ComplaintsforBHG Financial

• Initial Complaint

  04/19/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  I requested removal from this company's mail and phone contact list well over 30 days ago. They continue to mail and/or attempt phone contact on a weekly basis. I know that my frustration is shared with many others as I have read similar complaints. I view these outreach tactics by BHG, whether intended or not, to be harassment, and demand that they honor my request.

  

  Business response

  04/23/2024

  We have reviewed the complaint (BBB #********)submitted by the customer/consumer and sent to ********************** on 4/19/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  We have confirmed with our **************** Team that you were placed on our Do Not Contact (DNC) list and your initial request was honored on 3/2/2024. However, at the time of your request there were marketing pieces already scheduled to be sent since our mail plans are scheduled 4-6 weeks in advance. Please note, DNC requests can take up to 60 days to be processed by the third-party mail house that processes and sends out our marketing pieces.We reviewed our records and did not find any evidence of communication by phone during this time. The last scheduled transaction was mailed to you on 4/18/2024. Therefore, you should no longer receive unsolicited marketing communications from BHG following receipt of that last communication which is within that 60-day window.

  Customer response

  04/24/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ***************************

• Initial Complaint

  04/13/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Took out a loan for about $60k in June 2022 for 18% apr. Though they disguised the loan as a business loan, it was clearly discussed with them that we would be paying off credit card debt with this loan (though it didnt cover all our debt). In Sept, they made an offer pay another $25k for credit card debt, telling me that I would be able to qualify for a better interest rate with my improved score (from paying off a portion of our debt). This time I was able to get about 12% apr. Then in March 2023, they offered another loan for $23k for the remainder of what we owed in debt, and we took it for about 12% apr. When I took out this loan, they assured me that I would be able to consolidate all the 3loans and qualify for the better interest rate for the larger loan once all loans had met their 12 month payment requirement. *** tried to refinance the biggest loan 3x since then, and keep getting denied, despite the higher credit score. Once again, Im not trying to take out more money. I am simply trying to get a better interest rate than the 18% that was on that loan that they told me Id be able to get once I qualified with a better credit score. Also, weve never missed a payment or anything. I just feel theyve been deceptive and very misleading from the beginning. So Ive not been able to get a better rate or consolidate, despite now having a credit score of around 715. It just feel predatory. They kind of tricked me into thinking it was okay to act like I have a business though they knew I was using it for credit card debt, and now theyve got me stuck paying 18% on my largest loan despite them telling me I would be able to get a better interest rate when we refinanced. Even the *** loan officer *** worked with is surprised when he takes all my info to simply refinance and the underwriting team rejects it.

  

  Business response

  04/19/2024

  We have reviewed the complaint (BBB #********)submitted by the customer/consumer and sent to ********************** on 4/13/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  We have reviewed our records on the three loans held by the customer. Based on BHGs Credit Policy, current interest rates and the fact these loans are relatively new (with high existence balances), we were unable to approve a consolidation of the three loans that would have been beneficial (i.e. lower monthly payments), particularly since loans two and three already have low interest rates. Please be aware, there are many factors that go into a credit decision, with a credit score being only one of many factors.

  BHG strongly disagrees with the customers claim this loan was disguised as a business loan. Our records clearly show for each loan the customer signed multiple documents prior to taking receipt of funds evidencing these were indeed commercial loans, the funds would be used for commercial purposes and a stated use of funds as business development on all three loans.In addition, our records show a verbal verification where the customer confirms verbally with a BHG representative that each funding was a commercial loan and the funds were to be used for commercial purposes prior to receiving the funds.

  
  

  Customer response

  04/22/2024

   
  Complaint: 21571748
  
  I am rejecting this response because:

  None of this changes the  fact that I was told repeatedly that I would be able to refinance/consolidate the loans at a cheaper rate once my credit score improved. In fact, I was led to believe that I would be able to refinance the largest loan with the highest rate shortly after the 1 year period ended with an improved credit score (this wasnt the case even though I did have a much improved score) and I was reassured of that same thing on each of the smaller, newer loans (that I would be able to refinance the largest for a cheaper rate soon)  

  And I am aware of what I signed. That doesnt change what this company knew, as they knew my intentions were to pay off credit card debt, and I was encouraged to ride along and disguise it as a commercial loan (which I did, and I was wrong, but that doesnt mean that the company wasnt extremely misleading as they now fallback on the this is what you signed claim on me as they have with several others that have complained on this site)   
  

  I was mislead on multiple things (the ability to refinance for a cheaper rate on my largest loan as well as being encouraged to take this and sign it as a commercial loan despite them knowing my intentions were to pay credit card debt).

