharking criminal organization? This company is fraudulent and full of all scams. Whatever good reviews that are posted, I can guarantee you that the employees wrote those. I will be making a formal complaint to the State Attorney's office. This company has been deceiving people for too long & it's time they go out of whatever shady business practices that they've always had.
they sent me a tax form that looked illegal to sign when I applied for this loan and got approval. It looked so shady that I did not sign and I ignore them but they keep bugging me--it looked illegal to me
I was just solicited by BHG and I am called and emailed daily from the rep. I have ignored this but I am currently considering borrowing for improved cash flow. I am very hesitant in dealing with them based on this and other threads. That said there is a lot of positive press as well. So I am on the fence. When I ask about ball park APR they do not answer me and say its dependent on my worthiness. When I ask what is the lowest APR they have ever offered I get the same response. This make me skittish.
I did apply for this loan. And after over a month of haggling over percentages & prepayment penalties, we came to a mutual agreement. I signed the document, faxed it over and then I received a call that I just needed to initial one last thing... I opened the email and it turned out to be a contract with promissory note claiming my personal residence as collateral. WHAT A TOTAL SCAM. Has anybody else had this experience?
Actually I didn’t seem to have a problem with them until I got a UCC filing from my state saying what you’re saying using everything that I own as a collateral for a 35000$ loan. When I did a research though UCC FILING is not unusual lien if you owe something. But what I don’t feel comfortable with is that the part where it says EVERYTHING or all of my assets.