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Who is BHM Financial?
Since 2005, BHM Financial Group has been focusing on providing bad credit Canadians with access to financing. They focus on approving consumers based on assets, not their credit scores. Because of this, BHM Financial is able to offer a wide variety of products, including:
- Personal loans
- Car title loans
- First and second mortgages
- Small business loans
- RV loans
- Equipment loans
- Mobile home loans
- Trailer loans
- Truck loans
- Boat loans
BHM Financial specializes in helping Canadians recover from financial mishaps and life setbacks. Whether you’ve lost your job or need extra financing to keep your business going, BHM Financial is ready to step in. Qualify for up to $25,000 with BHM Financial and get on track, regardless of your current financial situation.
What Is The Application Process Like?
BHM Financial’s application process can be summarized in three easy steps.
- Fill out the application form – When you fill and submit the online application form you will receive a pre-approval. The amount you are pre-approved for and your estimated monthly payments will depend on the accuracy of the information you provide in the application form.
- Submit the required documentation – If you would like to proceed, you will have to provide a variety of documentation to show:
- Proof of identity ( 2 photo IDs)
- Proof of address
- Proof of income
- Proof of asset
- Void Cheque
- Get Funded – Once your application and documentation have been reviewed and approved, you will receive your funds within 24 hours.
What Kind of Information Do I Need To Provide When Applying?
Filling out the online application form will take at least 10 minutes to complete. However, it can easily take much more time to complete if you have more than one asset and if you do not have the documents necessary to fill out the details. Overall, there are 3 sections of the application that you need to complete.
- Loan Information – Here you’ll simply have to provide the reason you need a loan, how much you need and if you want a secure or unsecured loan.
- Personal Information – Like any online loan application, you will need to provide your name, address, date of birth, phone number, and credit score. In addition to that, BHM Financial also requires you to provide your father and mother’s full name, and how many dependents you have.
- Financial information – BHM Financial requires not just your employment information, but your average monthly expenses as well. If you have an asset you’d like to put up as collateral to improve your chances of approval you’ll have to provide details that will help BHM estimate its value.
Which Assets Can I Use To Get a Loan?
Any assets you own, whether it’s a car, house or land, can help you qualify for up to $25,000. However, the exact amount you qualify for depends on the value of your asset. A really old car that barely runs won’t get you much of a loan. In general, you can qualify for up to $25,000 if you own any one of these assets:
- Car – A car that is fully paid, insured and is no more than 8 years old. You must also not have any outstanding liens on the car.
- Mobile Home – A mobile home that is fully paid and insured. You must also not have any outstanding liens on the asset.
- House – A insured house with 1st or 2nd mortgages.
Pros and Cons of Getting a Loan With BHM Financial
| Pros | Cons |
| Car title loans and other asset secured loans will increase your chances of approval. | If you default on your payments you could lose your asset. |
| Using an asset can potentially help you negotiate a lower interest rate. | Secured loans like a car title loan carry much higher interest rates. |
| A secured loan can help you build credit. | |
| BHM Financial accepts people with good, average, or bad credit |
What Costs Are Involved In a Secured Loan?
Though a secured loan can help you get a larger loan faster, it also comes with a higher risk. To look at the costs and risks involved let’s take a look at a car title loan. Many low credit individuals opt for this option as approval rates are very high and most people have a car they can provide as collateral.
Example: You take a $3000 dollar car title loan with an annual interest rate of 30% for 3 years. Your lender charges you $500 in fees. So, how much will this $3,000 loan cost you? According to this table, a $3,000 dollar loan can cost you an extra $2,348.9 dollars in fees and interest.
| Loan Amount | $3000 |
| APR | 30% |
| Fees | $500 |
| Term | 3 years |
| Monthly Payment | $148.58 |
| Total Interest Paid | $1,848.90 |
| Total Amount Repaid | $5,348.90 |
