Easy Medical Loan (or EasyMedicalLoan.com) is based out of Tustin, California, and is a pretty new company. It was founded in 2012 and specializes in providing loans to customers needing financing or personal loans for their medical expenses. While it doesn’t offer any credit financing (such as a line of credit or a medical credit card), its personal loans can be used for a variety of medical treatments. These include but are not limited to cosmetic surgeries, vision enhancement, and even veterinary expenses. One way in which this company stands out among other loan companies is that it provides financing even for customers who have poor credit or no credit. Some lenders make it very hard to take out a loan with bad credit, luckily this is not the case with Easy Medical Loan. Though it has its fair share of pros and cons, this characteristic does make it unique and very useful.
Easy Medical Loan offers a few different types of personal loans, including one for patients without any credit history, one for those with low FICO scores, and a loan with an extended loan term payment plan. Each of these comes with different terms and affordable rates. Through the program for those with a low credit score, you can borrow between $100 and $10,000 and can pay off the loan between two and six years with an interest rate as low as 6.99%. To be eligible for this program, you need a credit score of at least 500. An extended loan term lasts for between 2 and 60 months and allows you to borrow between $1,000 and $25,000. All of these plans include monthly payments and do not require an origination fee.
Their loans cover a variety of medical expenses. They don't go into detail about every single procedure they can cover, but they do mention that their loans can pay for costs associated with cosmetic and bariatric surgeries, fertility treatments, vision and dental work, gastric procedures, hair treatments, and even veterinary treatments your pet may need. This is a good selection and increases the chance that a loan from Easy Medical Loan could work for you.
Probably the best quality about Easy Medical Loan is that they are willing to work with customers with all types of credit backgrounds. You don't necessarily need an excellent credit score to qualify. Second chances to get help with your medical bills are possible with this company because they won't turn you away just because of your FICO credit score reputation.
The loan application process is really quite easy with Easy Medical Loan, and you won't have to wait long to hear whether you're approved or not. They approve most applications within 24 hours-some even instantly, depending on the program you apply for. This company is fairly new, but they have a lot to offer. Primarily, they're a great source for medical loans because they've specialized in this type of financing. Rather than stretching their services over other types like credit lines or even providing financing for industries other than medical, they have strived to become an expert in medical loans alone. What's more is that they are friendly toward customers with all types of credit histories and have loans that are tailored to a variety of patients. The company name itself says it all-Easy Medical Loan strives to make getting a medical loan easy and fast.
Unfortunately, it's easier to find negative characteristics about this company than it is to find the positive. For one thing, they are still a new company and therefore haven't had as much time as competitors to fully develop their loan programs and to learn their customer base. Some of their loans can extend for six years, for example, and that's longer than the company has even been around.
There are a lot of issues with the company's customer service. While they provide the usual phone and fax numbers and email address for customers to contact them with, they don't always respond quickly to customer inquiries. You might spend days waiting for a reply email, or you may call multiple times before reaching a live person. Furthermore, they don't have a live chat tool and are open only during certain business hours, not 24/7.
EasyMedicalLoan.com is really quite an underdeveloped website, and while a company website isn't the epitome of a company, it is definitely a main way for customers to get needed information. This company doesn't provide a lot of information customers need to make a confident decision about a loan. For one thing, they make no mention of late fees or the number of providers currently in their network. They also don't mention anything about a patient portal, through which you could pay off your loan or check the status of your loan payment plan. These aren't minor details; they can directly determine whether you choose this company for your loan. Nonetheless, Easy Medical Loan doesn't provide this information up front. While a lot of companies let you apply for a loan for free, Easy Medical Loan charges you for the process. If you allow them to pull your credit report for you, they charge $19 for an application, but if you provide them with your credit report, then the fee is $39. This is pretty stingy, no matter how nice it is that they approve or deny loans so quickly. Overall, this company has a lot of red flags because of their lack of transparency with customers.