Bankers Healthcare Group business loans review
Flexible financing up to $500,000 for licensed professionals.
finder.com’s rating: 4.35 / 5.0
While it’s not as fast as other online lenders out there, its personalized service could be helpful for licensed professionals with unique financing needs.
First, do I 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 the business to qualify — just a licensed professional.
While BHG places a large focus on businesses in the healthcare industry, it recently launched a division called Pro Funding that offers financing to other industries that require a professional license. These include law firms, CPAs, engineering firms and architecture firms — among others.
What makes Bankers Healthcare Group business loans unique?
Bankers Healthcare Group provides business loans tailored to licensed professionals — specifically healthcare workers. 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 — with rates, terms and even fees relatively negotiable.
What is a BHG business loan?
A BHG business loan is an unsecured term loan made specifically for licensed professionals. You can borrow between $20,000 and $500,000 at APRs starting at 6.99%. Terms range anywhere from 1 to 10 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 might have prepayment penalties.
While it’s unsecured, BHG requires a personal guarantee from the borrower.
What are the benefits of a Bankers Healthcare Group business loan?
From its minimal requirements to its personalized service, here are a few perks of borrowing from BHG:
- Minimal requirements. You don’t need to meet any hard revenue or time-in-business criteria to qualify. And BHG won’t put a lien on your personal or business assets when you take out a loan.
- Personalized service. The staff at BHG works with you to help you customize your loan for your specific needs.
- No hard credit check. This lender only conducts a soft credit check when you apply for a loan, which doesn’t affect your credit score.
- Multiple loans OK. Depending on the circumstances, you might be able to take out another business loan before paying off your first.
- You don’t need to be the owner. Any licensed professional can apply for this loan, even if you don’t own the business.
What to watch out for
Consider these potential drawbacks before taking out a business loan from BHG:
- Longer turnaround than other online lenders. BHG might be faster than a bank, but it can take a day to get approved and three days to receive your funds — a bit longer than more automated online lenders.
- Personal guarantee. While you don’t need to provide collateral, you’re personally responsible for paying off the loan if your business can’t.
- Potential prepayment penalty. Some loans might come with a penalty for paying off the loan early, meaning you might not be able to save on interest.
- Won’t build your credit. A BHG business loan doesn’t show up on your personal credit report, and repaying it on time won’t improve your credit score.
- Not much information online. You have to dig into the FAQs to find basic information about the loan, and even then it doesn’t disclose closing fees and other important features.
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What do borrowers say about Bankers Healthcare Group?
Bankers Healthcare Group gets mostly positive online reviews, though a few customers share negative experiences. It gets nearly 5 out of 5 stars on its Better Business Bureau (BBB) page as of July 2019. Trustpilot reviewers give it a slightly lower rating of 8.6 out of 10.
Many were pleased with the professionalism of the BHG team and speed of the process. However, several customers complained about high interest rates and prepayment penalties.
How do I apply?
You can get started on the application online or by picking up the phone and calling 866-280-5476. Before you begin, double-check to make sure you meet BHG’s eligibility requirements.
Follow these steps to start the application online:
- Go to the BHG website.
- Enter your name, medical title, phone number, email and ZIP code.
- Click Get Started.
You should receive a call from a loan specialist to discuss your options and walk you through the application. Once you submit the application and all required documents, you’ll receive a decision in as little as 24 hours. After you sign the documents, it can take three days to receive the funds.
What documents do I need to apply?
It varies by applicant, though you might be asked to provide:
- Proof of income. If you aren’t the business owner, you typically need to provide a pay stub or other proof of income.
- IRS Form 8821. BHG requires business owners to fill out this form, which gives it permission to verify your business’s last two years of tax returns.
- State-issued ID. BHG might require a driver’s license or passport to verify your identity.
I got a BHG business loan. Now what?
Now it’s time to set up repayments. All BHG loans come with monthly repayments, and the company allows you to pick your due date to work around your business’s cash flow. Most borrowers opt to sign up for automatic repayments so they don’t have to take the time to log a repayment.
Even if you sign up for automatic repayments, keep tabs on your balance and bank account. Contact customer service if you notice anything off. Also, reach out if you want to make an extra repayment — it might not be worth it if there’s a fee.
BHG business loans could be a solution for healthcare and other licensed professionals who’ve had trouble finding funding elsewhere or want a personalized experience. However, it’s not ideal if you need money right away or don’t have much time to spend on the application.
You can find out how it compares to similar options by checking out our guide to business loans for healthcare professionals.
Frequently asked questions
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