BHG Money Business Loan Review

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BHG Money

Rates

Risk based pricing

Funding amount

$20,000 to $500,000

Term

3-12 years

Min. credit score

700

Time to funding

As soon as 24 hours

BHG Money, a non-bank direct lender division of BHG Financial (formerly called Bankers Healthcare Group), specializes in providing tailored financial solutions to professionals across various industries with a focus on healthcare practitioners. BHG Money’s loans are crafted to provide financial support for a range of purposes, from consolidating debt to expanding practices, investing in new equipment, or covering personal expenses. BHG Money prides itself on its fast, hassle-free application process, competitive rates, and the ability to provide funds faster than many traditional lenders.

Pros

  • Best term loan for healthcare businesses
  • Strong customer service
  • Transparent fees
  • Variety of loan options

Cons

  • Moderate loan amount maximum of up to $500,000
  • Must speak to a lending expert to complete the application
  • Restricted industries include gas stations, transportation, restaurants, and most construction.

BHG Money

Apply through Lendio How it works

Rates

Risk based pricing

Funding amount

$20,000 to $500,000

Term

3-12 years

Min. credit score

700

Time to funding

As soon as 24 hours

BHG Money, a non-bank direct lender division of BHG Financial (formerly called Bankers Healthcare Group), specializes in providing tailored financial solutions to professionals across various industries with a focus on healthcare practitioners. BHG Money’s loans are crafted to provide financial support for a range of purposes, from consolidating debt to expanding practices, investing in new equipment, or covering personal expenses. BHG Money prides itself on its fast, hassle-free application process, competitive rates, and the ability to provide funds faster than many traditional lenders.

Pros

  • Best term loan for healthcare businesses
  • Strong customer service
  • Transparent fees
  • Variety of loan options

Cons

  • Moderate loan amount maximum of up to $500,000
  • Must speak to a lending expert to complete the application
  • Restricted industries include gas stations, transportation, restaurants, and most construction.

Loan offerings through BHG Money.

BHG Money offers a comprehensive suite of business loan products designed to meet the unique needs of professionals across various sectors. Their loan portfolio includes:

Each loan product is structured with the professional in mind, offering flexible terms and competitive rates to support their financial goals. The following table will focus on BHG Money’s business term loan offerings.

BHG Money term loan quick facts
Loan amount range$20,000 to $500,000
Time in business2 years
Minimum credit score700
Minimum annual revenuePersonal annual income of $100K+ for licensed professionals.$1M annual revenue for general business.
Repayment scheduleMonthly
Fees3% origination fee
Funding speedAs quickly as three business days

See if your business is eligible for financing.

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Things to consider.

Variety of business loans.

BHG Money’s diverse array of business loans ensures that professionals from various sectors can find financial solutions tailored to their specific needs. Whether it’s for debt consolidation, business expansion, or equipment financing, BHG Money has established itself as a reliable provider of financial support for professionals aiming to achieve their business goals. 

Fees and rates.

BHG Money charges a 3% origination fee, so be sure to factor that in when determining the total cost of the loan. Rates start at 12.49% for a term loan from BHG Money.

Quick approvals and funding.

One of the standout features of BHG Money is its swift approval and funding process. Unlike traditional lending institutions, which can take weeks to process a loan application, BHG Money’s streamlined application procedure allows for decisions to be made in as little as 24 hours. Following approval, funds can be available in the borrower’s account in as little as three days, making it an excellent option for professionals in need of quick financial support. 

Strong customer service.

BHG Money’s commitment to providing exceptional customer service is evident through its responsive and knowledgeable staff. Clients can expect personalized attention from the initial inquiry through the life of their loan.

The company equips each borrower with a dedicated loan specialist who guides them through the application process, answers any questions, and offers solutions tailored to their specific financial needs. This high level of service extends beyond the loan approval, with BHG Money offering ongoing support to ensure borrowers have a clear understanding of their loan terms, payment schedules, and any other concerns that may arise. This approach not only simplifies the borrowing process but also builds a trusting relationship between BHG Money and its customers, further solidifying the lender’s reputation in the financial services industry.

