- Time in business
- Interest-free period available
- Free application process
- A tool to find your provider
Time in Business
If you count the years of operation that the former Springstone Financial had, the Lending Club has about 15 years of combined business experience. This company does several things right, including making it easy to understand their payment plans. Essentially, there are two options for patients:
1. A plan with an interest-free period of 6, 12, 18, or 24 months, after which you begin paying a 22.98% APR. For this plan, you can borrow between $499 and $32,000 and the money can be used for treatments in dental, fertility, hair restoration, and weight loss surgery.
2. An extended payment plan in which you can borrow between $2,000 and $50,000 and your APR is somewhere between 3.99% and 19.99%. This loan can extend for up to 84 months and covers only procedures for dental and hair restoration.
Interest-free period available
It's really nice whenever a company offers a financial option that includes an interest-free period. With loans and credit, interest is a great burden and can lead you to pay way more than your original medical bill. The good news here is that you can potentially enjoy up to two years interest-free.
Free application process
Applying for a loan here is free! What's more is that they do pull your credit report to determine loan eligibility, but they only do a soft pull, which means your credit won't be affected by the application process. These two factors combined greatly reduce your risk of inquiring about a loan. Conveniently, you'll hear back about approval pretty quickly, and either you or your doctor can apply for it on your behalf.
A tool to find your provider
With thousands of providers in the network, it can be confusing trying to find out whether your own provider is enrolled in this program. Unlike some competitors, the Lending Club provides an intuitive search engine to look up your provider in the system. You can also ask your doctor directly whether they accept a loan here, but a tool to find your provider adds convenience and reassurance.
Also to the company's credit, they provide lots of resources for potential and current customers. Not only is their website informative and detailed; they offer phone numbers and a live chat feature to contact them during the day. Getting answers to your questions about this loan will likely be easy and largely hassle-free.