Bankers Healthcare Group business loans review
Flexible financing for licensed professionals — but watch out for prepayment penalties.
finder.com’s rating: 4.35 / 5.0
Bottom line: This lender offers straightforward business loans tailored to the needs of professionals. But it’s maximum loan amounts are lower than what you’ll find with the competition.
- Business or practice ownership not required
- No hard annual revenue or time-in-business criteria
- Multiple loans OK
- Approval may take up to three days
- Some loans have prepayment penalties
- Doesn’t report on-time repayments to credit bureaus
BHG rates, fees and terms
BHG offers unsecured loans of $20,000 and $250,000. Its rates start at 7.99%, and terms range from 1 year to 12 years.
There’s no fee to apply, but you have to pay a closing fee of 1% to 3% of the loan amount, usually rolled into the loan balance. Some loans may also have a prepayment penalty.
You can estimate your business’s monthly payment using our calculator.
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|Loan terms (in years)|
How BHG compares to other providers
Here's how this online lender compares to other online business loan providers.
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BHG reviews and complaints
|BBB customer reviews||4.62 out of 5 stars, based on 192 customer reviews|
|BBB customer complaints||123 customer complaints|
|Trustpilot Score||4.6 out of 5 stars, based on 1,377 customer reviews|
|Customer reviews verified as of||22 February 2021|
Bankers Healthcare Group gets mostly positive online reviews, though a few customers share negative experiences. Many are pleased with the professionalism of the BHG team and speed of the process.
However, several customers complain about high interest rates and prepayment penalties. Noncustomers have also submitted complaints to the BBB about a high volume of marketing material, while other types of complaints have their details hidden.
How to qualify
There are only a few hard requirements to get most BHG business loans:
- 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 physical practice to qualify — just a licensed professional.
What industries does BHG work with?
While BHG originally placed a large focus on businesses in the healthcare industry, but it now offers financing to other industries that require a professional license. These include law firms, CPAs, engineering firms and architecture firms — among others.
How the application works
You can get started on your application over the phone or by filling out a short form online.
- Submit the application and required documents. You'll receive a decision in as little as 24 hours.
- Sign your loan documents if you're happy with the offer. It may take three or more days to receive your funds.
- Make monthly payments. You can pick your due date, and enroll in automatic payments.
What sets it apart
BHG is one of the few online lenders that got its start specializing healthcare provider financing. Its loans are structured to rely on your practice rather than your personal assets, so there's generally no personal collateral requirement. And applying won't affect your personal credit score.
But like many online business lenders, it's not upfront about the cost of the loan — you'll have to dig through some FAQs to find the starting rate.
More types of financing available through BHG
BHG also offers three business credit card options for its customers. APR ranges from 10.99% to 20.99%.
It also offers three additional loan options for professionals:
$20,000 to $250,000
Up to 12 years
Up to $5 million
Up to 25 years
Up to $200,000
Up to 7 years
BHG Patient Lending
BHG Patient Lending allows you to offer financing for your patients. All credit scores are accepted, and your patient will have the ability to choose their monthly payment amount and due date. However, BHG doesn’t provide a list of rates and fees your patients will pay.
To get started, reach out to a BHG representative to see if your business might benefit from its Patient Lending program.
Is BHG legit?
Yes, Bankers Healthcare Group is a legit lender. Its website and application are both encrypted to keep your information safe, and it offers a variety of tools and information to help you make a good decision for your finances.
BHG could be the right choice for medical professionals. But before you apply, compare it to our best picks for business loans so you can make an informed decision for your business.
See other top business loan options
Use this table to compare more loans that your business might be eligible for.
Business loan ratings
We rate business loan providers on a scale of 1 to 5 stars based on factors like transparency, costs and customer experience. We don’t take into account elements like eligibility criteria, state availability or payment frequency — we save that for our reviews.
Read the full methodology of how we rate business loan providers to get a better picture of what goes into each star rating.
Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 1,000 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.
Bankers Healthcare Group provides business loans tailored to professionals. It’s flexible for a business lender — there are no hard revenue and time-in-business requirements — and a representative walks each applicant through the process and offers a personalized product based on your needs.
However, it’s not ideal if you need money right away or don’t have much time to spend on the application. While BHG isn’t the slowest lender out there, it may take three business days to receive your funds.
To see what else your practice could qualify for, compare more business loan options.