  Some employees make promises that the company doesnt keep (and I dont think they are doing it on purpose, but they do it) and they do encourage you to take loans out as business loans regardless of what you plan to use the money for, and then they fallback on you signed the paperwork once they get you the loan (and again, I did sign it, but that doesnt mean the company isnt misleading in what they do)   

  
  Sincerely,
  
  *********************

• Initial Complaint

  04/07/2024

  Complaint Type:

  Delivery Issues

  Status:

  Answered

  More info

  Receiving pre-approved offers in an area where mail is being stollen daily. Requested to be placed on Do Not Bother list. Last InvitaTION code *********.

  

  Business response

  04/09/2024

  We have reviewed the complaint (BBB #********)submitted by the customer and sent to ********************** on 4/7/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  To satisfy your request, you have been added to our Do Not Contact (DNC) List and removed from our marketing lists as requested. Although you have been placed on our DNC List as of 4/8/2024, the request will take up to 30 days to be processed by the third-party mail house that processes and sends out our marketing pieces. We schedule our marketing pieces 4-6 weeks in advance, so we kindly request you allow for that additional time and excuse any additional piece that *** arrive during this timeframe.

  
  

• Initial Complaint

  04/04/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  BHG makes it sound like they're the easiest company in the world to get a loan from. I have nearly perfect credit, a very good income, and decent savings. I initially shot for the moon and applied for $500k to purchase an existing business. I was denied because my current income wouldn't be able to pay back the loan (that's not how loans work for the purchase of a business, but what do I know, right?) My loan officer tells me someone will reach out to me in a couple days to go over different options and let me know how much they can actually approve me for. That never happened. So I reached out to them. No such department exists. Fast forward about 6 months later, a new loan officer reaches out to me and says she's been reviewing old case files, came across mine, I shouldn't have been denied, she can get me the $500k, I just had to reapply. I told her I'd rather not apply for $500k, and instead applied for $100k. I was immediately denied. This is an amount I can pay back without skipping a beat. I was approved for $400k house, $125k car, I get any credit card I apply for; yet BHG has some arbitrary requirement that no one can explain. I half believe they never really approve anyone and are just stealing/selling our information, because I've also never had so much spam email until after I applied for the initial $500k. The company is just a scam.

  

  Business response

  04/09/2024

  We have reviewed the complaint (BBB #********)submitted by the consumer and sent to BHG Financial on 4/4/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  BHG has been in business for 23 years and has provided over $17 Billion in financing to thousands of satisfied customers, many of whom have returned to us for repeat loans. BHG makes every attempt to provide a solution to our customers specific needs, however, were not always able to make this happen. The credit decision was based on our Credit Policy, and the applicant did not meet the minimum qualification in at least one level in order to qualify for an approval on the requested amount. Mortgages and auto loans are an entirely different products than a BHG loan as those loans are tied to a secured form of collateral (i.e. house or car), whereas BHG loans require no personal collateral.  An Adverse Action Notice is mailed within 30 days of the application date and will detail the reason(s) for our decision.

  Please be aware, BHG does not sell customer information. Refer to BHGs Privacy Notice on our website for additional information. Should the you have further questions, you can reach out to our ****** Services Team at ************. 

• Initial Complaint

  04/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I was told that payment was never made. It was made on 02/06/2024. I was being contacted by their collection department continuously. They refused to verify that the payment was made until I had to call the company. Again, I was basically called a liar and that the payment was never made.

  

  Business response

  04/04/2024

  We have reviewed the complaint (BBB #********)submitted by the customer and sent to ********************** on 4/2/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  In researching your concerns, our records show that the payment scheduled for February was not posted to your account until 3/19/2024 which would have prompted contact from our collection department. Our records now show the account is current through March.   

