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Hippo Lending medical business loans review

Financing up to $350,000 for physicians, dentists and veterinarians — but it’s not up front about APRs and closing costs.

Bottom line: Hippo Lending offers large loans tailored to healthcare professionals, and you don’t need your own practice to qualify. But the company doesn’t list its APRs online, and we struggled with contacting its customer service department.

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Min. Amount


Max. Amount

Not stated



Min. Amount$15,000
Max. Amount$350,000
Loan term36 to 96 months
APRNot stated
RequirementsLicensed and currently practicing healthcare professional


  • Online application
  • Variety of business financing available
  • Terms up to 10 years available


  • Hard credit pull required to check your rates
  • Customer service may be unresponsive
  • Personal guarantee required for all loans

Our take on Hippo Lending

Hippo Lending is a direct online lender. It's focused on providing flexible financing for healthcare professionals, including veterinarians, dentists, physicians, optometrists and more. You don’t have to own your own practice to apply. And funds can be used for a wide range of purposes, including starting a new business or buying into an existing practice.

But while the loan application can be completed in minutes, funds may not be available for up to 10 days. And to get a rate estimate, Hippo will do a hard credit pull — which can cause your credit score to drop. We also had difficulty getting a hold of customer service with questions.

It offers large loans but doesn't list its APR

Hippo Lending provides loans up to $350,000 with maximum terms of 10 years, tailored to healthcare professionals.

However, Hippo doesn’t disclose what APRs it charges on its website. And you’ll have to submit to a hard credit check if you want to see what rate you might qualify for. You’ll also be on the hook for closing costs due at the time of funding if you decide to follow through with the loan.

Enter your loan amount in the calculator below and adjust the APR and term to see what your monthly payments might be.

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Three main factors contribute to your loan's cost

  1. Loan term. Your loan term is how long you have to pay off your loan. The longer your loan term, the more you pay in interest. However, while you’ll pay less in interest with a shorter term, your monthly payments will be higher.
  2. Interest rate. The interest plus any fees is the annual percentage rate — or APR.
  3. Fees. It’s common to see origination fees up to 5% of the loan amount with online lenders. Hippo Lending charges closing costs that are due at the time of funding, though it doesn’t disclose what those are.

Although Hippo doesn't provide an exact APR range, you'll typically find that the higher your credit score is, the lower your APR will be. If you can't qualify for a low APR, you may be able to keep the total cost of the loan down by choosing a term closer to three years than eight.

Licensed and practicing healthcare professionals are eligible

You’ll need to meet the following criteria to be eligible to apply:

  • Verifiable bank account
  • US citizen or permanent resident
  • At least 18 years old
  • Provide a personal guarantee
  • Be a licensed and currently practicing healthcare professional

Loans can be used for a variety of commercial purposes, and you don’t need to own your own practice to qualify. Uses include starting a new business venture, upgrading equipment, buying into an existing practice and more.

Hippo Lending only works with various healthcare professions

Hippo Lending works with licensed and currently practicing healthcare professionals, including but not limited to:

  • Physicians
  • Pharmacists
  • Dentists
  • Veterinarians

Hippo Lending offers several other types of financing

Hippo Lending offers a range of loans to qualifying healthcare professionals, including:

  • Business loans. Get funds to open a practice, buy an existing one or expand one you currently own.
  • Working capital loans. Get help with the peaks and valleys in your cash flow with a working capital loan.
  • Medical equipment loans. Financing to adopt the latest technology or buy new medical equipment.
  • Consolidation loans. If you have other debts wearing you down, Hippo Lending offers consolidation loans to lift you up.

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Hippo Lending is legit

Hippo Lending is a legit lender. It falls under Virginia Commercial Finance, a commercial lending company that serves the mid-Atlantic. It utilizes industry-standard security measures to protect any information you enter online from hackers.

Hippo Lending has almost no online reviews

BBB accredited No
BBB rating None
Customer reviews verified as of 29 October 2021

There are very few reviews online for Hippo Lending — it doesn’t have a page on the Better Business Bureau or Trustpilot.

Watch out for unresponsive customer service

Hippo Lending doesn't list APRs or minimum credit score requirements on its website, so we called customer service several times to ask about this information. The representative who answered the phone was polite and tried to help. But he didn’t have the answers to our questions, so he transferred us to leave a message with a loan representative. Many voicemails later, we still haven’t received a phone call back with answers.

It takes seven steps to apply

Follow these steps to apply online:

  1. Go to the Hippo Lending website.
  2. Select Apply now at the top of the page.
  3. Enter how much you’d like to borrow, your annual income, monthly debts and your credit score.
  4. Provide your personal information, including your Social Security number and date of birth.
  5. Fill in your email and phone number along with the best time to contact you.
  6. Provide your medical title and specialty.
  7. Agree to a credit inquiry and select Next.

It will only take a few minutes to find out if you prequalify. You’ll also need to provide your driver’s license number and most recent pay stub if you make it past the preapproval stage.

You need to be a currently licensed and practicing healthcare professional in good standing with the appropriate licensing board or agency to be eligible for funding. This information isn’t verified in the prequalification stage, but is required if you follow through with the loan.

Preapproval only takes minutes

Once you submit your application, Hippo Lending reviews your information and gives you a preapproval decision in minutes. If you’re preapproved, you can review your potential rate, loan term and monthly payment. 

If you like what you see, you’ll receive instructions to follow through with the full application. If you’re ultimately approved, you’ll receive your funds within 10 days from the time you submitted your application.

Hippo Lending withdrawals directly from your checking account

Hippo Lending automatically collects your monthly payment on your due date via an ACH withdrawal from your verified checking account. Hippo Lending doesn't take payments over the phone or by mail.

Still not sure Hippo Lending is right for you? Explore other options with our guide to business loans.

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