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

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Bankers Healthcare Group

Posted:    Honorable Physician

Upfront loan fee scam

Complaint Rating:  96 % with 77 votes
Contact information:
Bankers healthcare Group
United States
Avoid, unless you want to get tricked into paying $10000 in upfront loan fees and getting stuck with a loan that you are unable to prepay plus being charged a penalty of 7%.
Comments United States Loans
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 6th of Dec, 2011 by   ScrewedBy Chase +1 Votes
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!

 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.

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