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BHM Financial Bad Credit Personal Loans Review
17 Aug 2018

BHM Financial Bad Credit Personal Loans

Sometimes you need money, but all you have are the things you already own. BHM Financial offers bad credit loans Canada that can help you make the most of the resources you have by using them as collateral for a loan.

Your car or other asset could get you a loan worth up to $25,000.

You are interested if

You have bad or mediocre credit, need some money and own an asset like a car or land that holds some non-liquid monetary value.


Key Points

Brief Description BHM Financial bad credit personal loans allow you to access sizable loans at moderate interest rates irrespective of your credit score, as long as you own something valuable that you are willing to use as collateral in exchange.
Limits and Deadlines You can borrow between $350 and $25,000 depending on the value of the asset being presented as collateral. Your repayment period can range between 12 and 60 months.
Urgency You can receive your loan money in under 48 hours in most cases.
APR Range BHM Financial cannot provide a general APR range due to the extreme variance in creditworthiness in each individual case.
Closing/Origination Fees May apply.
Early Payment Fees May apply.
How to Contract the Product Approval happens instantaneously online, and then all you have to do is submit the appropriate supporting documentation. You will need to take many pictures as part of the process (see below), but when you’re done, you’ll usually receive your funds in under 24 hours.
Main requirements You will need to be at least 19 years old and present proof of income and residence, proof asset ownership, proof of insurance if the asset is a vehicle, clear photos of the inside and outside of the asset (including a close-up of the odometer that can be easily read in the case of car owners), 2 pieces of photo ID, a void cheque, and 5 references. The asset will also need to be in good condition, fully paid for and less than 8 years old if it is a vehicle.

About BHM Financial Bad Credit Personal Loans

Main Features

BHM Financial’s lending process works a little differently than most – rather than extend loans based on credit scores, they offer secured asset-based loans. This means that they instead consider your present income and, more importantly, the value of the high-priced items that you own: the one they typically use is the applicant’s car. When you agree to take a loan from them, you grant them permission to place a lien on your asset and potentially seize it in the event of non-payment, making it less risky for them to offer you credit. Every applicant who possesses an asset that qualifies under their rules will be granted some sort of loan, although the terms and extent of this loan will vary depending on the value and condition of the asset.

These loans are difficult to discuss with any real specificity due to the way in which their parameters are calculated. In general, applicants with newer, more expensive vehicles or greater assets like a plot of land in a coveted area will get the better deals, while those with only a used economy car will qualify for much less. You may not know if the loan you can qualify for will be sufficient to meet your needs until you’ve applied, but as there is no fee for doing so, the only thing you risk is your time.

BHM Financial bad credit personal loans also give you access to a referral program that lets you pocket 10% of the full amount of the loan when someone you’ve directed to the company decides to borrow from them. There is no limit to how many of these rewards you can earn, and you are able to use them to help repay your own loan over time as well.

How Does It Work?

BHM Financial bad credit personal loans are administered entirely online, beginning with a form to fill out to see if you will be approved. When you send in all the necessary documentation and pictures, it will all be stitched together into a comprehensive case file for you. Their representatives will then use this information to calculate the approximate value of your asset to determine how much money they can reliably entrust to you. Unlike most types of loans, your income and credit history barely factor into the equation, leaving you with a much greater likelihood of getting a good loan even when your credit is bad. It will, however, take a slightly longer time for you to find out if you’ve been approved due to the increased complexity of case assessment as compared to traditional methods. You can still expect to receive your funds in under 2 days if you are successfully granted a loan.


BHM Financial bad credit personal loans are a remarkable product that make borrowing relatively large amounts of money possible for a substantial number of otherwise under-served Canadians. An asset secured loan can make a substantial amount of credit accessible to you when you might otherwise not be able to convince lenders to take that kind of risk on you. If BHM Financial is the only company willing to extend you a loan at all, that obviously makes it a great option for that reason alone. On top of this, the interest rates you can get are often better than what you would find on the unsecured market, as BHM Financial has access to your car to mitigate their risk in the event of default.

As helpful as it can be, this type of loan does have its drawbacks. You have the extra burden of having to take very good care of your car in order to fulfill your end of the loan agreement, which may put you in sudden jeopardy in the event of an accident. In addition, BHM Financial requires an extensive amount of extra information and paperwork in order to work out a fair value for your asset, and many candidates may find this too onerous to pursue. The extensive requirements (particularly the stipulated 5 references) may even compromise your ability to receive the loan in a timely fashion, rendering it useless in certain situations. It’s up to you to decide if your need for a loan like this outweighs the trouble you will have to go through to get it.

This loan situation is not ideal, but when you do not have the credit score needed to secure a low interest rate for yourself and you can’t afford the extra costs of an extremely high one, it is certainly better than nothing. At the very least, it can help provide emergency funding for you until you are able to stabilize your credit situation. Making your payments on time and in full will also work to improve your credit score even if this isn’t an active goal of yours at this time,

BHM Financial: Bringing Secured Lending Online

BHM Financial is a Canadian lender specializing in secured asset-based loans for people with poor credit that has existed since 2005. The company regularly works with credit-seeking individuals who own everything from cars to homes to horse trailers. Further, they also provide asset-based credit to business owners and provide mortgages and second mortgages to home buyers and owners. They operate across Ontario, Quebec, BC, Alberta, Saskatchewan, Manitoba, and all Maritime provinces and offer telephone and email support through the entire working week.

What We Think

BHM Financial bad credit personal loans are an unconventional loan option that will appeal strongly to those with many valuables to their name. Few lenders offer asset-based personal loans online, and when you have little else to your name aside from the things you already own, it can be very helpful to have a way to leverage the value of those things in your pursuit of a better life. Using them as collateral assets allows you to harness some of their financial capital without having to actually sell the items themselves. This is especially important in the case of your car, as selling it would probably put most people in a worse overall position due to the lack of mobility that would ensue. Using it for collateral in a secured loan allows you to keep ownership of it and even continue to use it while you work to pay back the loan, all while still making some use of its monetary value.

If you don’t mind the extra obligations associated with this type of loan, they can be an excellent tool to get out of a tough spot. If you’re even somewhat interested in BHM Financial bad credit personal loans, it never hurts to submit an application and see how your asset of choice ends up being evaluated by their analytical team; you may end up qualifying for a higher amount or lower rate than you expected.