While they may appear legit on paper, this is a predatory lending company that takes advantage of naive physicians with little financial sense.
I got a loan of $30, 000 with 16% APR from BHG at the end of my fellowship year. I was having trouble finding jobs due to COVID, and I had built up a significant amount of credit card debt, and I was desperate. I have learned my lesson since then. Here are the reasons why BHG is a predatory lending company:
(1) Exorbitant fees. I got a loan of $30, 000, and the document fees alone were $4500. That's 15% of the loan.
(2) Long lockout periods where you cannot pay off the loan. Initially they offered me a contract with a lockout period of 36 months. When I hesitated, they quickly negotiated down to 12 months.
(3) After a year of making payments, they started aggressively contacting me via phone calls, texts, and emails, encouraging me to re-finance. Even when I asked them to stop, they kept contacting me every few months asking me if I needed more money. When I said no, they offered to refinance my existing loan. This is a classic predatory lender tactic. They said that since my salary and credit scores had gone up, they would be able to give me a better deal. This "better deal" was a new loan of $33, 000 to cover my remaining $27, 000 balance + $6000 in new document fees (these are in addition to the $4500 I paid last year) + a renewed lockout period of 12 months (now that I was outside of my lockout period), at a slightly reduced 12.5% APR.
(4) When I hesitated (rightly so as this was a truly awful deal), the guy who called me with the offer kept calling me, saying things like "we have to act fast to lock in this lower interest rate" and "If you sign within the next 2 hours we can get you the reduced rate otherwise there's no guarantee" and things like that, trying to pressure me to sign quickly.
(5) At this point I had finally learned my lesson and declined this horrible refinance offer, and I was able to find another bank that was willing to lend me the same amount of money at less than HALF of the interest rate, with 1/10th of the fees that BHG charged.
(6) When I tried to pay off my loan early, even though I was now past the 12-month lockout period, they still said my contact was "non-cancellable," but that they would be "willing to accept a payoff" at a sum that was $400 higher than my remaining loan amount. So even though I was outside of my lockout period, they STILL charged me a penalty for paying off earlier. At this point I was so desperate to be done with them that I paid the extra $400 to get out of their claws.
(7) They don't report to credit bureaus, which is incredibly sketchy, and they also don't have a mobile banking website, so it is very hard to keep track of how much you owe, and it is hard to make additional payments because the only way to do this is by calling them. If you email them they will send you a document that has your payment schedule, but this is just a word document, and if you make additional payments then you have to request a new document each time to get a sense of how much loan you have left. I believe this is intentional.
Overall, I believe that BHG is a predatory loan company that exploits physicians in training. Stay away.
This complaint has been resolved automatically due to user's inactivity.
BHG IS SHADY DONT GET A LOAN FROM THEM! Applied for and received a loan from them to consolidate my bills. When I asked for account access and monthly statements all I got from them is "We don't do that" they refuse to give any type of access to your account. There is no way to know what you owe, where your money is going when they take it, or anything else. I TRULY REGRET GETTING THIS LOAN AND YOU WILL TOO!
BHG fully discloses all rates, terms, fees, & conditions on all loans prior to funding, which gives each customer ample time to review and have any concerns addressed prior to moving forward. BHG loans are easy to manage as they are simple fixed interest loans with the same monthly payment and date for the entire term of the loan. A full amortization schedule with a breakdown of all payments is provided prior to funding and an updated version can be provided at any time by contacting our award-winning Client Services Team. Should you have any additional questions about your loan please contact Client Services at 866-588-7910.
I’m in the same situation as you are. I have put my family in a terrible bind by agreeing to the terms and it reading my documents clearly. Our initial phone conversation was never recorded that included the simple interest discussion. I would NEVER in my life agreed to 20% interest rate on a loan but now I’m trapped because I didn’t read through the documents. Oh and the recorded phone call was made to me while I was working during patient care so I quickly answered the questions without thinking so again I’m “trapped”. That’s the only phone recording they had record of. No records of initial phone call. I’ve been busting it in the medical field for over 30 years and feel so bad for putting myself in this situation. I’m in a no win, hopeless situation.
Lies! This company is a scam! Don't get a loan from them! I was never told about the lock out period even after asking if I was able to pay more toward the principle and then to find out about how the interest rate actually works! Just keep your credit cards it's way cheaper
Recently I got scammed by this cryptocurrency company
https://www.fweqsnu.top/h5/#/pages/normal/login/lo
They also have a URL Quotexbs something.
They pretend to do options a Quotex or Forex. Then they use a romantic approach to phish all your money out of your exchanges and take it.
then they send you to this:
Jen Gurney
Account Executive
BHG Financial
201 Solar Street, Syracuse, NY 13204
Main: 866.588.7910 Direct: 315.314.8793 Fax: 315.362.5501
bhgfinancial.com
They are very dangerous and they are responsible for Identity thefts.
https://www.classaction.org/news/bankers-healthcare-group-pinnacle-bank-disguise-consumer-loans-as-business-loans-to-hide-illegal-lending-class-action-says
Don’t do business with them.