How to Choose the Best Personal Loan Lender (Especially If You’re a High-income Borrower)

Higher earners often find themselves managing more complex finances, such as running a business, juggling diverse investments, and dealing with larger outstanding debts or expenses. When you’re considering a personal loan, especially for managing debt, you need a lender who understands your situation and can offer tailored solutions.

Your income level will likely qualify you for larger loan amounts, which means that securing a loan with favorable terms is crucial for managing the debt more efficiently. Even a small difference in interest rates or repayment schedules on a bigger loan can have a significant financial impact over time.

With large amounts of money at play, personalized support and expert guidance can make all the difference. The right lender will act as a partner, offering insights and a borrowing experience that respects your time and improves your overall financial health.

High earners searching for a personal loan lender should keep these six factors in mind to ensure they work with a reputable institution that can tailor solutions to their unique financial goals.

1. Loan amounts and flexibility

Most personal loan lenders offer maximum loan amounts of $50,000 to $100,000, which allows you to consolidate smaller debts or finance moderately sized expenses. However, these limits may fall short if you need to consolidate more debt or finance larger projects.

Prioritize lenders that offer personal loans large enough to meet your needs. BHG Financial offers personal loan amounts up to $250,000¹, allowing you to access more capital.

2. Repayment terms that fit your life

The time you have to repay your loan will significantly impact your monthly payment and the total cost of the loan. Standard repayment terms for personal loans generally range from three to five years. While shorter terms mean you’ll pay less interest overall, they also result in higher monthly payments.

If you’re a high-income professional, you might prefer longer repayment structures that provide more flexibility and help maintain a comfortable monthly cash flow. BHG’s repayment terms extend up to 10 years,^1,2 which can make debt repayment more affordable on a monthly basis.

 
Advertised rates are subject to change without notice.
Monthly payment is a representative example and for illustrative purposes only.

3. Cost of borrowing

As a higher earner, you may be able to secure more favorable loan terms that reduce your borrowing costs, including a lower annual percentage rate (APR) or lower fees. To gauge the cost of borrowing, compare both the interest rates you qualify for and any associated fees, such as application fees, origination fees, and prepayment penalties.

The majority of personal loans come with fixed interest rates. While less common, variable-rate loans do exist, with interest rates that can change in response to market conditions—resulting in fluctuating monthly payments and long-term cost uncertainty. To find more affordable options, consider focusing on lenders (like BHG) that offer lower, fixed rate loans.

FYI: Borrowers with good credit typically qualify for the most competitive interest rates. Those with more substantial incomes may also qualify for credit products with higher debt-to-income (DTI) levels.

4. Personalized support vs. self-service

Many online lenders operate fully digital loan applications and processes. While this can be convenient for some, it might lack the personalized touch that higher-income professionals with complex financial situations need. Traditional banks, on the other hand, offer the benefit of in-person service, but they often come with lengthy processes and rigid application solutions. 

Determine how much support you prefer when securing financing. BHG’s loan concierge approach gives borrowers the best of both worlds, combining the speed and convenience of an online platform with the personalized support and expertise of a loan expert. You can initiate the process online, utilizing our streamlined application and advanced loan calculators, and then work directly with a knowledgeable loan expert who can tailor solutions to your specific needs.

5. Speed and simplicity of the application process

If you're applying with a lender that offers an online application, you can typically complete a personal loan application in just a few minutes. However, the time it takes to complete and process the applications can vary widely.

The BHG loan concierge service is designed to save you time and reduce the stress often associated with securing financing. We leverage technology to expedite approval decisions in as few as 24 hours and can often provide funding in as little as five days.³ Plus, a dedicated, U.S.-based loan expert will coordinate many of the finer details for you—like submitting required documentation—so you can focus on your professional and personal life.

6. Reputation and security

Borrowing a significant amount of money is a multi-year commitment, so it’s important to work with a lender you trust. Compare each lender’s reputation and look up their track record on consumer review websites, such as Trustpilot and the Better Business Bureau (BBB), to assess their credibility.

BHG has a 20-year track record of serving business and medical professionals, earning a reputation for providing exceptional customer service to borrowers with unique needs. Our service has earned us more than 3,600 5-star reviews on Trustpilot. 

How BHG stacks up against the competition: 

 
SOURCE: Discover, NerdWallet - Accessed on 6/1/25

BHG Financial has become a preferred lender for professionals just like you for several reasons:

• Trusted by high-earning professionals: Our extensive experience working with this demographic proves that we understand their specific financial challenges and goals.
• Personal loan experience that respects your time and complexity: Our high-touch, concierge service and streamlined application process are designed to be efficient and tailored to your needs.
• You get more than a loan—you get a financial partner: We strive to build lasting relationships with our borrowers, providing ongoing support.

At BHG Financial, we believe financing should fit seamlessly into your life and goals. Our hybrid concierge service model is designed to cater to busy professionals with unique funding needs.

Ready to see what’s possible? Contact a BHG advisor today or use our quick and easy payment estimator to get your personalized loan estimate in just seconds.