ComplaintsforBHG Financial

• Initial Complaint

  06/10/2024

  Complaint Type:

  Order Issues

  Status:

  Answered

  More info

  I would hope that anyone that deals with this company to rethink their decision. I was given a payoff, paid in full then 2 months later was told to pay more money due to an error on the part of BHCG. Stay clear of this company. Even an email indicating loan paid in full and account closed was an error. Please do not do business with this company as they have a lawsuit pending for questionable business practices.

  

  Business response

  06/11/2024

  We have reviewed the complaint (BBB # ********)submitted by the customer and sent to ********************** on 6/10/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  On 4/23/2024, BHG provided the borrower with the payoff amount. The borrower requested to split the payoff into two separate payments:one via wire and the other via a physical check. The wire payment went through without an issue, but there was a delay in processing the physical check, which BHG promptly addressed.

  During this delay, the borrower had their automatic monthly draft scheduled for 5/1/2024. The borrower placed a stop payment on the scheduled automatic draft to ensure that the second part of the payoff check would arrive in time. Unfortunately, BHG did not receive the physical payoff check until 5/2/2024, which led to the accrual of additional interest and a collection flag for a stopped automatic draft on 5/1/2024. 

  BHG has fulfilled the 4/23/2024 payoff amount and instructed collections of this situation, which will stop further contact with the borrower as they desired in this complaint. We have also informed the borrower and confirmed their payoff.

• Initial Complaint

  05/28/2024

  Complaint Type:

  Billing Issues

  Status:

  Resolved

  More info

  I am being targeted with weekly spam mail which I did not sign up for. I have student loans and I am being targeted by this bank who is spamming me with predatory loan offers and using my old name which is no longer my legal name. I request for them to remove my information from their database and never contact me again.

  

  Business response

  05/30/2024

  We have reviewed the complaint (BBB #********)submitted by the consumer and sent to BHG Financial on 5/28/2024. 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 5/29/2024, 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

  05/31/2024

   
  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

  05/15/2024

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  I have a loan with BHG. I wanted to pay my balance off. The process is you have to write an email with instructions (bank Info) authorising the payoff. I was given the balance and completed it a month later. My email was returned 3 times telling me to use a different email each time, which I did. After the third email I never received a confirmation or reply. I called yesterday to find out what is happening. I was told that request expired and I needed to get another request. I received the new request several hours later. The problem is the payoff amount is more than what the previous payoff was, and is not accurate to my amortisation statement. I replied to the email asking for clarification why the discrepancy, and have had no response. I feel there is a scam happening here...

  

  Business response

  05/17/2024

  We have reviewed the complaint (BBB #********)submitted by the customer and sent to ********************** on 5/16/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  A BHG ****** Services Manager was in contact with the customer on 5/16/2024 and explained the situation in detail, including the misunderstanding with the payoff dates and amounts (i.e. accrued interest) and provided the customer with an updated current payoff figure. Customer was provided instructions on how to complete the payoff prior to its expiration date. All of the customers concerns appear to be resolved following these communications.

  
  

  Customer response

  05/17/2024

   
  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

  04/19/2024

  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:

  Order Issues

  Status:

  Answered

  More info

  Bogus loans. Predatory lending. Super high interest rates and no early payoff allowed.

  

  Business response

  04/15/2024

  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 researched the customers claims for this complaint. All three loans that were taken out were at very competitive interest rates,particularly for unsecured (no personal collateral required, i.e. home or car)loans. The customers claim that they were done at super high interest rates is simply untrue. The payoff clause for each loan is clearly stated near the top of Page 1 of the Promissory Note signed by the customer for each loan. Should they have any additional questions they can reach out to our award-winning ****** Services Team at ************.

  
  

• 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

  04/12/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Took a loan from BHG in 2018 for 2018 for ******. Told company it was ti consolidate debt. Company made it a commercial loan. Asked several times if that was okay and assured it was fine.Told loan payments had to be paid for specific time period before could be paid off.In 2021 received call to say I was at half way point of my loan asked about refinancing and taking out more money.Informed Mr. ********************* that I had not interest. Was told it would NOT extend time period of loan.Also add on additional money to do work on home...and again reassured it would not add or extend time onto length of loan.During this time also received call from another gentleman with company pressuring me to take/apply for a credit card...turned that done several times and even received another call months later asking about credit card and again turned it down.Received email documents from company 4/ 7/2021 with documents/contract Difficulty getting updates or statements from company.Expected loan to be paid off this coming month ***************** and am being told that I have a loan until 2029...and 92 month payment...Requested all documents sent Spoke to 2 differnt customer service agents Information provided over the phone by first person and documents sent where not same as info sent by second Being told that instead of refinancing in 2021 they literally lent me an additional ***** and paid that off to someone from my original loan of 40000????I paid ****** for 36 months from 2018-2021....I was literally provided ****** to me/my account and the promissory note the sent me today.. that was an addenum...that I have no recollection of signing because original contract information sent 4/72021.... Today I was sent something for 92 months with a total payment of *******.... I have also contacted a lawyer and FDIC for predatory lending

  

  Business response

  04/19/2024

  We have reviewed the complaint (BBB #********)submitted by the customer/consumer and sent to ********************** on 4/12/2024. BHG takes customer complaints seriously and is committed to providing timely and accurate responses.

  We reviewed your claims as well as our account records for these two loans. There seems to be some confusion on your part relating to a few specific items in your complaint. 1) The original loan from 2018 was paid off with a refinanced loan during May 2021. This new loan was also done at a considerably lower interest rate. In addition to that payoff of your original loan, you were also provided additional funds. 2) Your statement claims you expected the loan to be paid off in the coming months, fails to make sense as the terms of your loan from May 2021 are clearly spelled out in the documents you signed showing a 96-month term.

  In addition, our records show you signed documents for each loan that clearly state you intended to use the funds for business/commercial purposes. Our records also evidence, a verbal verification prior to receiving funds for both loans where you attest these are commercial loans and you intended to use the funds for business purposes.

  BHG wants to ensure that all customers are clear on the state of their existing loans with us. Therefore, a ****** Services Manager at *** will be reaching out to you by telephone during the week of April 22, 2024 to make sure this information is clear with you and reset your understanding of your loan moving forward.

• 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.   

*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. ↩