BHG Money is super well known in the lending world – they offer substantial loans with more than reasonable repayment terms. And, for the most part, borrowers are happy with their services. And, while there are a ton of bloggers sharing their insights about the offer, most BHG Money reviews focus on the personal products.
So, let’s chat about BHG Money’s business loans and services – if you’re in the market for funds to grow your business, this could be the solution for you. Take a look here to find out what you can expect if you decide to apply.
This is what’s in store:
- What is BHG Money?
- BHG Money Business Loans
- Frequently Asked Questions
- Final Thoughts: Is BHG a Legitimate Company?
Now, let’s dive in!
What is BHG Money?
BHG Money positions itself as a provider of “premium” loans, and offers customized solutions tailored to individual financial goals. The company takes a customer-centric approach, offering funding for major milestones with flexible terms and a concierge service.
The lending services extend to both business and personal needs, with business loans reaching up to $500K and personal loans up to $200K.
According to BHG, the application process is user-friendly with three simple steps:
- Getting started with the guidance of a dedicated team
- Reviewing qualifications without affecting credit scores
- If approved, receiving prompt funding for a custom loan solution
BHG Money presents itself as a trusted financial partner, claiming $15 billion in loans funded, an A+ BBB rating, and 150,000+ customers.
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BHG Company Overview
BHG Money is owned by BHG Financial, also known as Banker’s Healthcare Group LLC. They’ve been offering business loans since the company was founded in 2001 by Bobby Castro, Eric Castro, and Al Crawford. The business is currently registered to Al Crawford.
Unfortunately, BHG Financial is part of an ongoing class action lawsuit that alleges the company illegally disguises consumer loans as business loans. We won’t know the validity until the case either settles or is tried in court – these things usually take years.
While the legality of their business loan offer is up in the air, we can still look at what we know about the company.
First, they do have accreditation and an A+ BBB rating. However, that’s paired with 522 complaints closed in the past three years, 173 of those being in the past 12 months. The A+ rating might change in time if the class action holds any merit.
BHG is listed on the INC. 5000, which indicates that they’re ranked as one of the fastest-growing companies in America. And, they aren’t lying about BHG Money’s high Trustscore™ on Trustpilot®.
So, overall, their clients are satisfied with their loans and service. This really says a lot for any financial offer. Most people head over to public review sites when they’re unhappy with an offer, not to praise it – especially in the financial industry. Now, let’s find out what their business loans entail.
BHG Money Business Loans
BHG Money offers loans for businesses in amounts from $20K to $500K with repayment terms as long as 12 years. They emphasize a user-friendly process with no application fees, commitment, or impact on personal credit during the estimation stage. Find out if BHG can really simplify the lending experience with a dedicated US-based concierge service.
BHG Money Interest Rates & Terms
With BHG Money’s business loans, you can access financing ranging from $20,000 to $500,000 with repayment terms extending up to 12 years. Now, they don’t publicly share their interest rates, but I did some digging to get an idea what they might be.
Based on one Reddit discussion, it seems BHG offers loans with varying interest rates. I know that their interest rates are negotiable, which might enable you to secure terms that align with your goals.
In the original post, a borrower negotiated terms down to a fixed interest rate of 16.49% (I think this is high) on a $50K loan with a monthly payment of $1,022.21 over an 84-month term — there was also a $750 documentation fee. This borrower said they were annoyed with the initially-proposed high interest rate and the persistent follow-up calls, but were considering signing.
On this loan, the estimated total repayment amount would be approximately $101,878 – this is more than twice the original loan amount.
Another Redditor shared that they were able to negotiate 9.99% interest on a $150K loan with 96-month repayment terms. They apparently paid a $1,750 documentation fee and a $3,750 reimbursable service fee. They confirmed that it took a lot of back and forth to get these terms, but that the company was willing to compromise.
The estimated total repayment amount over the 96-month period on this one calculates to approximately $193,561 – this time, nearly twice the original loan amount.
These loans do, according to a few borrowers, include a lockout period, which means you can’t necessarily make extra monthly payments on your loan unless you are paying it off in full.
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Several Types of Loans
BHG Money provides a diverse range of loan solutions tailored to meet various business needs.
Their loans might help you:
- Consolidate debt
- Invest in your business
- Establish a new income stream
- Grow your medical practice
In sum, you might be able to use a BHG loan to effectively manage your debt or upgrade your operations and grow your business. If you’re a medical practitioner (doctor, dentist, veterinarian), this offer might be a great fit because it could help you acquire, develop, or expand your practice.
It’s important to note that BHG Money does not specify restrictions on the usage of funds, allowing businesses the flexibility to allocate capital according to their unique requirements and strategic priorities.
I think it’s worth noting that, while lots of people think that BHG Money offers consumer credit cards and business credit cards – they don’t. But, they do have handy spending cards that you can use with your BHG Money loan funds.
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US-Based Concierge Service
BHG Money takes pride in its dedicated US-based concierge service, designed to enhance the overall borrowing experience for elite professionals – This service ensures that businesses receive personalized attention and guidance throughout the loan process.
With a commitment to responsiveness and understanding, the concierge service aims to address individual needs promptly and efficiently. A level of customer support like this is particularly beneficial for businesses, offering a reliable point of contact and assistance in navigating the intricacies of the loan application, approval, and funding stages.
The US-based concierge service aligns with BHG Money’s commitment to providing not just funds but a comprehensive and supportive financial partnership for businesses.
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Frequently Asked Questions
Does BHG require collateral?
No, Bankers Healthcare Group (BHG) offers unsecured loans. This means borrowers are not required to provide collateral such as personal assets or property to secure the loan.
Are BHG loans secured?
No. BHG loans are typically unsecured, meaning they are not backed by specific assets or collateral. This allows qualified borrowers to access funds without risking personal assets.
Can you pay off a BHG loan early?
Yeah, BHG typically allows borrowers to pay off their loans early. However, you’ll need to review the terms and conditions of the specific loan agreement because their loans are known to have lockout periods, prepayment penalties, and restrictions.
What credit score do you need for a BHG loan?
BHG considers a range of factors during the loan application process, and credit score is one of them. While the exact credit score requirement may vary, BHG often works with borrowers who have good to excellent credit scores.
Is BHG Financial a bank?
No, BHG Financial is not a traditional bank. It is a financial institution that specializes in providing customized financial solutions, including loans, to healthcare and licensed professionals. BHG is known for its focus on the healthcare industry and tailored financing options.
Final Thoughts: Is BHG a Legitimate Company?
So, BHG Money is an established company that’s been in the lending game for over two decades now. They are an established, legitimate business, but there’s definitely more than one red flag here.
First, there’s an open class action alleging that they’ve illegally disguised personal loans as business loans with borrower testimonies floating around to verify this. Next, I think their interest rates sound high and I don’t love that they implement lockout periods on repayment. Lastly, BHG Money might be in a gray area where transparency is concerned – they don’t share their rates publicly, and it took work to track down their business registration (but it is current).
Now, on the bright side, they have tons of satisfied borrowers that they’ve worked with over the past two decades. And, if you know someone who’s taken a loan with them, it might be worth asking about their experience. Weigh your needs against the offer, and shop around before you sign anything.
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