Bankers Healthcare Group, or BHG, started in 2001 and in 20 years has exceeded $6 billion in funded loans and ranked on the Inc. 5000 list of America’s fastest-growing privately held companies 14 times. The Davie, Florida, business provides direct loans to licensed health care professionals of all kinds, including dentists, physicians, veterinarians, physician assistants and nurse practitioners.
- BHG offers loans of up to $200,000 for qualified borrowers.
- Repayment terms of up to seven years are available.
- BHG has an array of financial solutions to meet the needs of different borrowers.
- The lender reviews each funding request rather than rely on a computer model for loan approval.
- You must be a licensed health care professional to work with BHG.
- You cannot complete the application process without talking to a BHG lending specialist.
- You can use an unsecured personal loan from BHG for a variety of reasons, including: Consolidating debt.
- Making investments, including real estate.
- Paying for home improvements.
- Financing large expenses, including medical.
- Funding vacations.
- Covering life events, such as a wedding.
Aside from personal loans for health care professionals, BHG offers business loans, patient loans for medical expenses and credit cards. For a loan or credit card, you must be a licensed health care professional but do not have to own a practice.
That said, if you have established your own medical business, BHG has financial products to help you cover payroll and marketing, buy equipment, and manage other expenses.
If you want to apply, you can begin the process at no charge. You will start with a 10- to 15-minute call with the lender to discuss how much you’d like to borrow and how long you’ve been practicing in your field.
You can either call customer service at 866-297-4664 or complete an online form and a lending specialist will contact you.
BHG will provide you with a list of documents you’ll need to apply, including corporate and personal financial statements. The lender will request a pay stub to verify income and perform a credit check.
Because BHG’s personal loans are unsecured, they do not require collateral. But you must be a health care professional to qualify for a loan. If your loan application is approved, you can receive funding within seven days.
Common loan uses might include:
- Consolidating debt.
- Paying for a vacation.
- Investing in real estate.
- Covering the cost of events, such as weddings.
- Financing a major purchase.
- Improving your home.
BHG personal loans cannot be used for:
- Purchasing illegal drugs.
- Buying weapons or firearms.
- Funding illegal activities.
If BHG extends a loan offer, you have up to 14 days to accept it.
Interest rates for personal loans start at 7.99% and depend on your credit history; higher APRs are in the teens. Creditworthy borrowers may qualify for repayment terms of up to seven years and pay off loans sooner without fees or penalties.
The loan amount you’ll be approved for also depends on your credit. BHG’s maximum is $200,000, and the minimum is $20,000 for a personal loan.
Because BHG customizes loan terms based on your credit profile, the lender does not disclose further terms and conditions until you complete the loan application process and receive an offer.
You must be a licensed health care professional to qualify for a BHG personal loan. The lender will review your credit history and financial position, including your most recent pay stub to verify employment. You will provide personal information, such as your Social Security number.
Basically, BHG wants to understand your credit and financial health to make a big-picture decision. The lender does not rely on automated underwriting to approve loans and works on a case-by-case basis.
BHG does not disclose a minimum credit score to qualify for personal loans. The company works with borrowers who have credit scores from the 500s to the 800s, according to customer service.
BHG, based in the Fort Lauderdale suburb of Davie, Florida, does business across the United States.
BHG earned an A+ rating from the Better Business Bureau and has 4.6 out of 5 stars from Trustpilot.
Fortune magazine ranked BHG as No. 3 on its 2020 list of 30 best small and midsize workplaces in financial services and insurance. And the company’s owners were named Ernst & Young Entrepreneurs of the Year.
You can reach BHG customer service by calling 866-297-4664. Unlike some lenders, BHG is available seven days a week. Customer service hours are 8 a.m. to midnight EST Monday through Friday and 10 a.m. to 2 p.m. EST Saturday and Sunday.
A comprehensive FAQ page explains terms and fees, as well as how to qualify and how to apply for a loan. BHG does not have a virtual assistant or chat feature, and it requires a conversation with each borrower to start the application process.
You can begin the application process online by clicking the Activate Loan button at the top right of the lender’s homepage. However, the full loan application is not readily available on BHG’s website.
Loan funds can be automatically transferred to a savings or checking account. BHG does not have a mobile app.