BHG Money business loans review

Our verdict

Our verdict

BHG Money is a nonbank lender that offers investment, debt consolidation, startup and healthcare-related loans. It originally specialized in healthcare provider financing, and owning a business or practice isn’t required for approval. It's also lenient with revenue and time-in-business requirements. But the process requires speaking to a BHG Money representative — outdated extra step compared to other nonbank lenders. It doesn’t offer much information on rates or loan details on its site, so you must call to learn more. And if you pay off the loan early, you may still owe interest on your full loan amount.

Best for: Licensed professionals looking to build a relationship with a fast lender.

Pros

• No hard annual revenue or time-in-business criteria
• Allows borrowers to hold multiple loans
• Prequalify without affecting your credit

Cons

• Prepayment penalties on some loans
• Most borrowers only qualify for $250,000 in funding
• Does not report on-time repayments to credit bureaus

4.35

★★★★★

Finder rating

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Min. Amount

$20,000

Max. Amount

$500,000

APR

Starting at 8.49%

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BHG business loans

Learn more and apply on Bankers Healthcare Group's secure site

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BHG Money rates, fees and terms

Formerly Bankers Healthcare Group, BHG Money is a direct lender that specializes in financing professional practices, such as healthcare providers, law firms, CPAS and more. It advertises fast approvals and funding as soon as three days.

Its unsecured business loans are between $20,000 and $500,000 with rates starting at 8.49%. However, BHG states that most borrowers qualify for up to $250,000, and only the most well-qualified borrowers are approved for the $500,000 amounts. You may also have two loans at once, depending on your credit profile.

Terms range from 3 to 12 years. While there’s no application fee, you’ll pay a 1% to 3% closing fee based on the loan amount. BHG typically rolls this fee into the loan balance.

BHG states that you may cancel your loan at no cost provided you haven’t yet received funds. However, if you decide to repay your loan early, BHG may charge a prepayment penalty, depending on the loan. BHG doesn’t advertise which loans are subject to prepayment fees.

Estimate your business’s monthly payment using our calculator.

How to qualify

Hard requirements to get most BHG business loans include:

• Minimum credit score of 660
• No bankruptcies in the past year
• Licensed professional

While BHG considers factors such as your business revenue and time in business when reviewing your application, there are no hard minimums. And you don’t necessarily have to be the owner of a healthcare practice to qualify — only a licensed professional.

What industries does BHG Money work with?

This business lender evolved from loans for doctors and other professionals in the healthcare industry to offer financing to law firms, CPAs, engineering firms, architecture firms and other industries that require a professional license.

4 steps to get funding with BHG Money

Call BHG Money or complete a short form online.

1. Submit required documents for a decision in about 24 hours.
2. Speak with a BHG Money representative.
3. Review and sign your loan documents.
4. Pick your due date and make monthly payments, enrolling in automatic payments for easy management of your loan.

BHG can send you the funds within three business days after receiving your signed loan documents. While there are faster business lenders out there, it’s still much quicker than borrowing from a traditional bank, which can take weeks to fund a business loan.

What sets it apart

BHG specalizes in unsecured lending, so you don’t have to provide personal collateral. Its loans are structured to rely on your practice rather than your personal assets. And applying won’t affect your personal credit score.

You also don’t need to own a business or even have a business plan to get a loan with BHG. It states that it has a program for “every kind of professional.”

