Algiatrist

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Just got this letter in the office mail telling about my pre-approval for an unsecured loan of up to $100,000. Never heard of this Bankers Healthcare Group company before, but went to their website and it looks relatively legit. Does anybody out there have any knowledge/experience with this company?
 

PMR 4 MSK

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I don't know about this one in particular, but there are a number of loan operations that seek out doctors for unsecured loans. I used to see $50K a lot. Watch the interest rates and how it's calculated.
 

hyperalgesia

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Just got this letter in the office mail telling about my pre-approval for an unsecured loan of up to $100,000. Never heard of this Bankers Healthcare Group company before, but went to their website and it looks relatively legit. Does anybody out there have any knowledge/experience with this company?
Just got this exact same letter. I couldn't even find an interest rate on it so I wouldn't go there. I trashed it.
 

Jcm800

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Just got this letter in the office mail telling about my pre-approval for an unsecured loan of up to $100,000. Never heard of this Bankers Healthcare Group company before, but went to their website and it looks relatively legit. Does anybody out there have any knowledge/experience with this company?
go to chase or citibank and see what type of line of credit you can get before signing any bank loans...
 
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Many of my colleagues have also received this invite. However, they deceive you by stating there are no upfront fees, no prepayment penalties, and the "credit line" can be used for any purpose. After you apply and send them every piece of your confidential information, they give you loan documents with $10,000 in upfront fees and stipulations that you can not prepay in the first 36 months at which point you then will be charged a 7% prepayment fee for the life of the "loan". That's right, LOAN, not credit line.
 

Tenesma

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they are marketing it as an unsecured loan... that is why there are bound to be costs involved for them to mitigate risk...

despite my income, despite my long-term dealings with my local bank, despite the size of my bank accounts... this is the best i can get from the local bank
1) 20k unsecured... at 13%
2) $XXXk secured to my holdings in the bank account - and while that loan is being paid off those holdings are untouchable - basically a loan against your savings --- which is usually at a low rate 2-3% --- but what's the point of that type of loan - makes no sense

in the long run - better to establish good credit, use a credit card frequently and increase your credit line every 7 months....

unsecured loans are typically geared towards docs who are in trouble or just starting their practice - either way those aren't safe bets...
 

Finally M3

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My wife and I just got pre-approved physician loans from SunTrust up to $75,000.

SunTrust has a pretty long track record; would hit them up...
 
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PMR 4 MSK

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My wife and I just got pre-approved physician loans from SunTrust up to $75,000.

SunTrust has a pretty long track record; would hit them up...
Yeah, I used Suntrust in residency and early practice with a $50K unsecured loan. I think they called it a "signature loan." Then Suntrust sold my loan to one company who sold it to another and it ended up with wells Fargo. Don't remeber the exact interest rate, but it was reasonable at the time.
 
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As the Senior VP of Marketing, I invite you to email me directly ([email protected]) regarding any false statements or issues you may have regarding Bankers Healthcare Group. I take matters like this very seriously and strive to leave each and every healthcare professional with a positive, lasting impression of my company.

Bankers Healthcare Group is a direct lender and private equity firm, funding over $750 million dollars to healthcare professionals across the United States. There are never any up-front fees and each customer is under no commitment or obligation prior to signing for the loan.
 
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Trust me you do not want to get involved with Bankers Health Group. Yes, this is a loan, it involves " Closing Costs" of $5000 or more and interest rates of 35% or more. We used them when we were starting our office. Upon reviewing the terms, we tried to stop the deal, but were threatened with legal action and an $5000 penalty. Being young and desperate for start up money we caved. Oh yeah, there is also a prepayment penalty if you actually start making money and try and pay it off. I wish I had never heard of them.
Also, when you try and research them on line it used to be very hard to find any real reviews on their company. However, now you can find them. BEWARE
 

Spacekat

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This may be an old thread but it's a useful one. Just got one of these BHG offers today. Much thanks to those who posted!
 

housemd?

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This is what I got today for others looking into it:
Option 1:
$100,000.00 Net Loan Proceeds
$1,721.09 Monthly Payment
84 Month Term
7.49% Fixed Interest Rate
$2,995.00 Documentation Fee
$2,250.00 Reimbursable Servicing Fee
$7,000.00 Optional Limited Personal Guaranty -- waived if you have a individual life insurance police >= loan amount for term of loan
36 Month Lockout
No Pre-Payment Penalty (after 36 month lockout)
$112,245.00 Total Financed Amount (Includes Documentation Fee, Reimbursable Servicing Fee, and Optional Limited Personal Guaranty)