• Initial Complaint

  03/20/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I applied for a BHG loan. I got approved for a loan and was given payment amounts, interest rate, APR, term lengths. I was happy and ready to proceed. (I was on speaker and wife was talking). He was going to send me another breakdown for an amount a little higher since I was approved for a higher amount so I asked him to also send the loan docs for my review and would sign. This is the unethical part. He advised me I have to send a voided check BEFORE he can send the loan docs for me to sign. When I laughed because I thought he was kidding, he buckled down and said but you can cancel any time even after funds are sent (how would I confirm this if I cant see a document before. I told him that I would not send a voided check BEFORE I reviewed loan docs but that I would love to work with them if he would send the document. He said no. I have read their class action suit of putting primary dwellings as collateral and putting in lockout periods. I asked about these this. He assured me that for personal loans they do not take collateral as it is an unsecured loan and do not have any lockout periods. But how can I verify this information is true if I cant see the contract before I give authorization of my checking account! All Im asking is to review my loan document to confirm so I can check those two things and move forward. IF those two things are indeed NOT in the contract - why not send it to a customer to review? He responded we dont just send out sample loan contracts. This absolutely is not a sample loan contract when you are asking for a voided check before you send it. He confirmed with me he cancelled my application. So the company would rather not make money than give the customer their documents to review before the customer authorizes payment? This is NOT normal. I will be filing with FTC if someone doesnt confirm this is not normal business practices. Im hoping **** was wrong.

  

  Business response

  04/01/2024

  We have reviewed the complaint (BBB #********)submitted by the customer and sent to ********************** on 3/20/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  Our Director of Sales and her team have been working directly with the applicant and the application is moving forward. Contracts have been sent to the customer for their review and if the proposal is acceptable to the applicant the loan should be able to fund this week.

  
  

• Initial Complaint

  03/19/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  On March 5 I reached out to BHG financial on a $70,000 loan amount a couple days later alone Consultant got back with me and said that I would be approved for $50,000 on May 15 ******************* reached out to me and gave me a final congratulations on being approved for the loan we went over the rates they were going to charge me *****% for 12 years at a payment of roughly $850 a month he said I needed to expedite a picture of myself and my ID to a website all documents were signed on the 15th via DocuSign on Monday the 18th BG had me go down to a court server retake my picture three times take my drivers license picture three times to finish the process today the 19th I get an email saying that they have reneged basically on their loan after *** signed committed and they dont give me a reason why I dont understand how this can happen after Ive signed documents and been verified on my identification. This is a huge scam my business now was going to suffer because of these people.

  

  Business response

  03/22/2024

  We have reviewed the complaint (BBB #********)submitted by the customer and sent to ********************** on 3/19/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  BHG has been in business for over 23 years and has provided over $17 Billion in financing to thousands of satisfied customers, many of whom have returned to us for repeat loans. We were unable to move forward with the loan as it did not meet all of our requirements. BHG was unable to verify information provided in the application, therefore, the application was declined.

• Initial Complaint

  03/18/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  This complaint is about ***************** LLC/Nalu in reference to a loan to pay for dental implants at ******************************** in *****, ** originated in Aug/Sept 2023. Acct # EL-LKVAIF I never received written loan documents and their online portal does not provide a current balance, amortization or accounting of principal and interest payments. After several instances of misapplication of three online payments made in Oct, Nov and Dec 2022, I enrolled in auto draft in January 2023. Since that time, the auto drafts on my checking account made by BHG/Nalu have never been the same amount in any month nor often the same consistent day, and sometimes nearly double or triple the agreed monthly payment of $734. I contacted **** in April 2023 about the discrepancies and over withdrawals. Nalu sent a refund of one payment in a check dated May 1, 2023. However, they did not really correct the issue of the inconsistent payments and over withdrawals. Withdrawals from December have been: 12/12/23 $865.48; 1/9/24 $985.57; 2/9/24 $1,107; 3/9/24 $1,176. I have paid them through online payments and auto drafts in excess of $16,000 when consistent monthly payments should have been $11,025 at this point. They are fraudulently stealing money from my checking account. They cannot provide an official statement on branded letterhead with a current loan balance in a timely manner. I did not sign an agreement for an adjustable rate or payment. At this point, I want out of this loan and have requested a payoff amount - but do not trust that the payoff process will go smoothly or be properly handled without more fraudulent or unethical behavior.