How BHG business loans compare to other lenders

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Name	Product	Filter Values	Min. Amount	Max. Amount	APR	Requirements
National Business Capital business loans Finder Rating: 4.3 / 5: ★★★★★ National Business Capital business loans Finder Rating: 4.3 / 5: ★★★★★			$100,000	$10,000,000	Starting at 1.5%	1+ Year in Business, $500,000 in Annual Revenue	Get high loan amounts at competitive rates. Plus, advisors are on standby to help you through the process.	Go to site More Info	Compare	loading Fetching your data...
$3M+ funded! Lendio business loans Finder Rating: 4.75 / 5: ★★★★★ Lendio business loans Finder Rating: 4.75 / 5: ★★★★★			$10,000	$2,000,000	Starting at 3%	Operate business in US or Canada for 6 months or more, have a business bank account, 560 personal credit score, at least $8,000 in monthly revenue	Submit one simple application to potentially get offers from a network of over 300 legit business lenders.	Go to site More Info	Compare	loading Fetching your data...
Lendzi Finder Rating: 4.59 / 5: ★★★★★ Lendzi Finder Rating: 4.59 / 5: ★★★★★			$5,000	$2,000,000	Starting from 3.9%	525+ credit score, one year in business, at least $50,000 annual revenue	Compare lending options and get funded fast.	Go to site More Info	Compare	loading Fetching your data...
CreditAve Not rated yet CreditAve Not rated yet			$25,000	$500,000	Starting from 2%	550+ credit score, at least one year in business, $240,000+ annual revenue	Apply within minutes without impacting your credit score.	Go to site	Compare	loading Fetching your data...
BusinessLoans.com Finder Rating: 4.38 / 5: ★★★★★ BusinessLoans.com Finder Rating: 4.38 / 5: ★★★★★			$5,000	$3,000,000	Varies by loan type and lender	Must have been in business between 1–2 years, have a minimum revenue of $75,000–$250,000 and have a minimum credit score of 500–650.	Complete a three-minute form to see loans that fit your business’s needs. Compare offers without a hard credit check.	Go to site	Compare	loading Fetching your data...
OnDeck short-term loans Finder Rating: 4.6 / 5: ★★★★★ OnDeck short-term loans Finder Rating: 4.6 / 5: ★★★★★			$5,000	$250,000	29.9% to 65.9%	Companies in business at least 1 year, $100,000+ in gross annual revenue, majority owner with a 625+ personal credit score, active business checking account	Receive flexible financing at competitive fixed rates from this A+ rated business lender.	Go to site More Info	Compare	loading Fetching your data...
Loanspark Finder Rating: 4.6 / 5: ★★★★★ Loanspark Finder Rating: 4.6 / 5: ★★★★★			$10,000	$30,000,000	Starting at 1%	600+ personal credit score, 1+ years time in business, $140,000+ minimum annual revenue, active business checking account required	Prequalify with this lending marketplace using an easy application process. Plus, work with real loan experts to make the best decisions on loan programs for ERC, SBA, e-commerce, cannabis and other loan categories.	Go to site	Compare	loading Fetching your data...

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What to know about BHG Money

Founded in 2001, BHG Money is among the few online lenders that got its start specializing in healthcare provider financing.

But like many online business lenders, it doesn’t make research easy — you’ll need to dig through FAQs to find the starting rate for the loan you’re interested in. You’ll also need to speak with a representative before approval.

In August 2021, BHG’s business practices came under scrutiny when it became involved in a class action lawsuit for offering “commercial” loans to individuals. The suit claims that BHG knew that borrowers were not business owners, but issued loans regardless. The lender’s emphasis on professional licensing, and not business ownership, could be a result of this lawsuit.

Customers complain about high origination fees and rates that aren’t revealed until the application process, as well as experiencing diffculty removing their names from mailing lists. (Hint: Email removefromlist@bhg-inc.com with the invitation code from your email message to get removed from marketing lists.)

Is BHG Money legit?

Yes. BHG Financial is a legitimate nonbank direct lender that caters to professionals through a menu of unsecured loans.

It uses its own money to fund loans. The application and underwriting process includes identification verification before you can receive your money.

BHG Money’s website and application are encrypted to keep your information safe, and it offers a variety of tools and information designed to help you find the best solution for your finances.

It advertises a clear privacy policy that describes how it collects and uses your information. And its FAQs provide additional information about its services and how your loan will work.

Other financing available through BHG Money

BHG Money also offers personal loans from $20,000 to $200,000 at rates that range from 11.96% to 23.99%. They’re designed for healthcare professionals, with loans as high as $500,000 available to individuals who work in the healthcare industry.