Must speak with a loan expert to complete the application.

Requiring potential borrowers to speak with a loan expert before completing their application is a unique aspect of BHG Money’s approach to lending. This policy ensures that all applicants receive a highly personalized experience tailored to their specific financial situation and goals. However, this can slow down the application process and make comparing loan offers with other lenders a more difficult process.

Moderate loan maximum.

While BHG Money offers competitive loan amounts, it’s worth noting that their maximum loan cap of $500,000 may not meet the requirements of all professionals. This limit potentially restricts borrowers who may be seeking higher loan amounts for significant investments or expansive projects. 

Good reviews

BHG Money received a 4.3 out of 5-star rating on Trustpilot. Most of the positive reviews rave about the lender’s helpful customer service representatives, easy application process, and quick approvals. BHG Money also has an A+ rating on the Better Business Bureau’s (BBB) website.

Evaluation

BHG Money is best for:

In assessing the diverse offerings and service standards of BHG Money, it’s clear that this lender stands out in several key areas. 

Where BHG Money might fall short:

While BHG Money offers numerous benefits, there are areas where it might not meet every borrower’s needs:

How to apply for financing from BHG Money through Lendio.

Applying for financing through BHG Money via Lendio is a streamlined process designed to connect your business with the funding it needs with minimal hassle. Lendio is a small business loan marketplace with multiple lenders that will help match small businesses with loans that suit their unique needs. Here’s how you can get started:

  1. Complete Lendio’s online application form: You will need to fill out a brief online application on Lendio’s website. The form asks for basic information about your business, such as its name, how long it’s been in operation, your monthly revenue, and the amount you’re looking to borrow.
  2. Documentation submission: Alongside your application, you will be asked to submit documents that verify your business’s financial standing. These could include recent bank statements, income statements, balance sheets, and tax returns. Having these documents ready in advance can speed up the process.
  3. Review and acceptance: Once your application is submitted, Lendio will match you with potential lenders that fit your needs. If BHG Money is a good fit for your financing requirements, you will receive an offer outlining the terms of the loan. Review these terms carefully to ensure they align with your business goals and repayment capabilities.
  4. Finalize the deal: If you decide to proceed with BHG Money, you will work directly with their team to finalize the loan details. This may involve additional verification steps or documents. Once everything is in place, you can expect to receive the funds in your business bank account, typically within 72 hours.

The bottom line.

BHG Money emerges as a compelling option for professionals seeking tailored financial solutions to support their practice or business growth. Their streamlined process, from rapid approvals to funding, along with a range of specialized products, underscores their commitment to meeting the unique needs of professionals, particularly those in the healthcare sector.

Ready to compare Bankers Healthcare Group with other lender options? Check your eligibility on Lendio and get multiple financing offers for your small business in one place.

*The information contained in this page is Lendio’s opinion based on Lendio’s research, methodology, evaluation, and other factors. The information provided is accurate at the time of the initial publishing of the page (September 26, 2022). While Lendio strives to maintain this information to ensure that it is up to date, this information may be different than what you see in other contexts, including when visiting the financial information, a different service provider, or a specific product’s site. All information provided in this page is presented to you without warranty. When evaluating offers, please review the financial institution’s terms and conditions, relevant policies, contractual agreements and other applicable information. Please note that the ranges provided here are not pre-qualified offers and may be greater or less than the ranges provided based on information contained in your business financing application. Lendio may receive compensation from the financial institutions evaluated on this page in the event that you receive business financing through that financial institution.

Fueling the
American Dream

$12,000,000,000+

DOLLARS FUNDED THROUGH LENDIO

74+

LENDERS IN Lendio’s NETWORK

300,000+

LOANS FUNDED

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