Pinnacle Bank owns a portion of Bankers Healthcare Group LLC (BHG Financial), which provides commercial loans to healthcare practitioners and consumer loans under the BHG Money brand. Bankers Healthcare Group became BHG Financial in 2021.

Bankers Healthcare Group (BHG) Personal Loans: 2024 Review

Q: Is Bankers Healthcare Group legitimate?

Bankers Healthcare Group (BHG Financial) is a legitimate company that offers consumer loans under the BHG Money brand.

Q: What credit score do you need for BHG Money loans?

A minimum credit score isn’t disclosed for BHG Money personal loans. Loan eligibility is determined using the lender’s “flexible risk assessment process” that evaluates other factors beyond your credit score.

Q: Does a BHG Money loan affect your credit score?

According to the lender, only soft credit inquiries are done to see if you qualify for BHG Money loans. Soft credit pulls don’t affect your credit score. However, if you’re approved and choose to move forward with your personal loan, the lender conducts a hard credit check which can impact your credit score.

Check Your Rate

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Jennifer CaloniaUpdated January 2, 2024

Overview of Bankers Healthcare Group

Bankers Healthcare Group LLC does business as BHG Financial and offers consumer loans under the BHG Money™ brand. It offers personal loans of $20,000 to $200,000 with annual percentage rates (APRs) ranging from 13.39% to 24.91%. Approvals for loans can happen within 24 hours, but funding can take up to five days. Loan terms range from three to 10 years, and there is no prepayment penalty. However, eligibility requirements for BHG Money personal loans are unclear.The Takeaway: BHG Money offers large personal loans with long loan terms. It may be right for those who are looking to take out a substantial sum of money and don’t need the funds quickly. Personal loans from BHG Money are not currently available in Illinois or Maryland.

Pros and Cons of Bankers Healthcare Group

Pros of Bankers Healthcare Group

Offers large personal loans of up to $200K. Bankers Healthcare Group offers personal loans with a top borrowing limit of $200,000. Other lenders cap their loans at $50,000 or sometimes $100,000.
Fast approval time. Interested borrowers can receive loan approval just 24 hours after submitting any necessary documentation or information.
Personalized approach. Although the lender doesn’t disclose its minimum credit score requirements, it says that it evaluates more than an applicant’s credit score. A BHG loan specialist can look at your finances and borrowing needs to help find a lending solution that works for you.
No early payoff penalties. If you want to pay back your BHG Money personal loan faster, you can make additional payments toward your loan principal without worry. There are no loan prepayment penalties at any point during your term.

Cons of Bankers Healthcare Group

Funding can take several days. A downside to BHG Money personal loans is that it can take up to five days to receive funding after approval. These are not quick personal loans.
Loan details and eligibility are not transparent. BHG Money offers debt consolidation loans, home improvement loans, personal investment loans, and general life event loans. However, not much information is provided about loan details, including origination fees. Nor is information disclosed about borrower eligibility, such as credit score and income requirements.
Not available in certain states. Prospective borrowers who reside in Illinois or Maryland can’t get a BHG Money personal loan.
Small loan amounts not available. BHG Money personal loans are not right for you if you need small personal loans up to $5K.

Bankers Healthcare Group Personal Loan Terms, Rates, and Fees

Loan amounts: $20,000 to $200,000APR range: 13.39% to 24.91%Loan terms: Three to 10 yearsPrepayment penalty: NoneApplication fee: NoneOrigination fee: Not disclosedCo-borrowers allowed: Not disclosedApproval speed: Approval within 24 hours, but up to five days to receive fundingInformation accurate as of Jan. 2, 2024.

Who May a Bankers Healthcare Group Personal Loan Be Right For?

Customers who need to borrow a large amount. Borrowers who require a large loan amount might want to consider financing through Bankers Healthcare Group. Its high-limit loans can help cover major expenses.
Borrowers in Illinois or Maryland. Prospective borrowers who reside in Illinois or Maryland can’t get a BHG Money personal loan, so this option is generally not right for you if you’re based in the Chicago area or near the Chesapeake Bay in the Old Line State.
Customers who prefer hands-on loan guidance. BHG Money requires borrowers to work closely with a loan specialist. The lender likens the experience to a concierge service that’s available to answer questions seven days a week.

