Many patients turn to marketplace lenders to finance medical procedures you can’t afford.
That’s because these peer-to-peer loans offer low fees, have easy approval processes, and feature competitive interest rates for applicants with good credit. Yet medical loan financing offers the same benefits with none of the risks associated with marketplace loans.
If you’re looking for the best way to pay for care, here are 2 reasons you should use medical loan financing instead of peer-to-peer lending.
- Must Have Good Credit
For a peer-to-peer lender to you approve you, your credit score must be fair to excellent. Patients with poor or no credit will have a harder time getting approved and, even if you are approved, you’ll pay more fees over the life of your loan.
- High-Interest Rates
Some patients may qualify for marketplace financing without fair to excellent credit, but you’re penalized with increased interest rates. High annual percentage rates mean you pay more on the total cost of your loan.
Why You Should Use Medical Loan Financing for Healthcare Costs
Medical loan financing offers all the pros of peer-to-peer lending and none of the cons.
Patients pay fewer fees and aren’t fined for prepayment. The approval process is quick and easy, too. You sign documents and start making payments through a simple online portal.
Unlike marketplace loans, all patients are approved for medical loan financing regardless of creditworthiness. With fair annual percentage rates that don’t fluctuate over time, patients can rest assured you’re paying the lowest total cost for the amount you borrowed.
Epic River’s patient lending program is the best way for patients to connect with health care loan providers. You won’t have to deal with fees, all patients are instantly approved, and you pay competitive and unchanging interest rates. Next time you’re comparing ways to finance medical bills ask your health care provider about Epic River.