FREQUENTLY ASKED QUESTIONS
- + - How can BHG get me a loan so fast?
With 17 years of healthcare industry knowledge and concierge service for a streamlined loan process plus live and/or readily available customer support, our business model is built to accommodate busy practitioner’s schedules. BHG works at your convenience to provide you with a hassle-free working capital loan so that you have access to funds when you need them, not 6 months down the road.
- + - How are you different than my community bank or other lenders?
While most traditional banks and lenders have a general, rigid risk assessment process that does not differentiate a healthcare provider from a restaurant owner or other small business, we focus on lending to licensed healthcare professionals, having worked with over 110,000 of your colleagues nationwide.
Bankers Healthcare Group is a direct lender, able to approve your loan in 24 hours and get you funded in as few as three days. We do not rely on a computer model to make our credit decisions and don’t believe in a one-size-fits-all solution. Rather, we take a hands-on approach to review all funding requests from potential customers and offer a wide array of financial solutions to meet the needs of many different credit profiles. Our team will work with you to find the solution that’s right for you!
- + - Who does BHG provide financing to?
BHG has provided over $3 billion in funding to healthcare professionals of many different specialties, including physicians, dentists, veterinarians, pharmacists, physical therapists, occupational therapists, physician assistants, nurse practitioners and more.
- + - What information do I need to apply?
We’ll have a short, complimentary conversation to discuss the following information:
a) Financial need and loan amount
b) A brief overview of years in business and how long you have been practicing
c) Corporate and personal financial statement to help BHG better assess your finances
a) You will receive a copy of the application for verification and signing purposes
b) You will need to provide us with your most recent pay stub for income verification
* Signed application and income documentation will be required before facilitating a credit decision. Documentation may vary based on creditworthiness.
- + - How much time will I have to spend on the phone?
The average amount of time one of our customers spends on an initial call may be approximately 10 to 15 minutes. Rest assured that we will work around your schedule to make this as seamless as possible and correspond via your preferred method of communication.
- + - How do I know Bankers Healthcare Group is not a scam?
We hear this is a lot, “you sound too good to be true.” No, we’re not tooting our own horns, but we do love helping our customers achieve their goals. Please read all about their experiences with BHG on TrustLink, TrustPilot or the reviews section of our site. We’ve also been honored by Inc. Magazine for growth and job creation eleven times – including a number 5 overall ranking in 2005! #proud
Being an online direct lender doesn’t allow you to walk in and shake the hand of a customer service rep, but we’ve partnered with the AVMA, HDA as well as the 5th District Dental Society and attend 15 healthcare-specific tradeshows nationally every year - we’d love to speak with you if you stop by our booth!
- + - Is there an application fee?
No. The only fees associated with our loans are closing fees and interest expense over the life of the loan, much like any other type of loan. Costs can be paid at the time of closing or incorporated into your financing and be paid over the life of the loan. These costs are only charged to you if you are approved and take receipt of your funds. There are never any pre-closing costs.
- + - What are your rates and terms?
Rates start at 6.99% and we offer extended terms up to 10 years.1 Our team will work closely with you on a no -cost, no-obligation proposal. Much like a healthcare provider, it is difficult to give a diagnosis without first examining the customer’s needs and profile. All loan terms will be provided in full detail both verbally and in writing.
1Subject to credit approval upon completion of application. Loan sizes and interest rates vary and are determined by applicant’s credit profile. Call for complete program details.
- + - Do BHG loans show up on my personal credit report?
Since BHG performs a soft pull, our commercial loans will not appear on your personal credit report.
- + - Is a working capital loan the same as a cash advance? And what can I use the funds for?
No, a working capital loan and a cash advance are not the same. A working capital loan is issued to finance operations of a business or company and typically has a defined repayment term. A cash advance is a short-term loan in cash form that can be used for any purpose. A cash advance allows you to make a cash withdrawal from your credit card account, at an ATM or bank location or through direct deposit. Cash advances are typically capped at a few hundred dollars and have higher interest rates than normal credit card purchases and require additional fees. A recent CreditCards.com survey of 100 top cards found that the median interest rate on cash advances is 24%, or roughly 6 points higher than the interest rate on purchases.
