BHG Money business loans review
- Min. Amount
- $20,000
- Max. Amount
- $500,000
- APR
- Starting at 8.49%
Our verdict
This lender specializes in financing for professionals with new or established practices, but most borrowers can only qualify for up to $250,000.
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 But the process requires speaking to a BHG Money representative — outdated extra step compared to other nonbank lenders.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
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Prequalify without affecting your credit
Cons
-
Prepayment penalties on some loans
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Most borrowers only qualify for $250,000 in funding
-
Does not report on-time repayments to credit bureaus
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.
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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.
- Submit required documents for a decision in about 24 hours.
- Speak with a BHG Money representative.
- Review and sign your loan documents.
- 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
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.
BHG Patient Lending
BHG Patient Lending allows hospitals, ambulatory care and medical facilities to offer financing for patients to cover medical bills.
The program accepts all patients with a credit score and allows borrowers to choose their monthly payment amount and due date, with no prepayment fees.
While BHG advertises rates that fit your needs and budget, it doesn’t make rates and fees public.
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