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Bankers Healthcare Group, Florida Complaints & Reviews - Upfront loan fee scam

Bankers Healthcare Group Contacts & Informations

Bankers Healthcare Group

Posted:    ScrewedBy Chase

Upfront loan fee scam

Complaint Rating:  96 % with 97 votes
Contact information:
Bankers healthcare Group
United States
Beware of BHG! We looked into getting a loan from them. Not only do they charge a prepayment penalty, but they calculate their loan using SIMPLE INTEREST!!! WHO DOES THAT??? In other words, if you take out a 10 year loan for $100K, you will be paying interest on $100K for the ENTIRE LOAN!!! Unlike a normal loan, where the interest payment is compounded or recalculated monthly, quarterly or annually and adjusted downward as you pay off your loan, you are paying whatever their interest rate is for the ENTIRE LIFE OF THE LOAN!!! They quote you an 11.4% rate, but using compound interest, you are really paying over 20%! Plus, they add prepayment penalties so you can't even pay it back early!

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 29th of Jul, 2014 by   NDG +1 Votes
I did apply for this loan. And after over a month of haggling over percentages & prepayment penalties, we came to a mutual agreement. I signed the document, faxed it over and then I received a call that I just needed to initial one last thing... I opened the email and it turned out to be a contract with promissory note claiming my personal residence as collateral. WHAT A TOTAL SCAM. Has anybody else had this experience?
 1st of Aug, 2014 by   PathDoc 0 Votes
I was just solicited by BHG and I am called and emailed daily from the rep. I have ignored this but I am currently considering borrowing for improved cash flow. I am very hesitant in dealing with them based on this and other threads. That said there is a lot of positive press as well. So I am on the fence. When I ask about ball park APR they do not answer me and say its dependent on my worthiness. When I ask what is the lowest APR they have ever offered I get the same response. This make me skittish.
 15th of Sep, 2014 by   Surgeongirl 0 Votes
This company should be out of business with their predatory lending practices. They are operating a criminal enterprise. Where are the authorities to look into this loan sharking criminal organization? This company is fraudulent and full of all scams. Whatever good reviews that are posted, I can guarantee you that the employees wrote those. I will be making a formal complaint to the State Attorney's office. This company has been deceiving people for too long & it's time they go out of whatever shady business practices that they've always had.
 8th of Oct, 2014 by   mavera 0 Votes
They quoted me a loan at a 27% annualized interest rate and the loan doc was one of the longest i have ever seen. This is not a situation you want to get yourself into.
 27th of Oct, 2014 by   CD Veterinarian 0 Votes
SEND ME MY CHECK ! I met them at a trade show. I merely was Trying to get an interest quote for a 15 and 30 yr conventional mortgage for a new clinic building. I have an excellent credit rating, I owe no one. Went through an extensive loan application process, Tax returns personal and business, Profit and loss statements. They came back with a maximum amount 150, 000 at 17%. These are not bankers they are a predatory credit card company. I have credit cards with 9%. SCAM. I Wasted a lot of time on this. O Yeah, at the beginning they promised to be the lowest interest, Said they hadn't been beaten yet. They even said that If they were not the lowest they would write me a check for a thousand dollars, Right. send me my check.

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