Banker's Healthcare Group (BHG) Personal Loan

[GuzNYC]

Hi,  thank you all for this forum

@Citylights18  since yours was a commercial loan, did they ask you for your personal SS# for the soft pull credit check, or did they ask for your business EIN/Tax ID?

I do have an established small business, legal entity, although I plan to use the funds to pay off personal debt. The rep on the phone eluded to the fact that he would modify paperwork, as needed, to get an approval through the underwriting department. I think he really wants the commission. I assume he will push a commercial loan. Although, my business has not built much credit at all.

I wonder if anyone has ever been denied a loan? I will come back to the forum and let you know what options I am given.

For context my personal credit score 658 and debt $170K....looking to see if they approve $150K

Thanks All, 

[Citylights18]

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@GuzNYC wrote:

Hi,  thank you all for this forum

@Citylights18  since yours was a commercial loan, did they ask you for your personal SS# for the soft pull credit check, or did they ask for your business EIN/Tax ID?

I do have an established small business, legal entity, although I plan to use the funds to pay off personal debt. The rep on the phone eluded to the fact that he would modify paperwork, as needed, to get an approval through the underwriting department. I think he really wants the commission. I assume he will push a commercial loan. Although, my business has not built much credit at all.

I wonder if anyone has ever been denied a loan? I will come back to the forum and let you know what options I am given.

For context my personal credit score 658 and debt $170K....looking to see if they approve $150K

Thanks All, 

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They used my EIN. I am an existing customer so it may be somewhat different. 

BHG is offering a private loan so whether its personal or business is somewhat immaterial since it doesn't report to either bureaus.

I don't know if you could be denied or not for the BHG loan or what that threshold is. Its totally a soft pull and if the file is bad they could offer to approve you for a lessor amount. They told me over the phone if I had less revolving debt they would approve me for me for more (but how does that work if the stated reason is debt consolidation?)

One either option might be if you could get personal lines of credit which might be cheaper interest rate. I found a banking willing to give a prime rate unsecured PLOC with a 2% minimum payment (up to 100k). On its surface this sounds more economical than BHG and more flexible as well.

It sounds like you might be in a situation where you could make good use of a BHG with that level of debt.

[AzCreditGuy]

Just an FY, they will approve anyone with good credit because they offer predatory loans...period. If you look the address it will show a parking lot. Talking to these fools, they expected me to be ok with the 29% rates they offered for $75k , I said pound sand. 

They emailed me back the following terms for $40k 

Option 1:
$40,000.00 Net Loan Proceeds
$1,022.63 Monthly Payment
84 Month Term
19.49% Fixed Interest Rate
$2,995.00 Documentation Fee
$900.00 Reimbursable Servicing Fee
$2,800.00 Optional Limited Personal Guaranty
24 Month Lockout
Allow Partial Pre-Payment
$46,695.00 Total Financed Amount (Includes Documentation Fee, Reimbursable Servicing Fee, and Optional Limited Personal Guaranty)

You might also check your Chex Systems, I just my report and they pulled it. They stated they only do soft checks, but they lied when it came to Chex systems....

I also never knew they were the guise of a Healthcare Group, since I have a life and health license....Makes the company even seem more slimey

[Gargamill]

Yes.  Smooth process.  As advertised.