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! SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM SCAM
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This complaint and/or review was posted on HolySmoke.org on 02:17 am, February 03, 2018 (CST) and is a permanent record located at: https://www.holysmoke.org/scam/bankers-healthcare-group-bhg/.
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Bankers Healthcare Group [BHG] Reviews & Complaints
I applied for a loan from them gave my information to them including my ss number now I feel I have been scammed by them. Everyone will have excess to all my information. I fill my life will not be the same and I should have went with my gut feeling’s. If I had a way of suing these companies for this way of cheating good people out of there hard earned money I would be all for it. They don’t put all that in there information they send you what so ever and they need put out of justice.
Bankers Healthcare Group [BHG] Reviews & Complaints
I had received multiple letters from “Bob Castro, founder, Bankers Healthcare Group” claiming to offer me great loan terms and that their process is very fast and straight forward. They claim to have me selected and they offer “special incentives and satisfactory loan terms”. Letter keeps talking about “special offer”. I called, filled out a short application and process started. They needed more and more info and for me to sign different forms. At one point I told them that I’m done with their incompetence and drastically long /complex process. And BOOM! I got a call that I’m approved for something… Next day I get a call with offer of $50k loan with 84 payments of $ 1421.46 a month which comes to about $120k total payout. They didn’t want to tell what is the interest rate. I kept pressing to tell me and the guy said it was 23%! That’s outrageous! They said based on my profile it’s the best they can do. I haven’t missed any payments on any of my obligations in past almost 5 yrs of having my business. My unsecured credit cards have 14%interest rate and I recently financed a vehicle at 5% interest. That company is a scam and they lure in many businesses owners with their false statements and false promises.