BHG Financial review: Small business loan 1

I was misled by the agent I spoke do when decided whether to take on a $100,000 business loan. I was given the impression by the BHG agent that if I paid the entire loan off - which I would be able to do, and I told the agent I was planning to do - after 12 months of payments, that I would barely pay any interest, and that it would be "cheap money."

Well, today, after 12 months of on-time payments, I found out just what this agent's idea of "cheap money" was, when I got the reply: *After receiving $100,000, and then paying over $20,000 in payments over the past year, BHG now expects me to pay $108,000 more, to close out my loan. That's $28,000 expense for getting $100,000 for 1 year.

I was clear that I was decided between a business loan which I had never done and knew basically nothing about, and just taking the funds from my 401k to fund my business, and was just wondering if a business loan might be more financially efficient/affordable.

I was clear with the agent that I would only need the funds very temporarily, and would plan to pay the loan back in full at the year mark. I had asked if I could get an estimate of what that total might be if I paid in full after a year, and the question was slickly dodged, with the agent saying something to the effect of, "I don't have that exact number, but it'll be a sliver of whatever the total will be for just paying out for the full term, which would obviously be much mroe interest, but you don't have to worry about that since you'll be paying off early."

Had I been told, after explaning my situation to the agent, simply told "If you want to borrow $100,000 and intend on paying it back after a year, you're going to end up incurring over $20,000 of expenses with us" - heck, even if that figure was only $8000 or $9000 in expenses, I would have immediately said no thank you, would not have even considered taking the loan out, and would have dipped into my 401k for the funds.

Instead, I was led to believe that it was a financially sound idea to take on this $100,000 loan for 1 year only, for the cost of $28,000, despite the agent knowing I had a plan B of just taking the money out of my 401k, and that I was hoping to pick the "cheaper" option.

I was also led to believe that my payments in that first year would be actual payments toward that 100k loaned amount, and that this was not one of those types of loans where it's all interest payments up front. I asked about that very thing to the agent I spoke with, and his answer improperly assured me that the payments I would be making over the 12 month period would be eating away at the principal, not front-loaded interest payments.

My limited knowledge of the word of business loans was preyed upon and BHG now expects me to pay an exhorbitant amount because they were able to fool me into thinking the loan was a good idea. I was rushed through the docusign process, given time-sensitive links such that I could only see the documents for 24 hr windows after which the link expired and I could not read the documents more closely, and the phone call where a lady asked me to verify all the parts of the loan, very conveniently did not include the total loan amount, onle the amount of monthly payments. The whole process was designed to hide the information that would have been most important to my decision of whether to take on the loan, and would have led me very unquestionably to the exact opposite decision instead of accepting the loan.

Am I wrong to assume this is NOT a way BHG hopes to profit off its customers? Am I wrong to assume that they would want to take measures to correct this situation