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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.
$15,000
Min. Amount
$350,000
Max. Amount
Not stated
APR
Min. Amount | $15,000 |
---|---|
Max. Amount | $350,000 |
Loan term | 36 to 96 months |
APR | Not stated |
Requirements | Licensed and currently practicing healthcare professional |
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.
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.
See how much you'll pay
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Interest | $ |
Total Cost | $ |
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.
You’ll need to meet the following criteria to be eligible to apply:
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 works with licensed and currently practicing healthcare professionals, including but not limited to:
Hippo Lending offers a range of loans to qualifying healthcare professionals, including:
Explore your options by loan amount, APR and other requirements. Select the Go to site button for more information about a particular loan product or lender.
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.
BBB accredited | No |
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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.
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.
Follow these steps to apply online:
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.
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 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.
Hippo Lending medical business loans is not currently available on Finder
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