Whether you need to pay insurance premiums, consolidate commercial debt, cover payroll, buy new equipment, market your healthcare practice, make upgrades and improvements or simply need the cash flow, funds can be used for many commercial purposes.
- + - If I am issued an approval from BHG, how long will it be honored?
Any loan approval from Bankers Healthcare Group will be honored for 14 days.
- + - Where can I read Bankers Healthcare Group Reviews to learn about other people’s experiences?
We have worked with thousands of clients over the years and many have been generous enough to share their reviews and experiences on both our main website and our review site, Bankers Healthcare Group Reviews. You can also read customer reviews on TrustLink and TrustPilot.
In addition to ensuring our customers’ happiness, we strive to make the working environment at BHG enjoyable as well. As a result, we have been named the Best Place to Work in Central New York in 2013 and 2018 in the large company category.
- + - Do I have to own my own physical practice?
No. We have a financing program for every healthcare professional, no matter position or specialty. Whether you are a 1099 or a Schedule C healthcare professional, BHG can help you.
- + - Are there tax benefits with this loan?
We recommend that you consult your accountant, but in many cases, you can write off commercial interest for significant tax savings.
- + - Can I cancel my loan before I take receipt of the funds?
Yes. Prior to receiving your funds, you may cancel your loan at any time with no cost to you.
- + - Do you need a business plan when applying for a business loan?
No, at Bankers Healthcare Group you do not need a business plan as a prerequisite to apply for a business loan. Bankers Healthcare Group understands the healthcare professional industry. According to the Physicians for a National Health Program, the average U.S. doctor spends 16.6 percent of their workweek on administrative paperwork unrelated to patients. Regardless of whether you are a dentist, physician, veterinarian, physical therapist, chiropractor or any other licensed healthcare professional, we understand the amount of paperwork you go through on a daily basis, so we strive to make your financing as hassle-free and with minimal paperwork.
- + - How can medical practice financing be utilized to market your healthcare services?
- Direct mail: Targeted mailings to current or prospective patients that may include brochures, postcards, newsletters and letters.
- Paid social media: Paid advertising messages on social media platforms such as Facebook, Twitter and LinkedIn.
- Video production: Producing commercials or videos to advertise your medical practice services
- Display advertising: Using audio, video and images to communicate an advertising message on different websites.
Medical practice financing may provide the cash flow you need to market your services in an effort to attract new patients or inform current patients of new care offerings. There are several avenues you may consider to market your services:
- + - Is BHG a direct lender?
Yes, we use our own money to fund loan requests.
- + - I was recently turned down by my bank, how are you able to approve me for a loan?
Our core focus is to lend money to healthcare professionals. We do not rely on a computer model to make our credit decisions. BHG takes a hands-on approach to reviewing all funding requests from our customers. We offer a wide array of financial solutions that meet the needs of many different credit profiles. Our team will work with you to decide which solution is right for you.
- + - Are there any pre-payment penalties?
We have a very large menu of loan opportunities to offer. Depending on which program best fits your needs, there may or may not be a pre-payment penalty.
- + - Can you have two loans at once with BHG?
With BHG's concierge service and customized loan options, many customers look to BHG for their financial needs. Depending on customer's credit profile and what they plan to use the funds for to expand their career, customers may have two loans at once with BHG.
- + - What is the difference between a fixed versus variable rate loan? How do I know which one is right for me?
A fixed rate loan is one interest rate applied to your loan for its entire team.
A variable rate loan is tied to the market, so as the market shifts, so does your interest rate-and your payment.
Some things you may want to consider when choosing the right one for you may include the term of the loan and the fluctuating market changes. To learn more about fixed versus variable rate loans, visit our blog post.