Intro to eMedical Financing Solutions
Headquartered in Overland Park, Kansas, eMedical Financing Solutions provides medical financing through both loans and lines of credit. Though there is little information available about the company’s background, they are fairly transparent about the terms of the financing solutions that they provide.
This company funds a long list of medical procedures, including those for fertility and urology, hair replacement, rhinoplasties, dermatology, Lasik and other ophthalmology needs, cosmetic and bariatric surgeries, and other general surgeries. They do have a network of providers they work with, but they are very flexible about the providers they will pay for your financing needs. The pros and cons of eMedical Financing Solutions pertain to both the company as a whole and the specific terms of their loans and credit options.
- Financing options
- Term lengths
One of the advantages this company offers is that they have both loans and lines of credit for patients seeking financing. Some companies offer just one or the other, but eMedical has them both.
In addition, while a lot of companies in this industry restrict you to using their financing with only providers in their network, eMedical is flexible about the providers they will pay. For the most part, they will provide your funds to any doctor you prefer, even if the doctor isn't in their provider network. They might contact this provider to encourage them to enroll, but chances are your preferred physician or hospital will be able to accept the funding from this company.
The overall terms of their loans are very reasonable too. You can get a loan term that extends for between 12 and 84 months, a wide range. And you can borrow between $1,000 and $25,000. That being said, their loans are perfect for patients who need to borrow a relatively small amount of money, since some companies have loans as high as $100,000.
Here are a few of the main advantages eMedical Financing Solutions offers:
- Reasonable qualifications. The requirements for qualifying for a loan or line of credit are very reasonable. You only have to be at least 18 years old, provide proof of income, and earn at least $1,800 per month. You must also have a credit score of at least 570. If you don't meet any of these requirements, though, you can still apply with a cosigner who does, and the company will consider you.
- No extra fees. Hidden fees can add up, so before you commit to a financing company, it's important to know what extras you'll be charged for. This company won't hassle you with many extra fees though. They charge nothing for the application process, and what's more is that they have no fees for late payments either.
- Member portal. Getting approved for a loan or credit line is one thing, but paying it off is another. Logistics like this are made much easier with the company's patient portal. Through this portal, you can view the status of your loan and make payments toward your loan, or handle your credit line if that's what you opted for instead. The patient portal adds convenience to your business with eMedical Financing Solutions.
Overall, this business makes medical financing easy to apply for and control.
- Lack of information
- High interest rates
- Application affects credit
- Limited customer service
Lack of Information
To start off, it's frustrating whenever a company provides little to no information about who they are as a business. eMedical Financing Solutions is one of those companies. They provide minimal contact information and even fewer (meaning no) details about how and when they were founded, what values they are driven by, and what business practices they operate under. We know almost nothing about who the people are that run this business and how specifically they plan to make customers' lives easier. They would do well to add more transparency to their name.
High Interest Rates
The interest rate on your line of credit or your loan will definitely be determined by your personal financial situation, a.k.a. your credit history. But the company does give an indication of where your rate will range between, and it only goes as low as 9.9%. That's a really high interest rate, but it can also get as high as 29.99%! When competitors are starting interest at 5.99% and below, this company just comes across as stingy. There is an option to be charged no interest for the first 6-12 months, but you must qualify for this deal. Otherwise, plan on paying a lot of interest on top of your already-expensive loan or credit line.
Application Affects Credit
Unfortunately, just by applying for financing here will affect your credit score because the company does a hard pull of your credit report when they review your application. Some companies do only a soft pull of your report, so this is avoidable. That's not the way eMedical handles the application, though, so plan on your credit score being impacted by a mere application to this company.
Limited Customer Service
They're not the only ones with flawed customer service, but the fact remains that eMedical has several limitations to the amount of information they give customers and how readily available they make themselves. For starters, the company is only available during certain business hours, not 24/7, and they don't have a phone number listed for just cardholders (so they can bypass annoying menu options and generic customer service help). In addition, during certain business hours if you call a representative who answers the phone will just jot down your questions and submit them to another representative who will email you in reply. (During other hours, you can just speak with a live rep.) This is inefficient and frustrating for patients who need immediate assistance.
The disadvantages here have the potential to affect customers from the start of the application process through the management of their actual financing option.
The Bottom Line
Despite the limitations of this company, eMedical Financing Solutions is still a recommended resource for getting medical funding.
Most of the weaknesses they have are minor. For example, it's a pain to work with a company that has less-than-stellar customer service, but at the same time they have a convenient patient portal and they won't surprise you with many hidden fees, such as late-payment charges.
On the same token, it's unnecessary for an application to affect your credit score, but you might be okay with this since the requirements for qualifying for their financing are doable. In that sense, the pros outweigh the cons. Furthermore, the terms of the financing here are definitely positive attributes of the company-the loan length is widely varied and they can cover a lot of different medical procedures. Because they are flexible with the providers they pay, they become even more appealing to work with as well.
This company is not recommended for patients who need a larger loan or a medical credit card, as those aren't things the company even provides. In addition, they might not work for you if their interest rates are too high. Other than that, this company comes with a solid recommendation.
Admittedly, it's frustrating that they lack some transparency about their own background, but this won't necessarily affect the logistics of getting financing from them. The company would do well to provide more customer service options and details about who they are as a business, but at the very least they have taken care of providing solid loans and credit lines under very reasonable conditions.