  

  Business response

  03/25/2024

  We have reviewed the complaint (BBB #********)submitted by the customer and sent to ********************** on 3/18/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  Our records show a ****** Services Manager has been in contact with the customer regarding their concerns. Our ****** Services Manager provided the customer with an updated payment history and amortization schedule. Should the customer have any further questions or concerns regarding this issue, they should reach out to the ****** Services Manager directly at the contact information they provided.

  
  

  Customer response

  03/26/2024

   
  Complaint: 21452240
  
  I am rejecting this response because:
  I have not received a proper amortization schedule. The only thing I have received from them is a screenshot of a bunch of numbers and dates that dont make any sense so I dont know where Im at with my total and how much is gone to principal how much is gone to interest a screenshot is not an amortization schedule on a Company letterhead that shows the breakdown of where my money is gone plus they they have over $4000 that is uncountable on their schedule versus my bank account on there withdrawals, so no I am not satisfied with their response and their person has yet to get back with me, except for when he sent me that screenshot 
  Sincerely,
  
  *************************

  

  Business response

  04/04/2024

  Our ****** Services Manager has been in contact with the customer throughout this process. The customer provided additional documentation. We are reviewing the records and upon completion of this review, our ****** Services Manager will reach back out to the customer to go over any adjustments made on the account.

• Initial Complaint

  03/11/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I have been receiving weekly junk "pre-approved offers" mail from this BHG company for many months now. Sometimes multiple junk mailings in the same week! They come in huge manilla envelopes that I'd opened so many of initially thinking they were important that I now just toss them in the garbage as soon as I see my mail. I am not in the market for any or whatever services are offered from this company and at this point if I ever were in need I would go out of my way to find an alternative company and would tell to others as well at this point. Unless you enjoy being harassed weekly!? I do not wish to be contacted via mail or any other avenue by this company! This type of aggressive marketing is not effective! All it's doing is pushing any potential business you might have gained away! STOP SENDING ME THESE HUGE ENVELOPES!!!

  

  Business response

  03/12/2024

  We have reviewed the complaint (BBB #********)submitted by the consumer and sent to BHG Financial on 3/11/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  To satisfy your request, you have been added to our Do Not Contact (DNC) List and removed from our marketing lists as requested. Although you have been placed on our DNC List as of 3/12/2024, the request will take up to 30 days to be processed by the third-party mail house that processes and sends out our marketing pieces. We schedule our marketing pieces 4-6 weeks in advance, so we kindly request you allow for that additional time and excuse any additional piece that *** arrive during this timeframe.

  Customer response

  03/14/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *************************

• Initial Complaint

  02/27/2024

  Complaint Type:

  Order Issues

  Status:

  Resolved

  More info

  I have been receiving weekly junk mail from BHG. I have asked to be removed from their contact lists and I am still receiving misleading offers. Please stop sending these pre approved offers.

  

  Business response

  02/29/2024

  We have reviewed the complaint (BBB #********)submitted by the consumer and sent to BHG Financial on 2/27/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  To satisfy your request, you have been added to our Do Not Contact (DNC) List and removed from our marketing lists as requested. Although you have been placed on our DNC List as of 2/27/2024, the request will take up to 60 days to be processed by the third-party mail house that processes and sends out our marketing pieces. We schedule our marketing pieces 4-6 weeks in advance and the marketing plans for March and ***** were already sent to our third-party vendor and unfortunately, we are unable to stop already scheduled mail plans. So,we kindly request you allow for that additional time and excuse any additional piece that *** arrive during this timeframe. For this inconvenience as a courtesy, BHG will be emailing you a **** gift card at the email address provided. Please be on the lookout in your inbox and also check your Spam folder.

  
  

  Customer response

  03/05/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  *************************

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