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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.

  • Best for licenced healthcare professionals who’ve struggled to qualify for a traditional bank loan.
  • Pick something else if you want to find out what rates you prequalify for without a hard credit check.
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Min. Amount$15,000
Max. Amount$350,000
Loan Term36 to 96 months
APRNot stated
RequirementsLicensed and currently practicing healthcare professional

How much will this loan cost me? 

Hippo Lending provides loans up to $350,000 with maximum terms of eight 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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How it works 

Three main factors contribute to the cost of your loan:

  • 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. 
  • Interest rate. This is a percentage of the loan amount that lenders charge you to borrow money. The interest plus any fees is the annual percentage rate — or APR. 
  • 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.

What do I need to qualify?

Licensed and currently practicing healthcare professionals are 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. 

You’ll also 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 against the loan

What industries does Hippo Lending work with?

Hippo Lending works with licensed and currently practicing healthcare professionals, including physicians, pharmacists, dentists and veterinarians. 

What other types of financing does Hippo Lending offer?

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.


  • Online application
  • Variety of business financing available


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

Compare Hippo Lending to other business loan options

Name Product Filter Values Loan amount APR Requirements

Fora Financial business loans
Finder Rating: 4.1 / 5: ★★★★★

Fora Financial business loans
$5,000 – $500,000
6+ months in business, $12,000+ monthly revenue, no open bankruptcies
Get qualified for funding in minutes for up to $500,000 without affecting your credit score. Best for companies with at least six figures in annual revenue.

Lendio business loans
Finder Rating: 4.75 / 5: ★★★★★

Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.

OnDeck short-term loans
Finder Rating: 4.6 / 5: ★★★★★

OnDeck short-term loans
$5,000 – $250,000
As low as 35%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.

National Funding business loans
Finder Rating: 4.75 / 5: ★★★★★

National Funding business loans
$5,000 – $500,000
4% to 8%
Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.
Working capital loans and equipment financing, some high-risk industries may be eligible.

Fundbox lines of credit
Finder Rating: 4.2 / 5: ★★★★★

Fundbox lines of credit
$1,000 – $150,000
Not stated
6 + months in business, $100,000+ in annual revenue, 600+ credit score
Get flat rate, short-term financing based on the financial health of your business, not your credit score.

Bitty Advance business cash advances
Finder Rating: 2.8 / 5: ★★★★★

Bitty Advance business cash advances
$2,000 – $25,000
Not applicable
$5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months, 450+ credit score
With APRs in the triple digits, this is best saved as a last resort.

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Is Hippo Lending legit? 

Yes, 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 reviews and complaints

BBB accredited No
BBB rating None
Customer reviews verified as of 12 October 2020

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.

How do I apply?

Follow these steps to apply online:

  1. Go to the Hippo Lending website.
  2. Click 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 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. 

What happens after I apply?

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.

How do repayments work with Hippo Lending work?

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.

Frequently asked questions


Review by

Kathryn Pomroy was a writer for Finder, specializing in loans. She has written for dozens of major publications, small businesses and many well-known personal finance companies, including LendingTree, Money Crashers, Quickbooks/Intuit, BankRate, LendEDU and more. Kathryn holds a BA in Journalism and drinks super bold coffee while eating peanut butter and honey toast.

Expert review

Hippo Lending isn’t a traditional bank or credit union, but 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.
Not sure Hippo Lending is for you? Check out more business loan options below.

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