Who Bankers Healthcare Group May Not Be Right For

Borrowers who need a small loan amount. A BHG Money personal loan requires a minimum loan limit of $20,000. If you need less than that, you might find better options elsewhere.
Borrowers who want to check their rates quickly. According to BHG Money, the initial call with a loan specialist takes 10 to 15 minutes. This is a notable preliminary time commitment, especially when some lenders promise pre-approval decisions within a minute.
Borrowers who need fast funding. It can take up to five days to receive a loan through BHG, so it may not be a good fit for those who need money quickly.

What to Watch Out for With Bankers Healthcare Group Personal Loans

Loan approvals are valid for 12 days.
No application fees, though origination fees might apply.
BHG is a nonbank direct lender of commercial loans and consumer loans

Bankers Healthcare Group Personal Loan Eligibility Requirements

Minimum credit score: Not publicized.
Income requirements: Not disclosed.
Maximum debt-to-income ratio: Not disclosed.
Cosigner allowed? Not disclosed.
Co-borrower allowed? Not disclosed.

Repayment Options for BHG Personal Loans

The direct lender offers flexible repayment terms. The repayment timeline for a BHG Money personal loan can range from 36 months (3 years) to 120 months (10 years).

How to Apply for a Bankers Healthcare Group Personal Loan

If you’re interested in a personal loan from Bankers Healthcare Group, there are several of steps you’ll need to take:

Apply online. Get started by answering basic questions on the BHG Money website, including the purpose of your personal loan and how much you would like to finance.
Speak to a financing specialist. You may have the opportunity to speak with a BHG Money financing specialist during the application process. The specialist may discuss your borrowing needs and verify the information you’ve provided.
Submit a loan application. If, after discussing your loan options with your assigned specialist, you decide to move forward, you’ll need to complete a formal loan application. A credit decision is typically ready within 24 hours.
Select your loan term and repayment option. If you’re approved, you’ll receive an overview of your loan agreement, which you’ll need to review and sign. Your loan will be funded within five days.

Alternatives to BHG Money Personal Loans to Consider

BHG Money personal loans have pros and cons, as discussed, so it can be smart to compare lenders when searching for online personal loans:

Lender	Loan amounts	APR range	Maximum term
Achieve (formerly FreedomPlus)	$10,000 to $50,000	8.99% to 35.99%	60 months
Avant	$2,000 to $35,000	9.95% to 35.99%	60 months
Best Egg	$2,000 to $50,000	7.99% to 35.99%	60 months
LendingClub	$1,000 to $40,000	9.57% to 36%	60 months
OneMain Financial	$1,500 to $20,000	18% to 35.99%	60 months
Prosper	$2,000 to $40,000	7.95% to 35.99%	60 months
Universal Credit	$1,000 to $50,000	11.69% to 35.99%	60 months
Upgrade	$1,000 to $50,000	8.49% to 35.99%	60 months

(The above information on APR range, loan amounts, and maximum term lengths will be updated weekly, every Monday.)Some other options you might want to consider include:

With Lantern by SoFi, you can quickly and easily compare personal loan offers from multiple lenders all in one marketplace. Just fill out one simple form, explore your financing options, and apply for a personal loan that fits your needs.Lantern can help you find personal loan offers.

Frequently Asked Questions

Is Bankers Healthcare Group legitimate?

What credit score do you need for BHG Money loans?

Does a BHG Money loan affect your credit score?

Who owns BHG Money?

About the Author

Jennifer CaloniaJennifer Calonia is a Los Angeles-based finance writer who has covered the gamut, including student loans, credit card rewards, consumer loans, and debt. Her work has been featured in outlets like Bankrate, NerdWallet, Business Insider, Yahoo Finance, and U.S. News.

Brand names: No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this article. Third party trademarks referenced herein are property of their respective owners.

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