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Citerra Finance

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Citerra Finance

Learn how healthcare financing can help cover health costs!

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Intro to Citerra Finance

Citerra Finance boasts simplicity and speed. The company has about 10 years of experience and offers medical financing to customers solely through loans (not through credit). Their loans can go toward a variety of medical procedures that you might need, including fertility treatments, cosmetic and weight-loss surgeries, and treatments for your knees or hips. They can also go toward dental procedures and Lasik.

Citerra works with several different banks, each of which funds a different kind of medical expense that these loans can cover. In many ways, the logistics of account management, loan terms, and fees are particular to the bank that Citerra has partnered with to handle your loan. 

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The Good

  • Time in Business
  • Application approval
  • Flexible use of funds
  • Customer service options

Time in Business

It's a good sign when a company has experience in their industry, and Citerra lays claim on a decade of it. Having been around for 10 years, they've learned their customer base over time and established positive partnerships with lenders. This company stands out partially for their specialty in medical loans, as opposed to trying to companies who stretch themselves over multiple lending platforms with credit lines and cards.

Application Approval

Citerra makes getting a loan easy from the get-go. It doesn't cost a thing to apply for a loan, but what's more impressive is that they approve most loans within 10-45 minutes of receiving it! It can affect your credit score, mind you, but if it does, it only affects it by single digits.

Flexible use of Funds

Once you've been approved for a loan, you can essentially use the money at any medical facility. If your preferred provider is out of their network, they will just ask to see the doctor's license to make sure they are credible. Citerra and the bank that funds your loan will ultimately have to approve the use of your loan, but they don't place a lot of restrictions on eligible facilities.

Customer Service Options

Surprisingly, not every company in this industry is good at providing enough ways for customers to contact the company; some leave out phone numbers and others limit you to just an online contact form you submit. Citerra is actually pretty good at this though. Along with a contact form on their website, they provide a clear phone number, email address, fax number, online FAQs section, and outline of business hours.

You can easily make payments to your bank through an online portal or through check or autopay as well. Granted, the online portal you use will be specific to the bank that ends up funding your loan. This bank will be a great determiner of the customer service tools made available to you, since they will become the main entity you work with to pay off a loan.

The simplicity of this company extends into their application process, customer service options, and loan terms, and that works in the customer's favor overall. When finances can already get complex, it's nice to have a financial partner that makes the borrowing process intuitive.

The Bad

  • Lack of Information
  • High-interest rates
  • Limited loan terms
  • Bank-specific terms

Lack of Information

While there's a lot to love about the simplicity of Citerra Finance, there are downsides to that as well. For one thing, the company doesn't provide almost any information about their own history as a company. Though it doesn't affect the way they handle a loan, customers like to know how a company got its start, what it stands for, and how it's making customers' lives easier. Citerra really doesn't dive into any of this information, except for outlining how easy their loans are to obtain. And in that way, the company is less approachable than the ones that are transparent about their background.

For some customers, there's also a bit too much simplicity in the sense that Citerra doesn't offer credit options. If you're not looking for a loan and prefer a medical credit card, this company isn't even an option for you. The following factors might also deter you from choosing Citerra:

High-Interest Rates

Citerra actually charges pretty high interest. Their rates range from 17% to 21%. When other companies are starting as low as 5.99% or even lower, these rates seem just astronomical.

Limited Loan Terms

The amount of money you can borrow is not universal across the board; it actually depends on the individual customer's debt-to-income ratio. That could be seen as a pro or a con, depending on your personal ratio. And whatever you do borrow, you only have between 24 and 48 months to pay it off, as that is the range for most Citerra loan lengths. These terms are not as flexible as what some other companies offer.

Bank-Specific Terms

Because your loan will ultimately be funded by a bank that Citerra has partnered with, some of the logistics of your loan will be determined by the bank and not by Citerra itself. This puts customers at the mercy of the bank; for example, the bank will determine your late fees and the amount of access you have to your account. Overall this should not be a frustration, but it does make customer service less consistent since multiple banks are partners of Citerra.

In smaller ways, the company is limited because their customer service is not available 24/7 and they don't have a live chat tool. This could be frustrating if you have a time-sensitive decision to make about your loan. The company would be helping customers more if they were more readily available to them.

The Bottom Line

It's hard to give a clear-cut recommendation for or against this company because it has significant pros and cons; neither really outweighs the other. That being said, it all depends on your needs as a borrower.

Let's start with why Citerra would be a recommended company to work with. Simply put, the company is a prime option for people who need a medical loan, not medical credit, and who need a medical treatment in one of the areas approved for funding (fertility, bariatric, cosmetic, dental, Lasik, or knee and hip). It's also great for clients who want a short-term loan (four years or less).

On the other hand, if you'd prefer a much lower interest rate (who wouldn't?), if you need a different medical treatment than those listed, or if you're looking for medical credit, then Citerra Finance doesn't have what you need. The company does limit itself in these ways and can't serve the every-customer.

The overall features of this company are suitable for most borrowers-they have great customer service options, they have a decade of experience, and they base their loan amounts on customers' personal financial situations. But if the specific products they offer are not on your list of needs, then this company is not recommended for medical financing.

It's okay that Citerra Finance has chosen to focus only on medical loans, but it would benefit more customers if they opened up the terms of these loans to be more flexible for various medical treatments and to be paid back over a more wide range of time if needed. However, the company has still done a great job of anticipating a lot of customers' needs and ultimately punctuating their services with simplicity and speed. This alone sets them apart from competitors and makes them an appealing candidate for healthcare financing.

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User Reviews

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4 Reviews

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AManda
March 13th, 2018 Page, AZ DETAILS
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They were not honest about the loan amount, I borrowed 3,500 but Citerra borrowed 2,300 in addition to my 3,500. So now I owe $5,800 one month after treatment, I found out what they had done, They told me it was because I was a "high risk patient" But the bank has no idea where the $2,300 went, They gave it to Citerra, The doctor got $3,000 plus I paid 450 cash, Citerra took $2,750 with no explanation. Con artist

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Anayansy Bernal
January 18th, 2018 Bakersfield, CA

Don't do it! I was close but thank god something clicked when I seen the numbers! Please make the math before you decide on anything!

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Angela
March 21st, 2017 Saint Louis, MO

I applied with Citerra Finance to be pre-approved for a medical procedure. They pre-approved me for $5,000 based on my income and credit report. I put a $515 down payment on the surgery and had to purchase 2 plane tickets for $790. I bought luggage and other items to prepare for the surgery. I was told to contact them closer to my surgery so they could pay the surgeon. When I did this, they re-ran my credit and I was again told that I was pre-approved for $5,000. The person on the phone said he needed to enter some information. A minute or two later I was told they could not finance me. Not because my credit changed or my income changed, but because when they said I was pre-approved for surgery, it was not a guarantee. I was told they pre-approved my for $5,000, but the banks they use were not guaranteed to approve me, and they had not. This information was nowhere in any communications with me. I was never told there would be a second approval process. When I filled out the application, I was told I was pre-approved based on that. I do not understand how a company can guarantee a loan to someone based on nothing. I am now out $1,300 for expenses I paid, and they will not finance me.

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Jamie M Pitts
March 1st, 2017 Lumberton, TX

They add fees then sell the your account to another company. So all the new company sees is the amount with the fees added. Then they will tell you it's a risk factor fee.

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