Bankers Healthcare Group Review

Bankers Health Care Group (BHG) offers both business loans to medical organizations and personal loans and credit cards to medical professionals, and funds can be used for a variety of purposes. Bankers Health Care Group also offers Small Business Administration (SBA) loans and startup loans.

BHG was created in 2001 and surpassed $100 million in loans funded by 2005. By 2018, that number soared to $4 billion in funded loans.

Aside from personal loans, credit cards, and business loans for medical practices and professionals, BHG also funds medical loans for patients so that they can extend payments out over a set period.

In this review:

• Rates, Terms, Fees, & Limits
• Getting a BHG Loan
• Benefits
• Downsides

Basic Information: Rates, Terms, Fees, and Limits

There are several different types of products available from Bankers Healthcare Group. These include:

• Business Loans: Amounts ranging from $20,000 to $500,000, no personal collateral, flexible repayment
• Personal Loans: Funding in as few as five days, no collateral, and financing up to $200,000. Terms can extend up to seven years.
• SBA Loans: Amounts ranging from $350,000 up to $5 million and loan terms up to 25 years. No balloon payments and 100% financing for most types of loans.
• Credit Cards: Three different Mastercard credit cards available for healthcare professionals including a basic card, a rewards card, and a travel card

The loan amounts and rates you may be approved for are based on your credit profile and the type of loan you are requesting.

Getting a BHG Loan

Bankers Healthcare Group works to differentiate themselves from other lenders in a few key ways, including their eligibility requirements and the time from approval to funding.

The following are some of the key things to know about getting a BHG loan:

• BHG is different from other lenders that look at risk assessment without considering the type of business. For example, a traditional lender may make no distinction between a restaurateur and any other business. BHG, on the other hand, focuses specifically on working with healthcare providers.
• Loan approval can occur within 24 hours.
• Loan funding can occur as quickly as three days after approval.
• BHG doesn’t use a computer model to make decisions. Instead, they do a hands-on review of all requests for funding, and they consider a range of different credit profiles.
• Loans are available to all types of healthcare professionals including physicians, pharmacists, dentists, veterinarians, physician assistants, and more.
• To apply you’ll need: financial need and loan amount, an overview of your business and practice history, and corporate and personal financial statements. You’ll also need a recent pay stub.
• Applicants don’t need a business plan.
• There are no application fees—the only fees are closing and interest.

Here are some of the ways funds can be used:

• Consolidation debt
• Improving cash flow
• Purchasing a practice
• Financing new medical equipment
• Growing a business
• Financing a medical office

Benefits of Bankers Healthcare Group Loans

There are some benefits of Bankers Healthcare Group Loans. These include:

• Bankers Healthcare Group works specifically with medical professionals, so they understand the nuances of owning a medical practice or starting one.
• Even if a medical professional has been turned down by another lender such as a traditional bank, they may be approved by BHG because of the hands-on approval process taken by this particular lender.
• Terms are very flexible.
• Funding can happen quickly once someone is approved—in fact, borrowers can receive funding as soon as three days after their approval.
• BHG offers a variety of business tools that are aimed at helping medical professionals including a Cash-Flow Calculator and a Business Startup Calculator.
• Loans from BHG don’t appear on a borrower’s personal credit report.

Many people rate their experience receiving funding as positive with BHG as well. Some of the things customers note as being positive when working with BHG for funding include:

• The customer service experience is typically positive, and the application and funding processes are described as smooth.
• Negotiating rates and terms may be possible.
• The customer service team is described as being informative and efficient.

Downsides of Bankers Healthcare Group Loans

One of the downsides of Bankers Healthcare Group is that the interest rates may be higher than those with other small business loans and the best personal loans.

The company doesn’t even provide a range for interest rates on their site—instead, they post the starting interest rate available for the most qualified borrowers, but not the top interest rate.

You may get into the process of borrowing from Bankers Healthcare Group and then find that the interest rate is much higher than you would find elsewhere.

Some customers have written online that there may be interest rates of 35% or more associated with loans from Bankers Health Group and high closing costs.

Also, according to some reviews, even though BHG advertises no prepayment penalties, there are some stipulations and limitations to that.

If possible, some medical professionals might find that it’s a better financial decision to apply for a line of credit from another bank, rather than getting a personal or business loan from BHG.

Bankers Healthcare Group Complaints

Along with the complaints detailed above and in particular, the potentially high interest rates associated with BHG Loans, there are also complaints filed with the Better Business Bureau (BBB).

There are currently 39 complaints according to the BBB website, most of which are related to a problem with a product or service. However, many of these are associated with marketing tactics used by BHG, rather than issues with an actual loan.

Bottom Line

Bankers Healthcare Group offers a financing option to medical professionals that could work well for their needs if they aren’t approved at traditional banks or by other lenders.

Of course, there are possible downsides to consider including potentially high interest rates and closing costs. Consumers should read the fine print before accepting a loan offer from BHG.