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Med Loan Finance

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LAST UPDATED: June 27th, 2019

Intro to Med Loan Finance

Med Loan Finance doesn’t offer very much information in the way of their background as a company. It’s somewhat difficult to pin down when and how they got their start. In any case, though, this Kansas-based company offers flexible financing options that may just be your ticket to a peace of mind about your medical bills. This company has partnered with Visa and MasterCard to be able to provide patients with the equivalent of a credit card with one of these two companies. As a patient, when you are approved for financing with Med Loan, you receive a medical credit card with a certain maximum. To be able to provide this, Med Loan claims employees with extensive financing backgrounds, not to mention flexibility and the willingness to work with patients who have high medical bills and less-than-stellar credit. 

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The Good

  • Reasonable Requirements
  • Interest-free options
  • Treatment coverage
  • Card acceptance
  • Online portal

Reasonable Requirements

The requirements to be a candidate for a Med Loan card are very reasonable. Typically, you must have a credit score of at least 650 and make at least $30,000 per year to qualify. For these patients, there are potential loans that require no money down and a certain number of interest-free months. However, the company is very willing to work with you if you don't meet these requirements. If that's the case, you can still receive a loan, but you might have to pay more interest or money down.

Interest-Free Options

Med Loan approves loans that range between $500 and $100,000. Depending on your credit score and your health history, you can go between 6 and 21 months without paying interest. After that interest-free period, you pay between 9.9% and 22.9% in interest. Med Loan functions through interest rates and not APR rates. Even though those interest rates are high, it's good that you will likely have a starting period in which you don't have to pay any interest.

Treatment Coverage

You can use a loan from this company for essentially any medical procedure. The industries they cover include plastic surgery, dermatology, hair transplants, infertility and adoption, bariatric treatments and weight loss, hospitalization, dental procedures, vision, funerals, and even medical tourism. This is a wide array of industries, which means your credit card from Med Loan is flexible and will very likely work for the treatment you need it for.

Card Acceptance

A credit card from Med Loan acts like a regular credit card from either Visa or MasterCard. This comes with its own set of benefits, including the fact that you can use it at any facility that accepts Visa or MasterCard. In other words, you don't have to use a search engine to make sure your doctor is enrolled with Med Loan in order to use your loan; chances are very high that your provider will accept the card.

Online Portal

One customer service option that Med Loan can be praised for is its online patient portal. Through this, patients can log in to set up payments (whether you choose to pay them online or via mail). This provides flexibility, convenience, and transparency. For further questions you might have, they also provide a phone number, fax, and email address you can submit concerns to. Med Loan Finance is a great option for a variety of customers in the sense that this card is widely accepted by most facilities, their loans can be used for a lot of different treatments, and they work with patients to cut costs on interest. This company can also be praised for its flexibility and willingness to work with customers who don't bring solid credit to the table.

The Bad

  • Lack of Information
  • Lack of communication and transparency
  • High fees
  • Not available 24/7

Lack of Information

Despite the initial excitement you might have at finding out that this company has interest-free options, there are significant red flags to consider before you opt for Med Loan. For one thing, Med Loan Finance should be more up-front about who they are as a company. There is almost no information on their website about how or when the company was founded, specifics behind the professional experience of the staff, or the philosophy that drives the company. They simply provide vague statements saying that they are "qualified" to help people financially. For many customers, this isn't enough. When it comes to your money and your health, you want to know exactly who you're working with and what makes them qualified to help you.

Lack of Communication and Transparency

In addition to being vague about their background, the company's website doesn't give specifics about processing fees, requirements for loan approval, or even their hours of operation. They do provide some basic information about interest rates and loan amounts, and you can view the patient application without actually applying to see what personal information it asks for. But before contacting a company, you want to know the fees and terms you're committing to. And in that sense, Med Loan Finance comes across as vague and unhelpful. You can expect to make a phone call or send an email to get the information you need.

High Fees

The fees you will pay here are not to be overlooked. The processing fee for your application alone will be about 10% of the amount of money you're applying to borrow. In addition, you will pay a $35 fee for every late payment you make on your loan.

Affected Credit

To determine your eligibility for the loan, Med Loan pulls your credit report to view your score. Because of this, you credit will be affected by the mere application process.

Not Available 24/7

Finally, the customer service reps here aren't available at any time of the day should you need them or have an emergency of some kind. They are only available during typical business hours via phone or email. This company would do well to clear up confusion about the products they offer and the terms of their loans. For example, on their website you'll read information about their loans and line of credit, but a customer service rep will tell you that they only offer a medical credit card-which is different from a loan or a line of credit. Medical finances can be confusing enough; the company you work with here should make things clearer, not more confusing. And in that sense, unfortunately, Med Loan Finance doesn't deliver.

The Bottom Line

In short, Med Loan Finance is not a recommended company to work with primarily because of their lack of transparency and communication. They are not clear enough about their products and the terms of their loans to instill in customers the confidence they need to feel safe working with a medical finance company. The lack of transparency isn't the only red flag though. This company charges very high processing fees and pulls your credit score to determine your eligibility for a loan, which affects your credit. In these ways, the company adds risk and expense to the already-expensive task of paying for medical bills. If, however, you can look past these factors, then Med Loan Finance certainly has its positive qualities. Their interest-free options are very appealing, their cards are accepted at most facilities, and you can use their loan for almost any medical procedure. For many patients, this flexibility and the potential lack of interest alone outweigh the cons. With Med Loan Finance, poor communication, high fees, and affected credit are pitted against lack of interest and a widely accepted credit card. As a patient, you really just decide whether those perks are worth the risks.
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7 Reviews

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Wayne Indian Wells, CA

I received a medical loan from Med Loan Finance and I had a very good experience with them. Their Customer Service was very helpful and they got me a 21 months interest free loan. They were very professional and super nice. The fee was reasonable as well.

5 years ago

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Vera Rusyn Massey Tampa, FL

I found this company on my Fertility Clinic's website. I looked at about 7 different companies for Medical Loan financing. I even called and spoke to a representative that told me that MedLoanFinance now offers loans with up to 21 month of 0% Interest. of course I could not find any other company to beat this, so i applied online. From everything I read on their website, there was nothing indicating that I will be getting a regular credit card. Actually, our information was used to get a $25,000 Freedom Chase cc and a $15,000 Capital One cc for my husband and I was approved for a $6,000 Chase Freedom card (as I already have 2 cc with Chase, Southwest and Disney rewards). During the online application I did agree to be charged a fee, because a medical loan with 0% interest for 21 month is better than a credit card debt of $25,000 when you are trying to buy a house. I of course tried to cancel this application that same day, but of course, no refunds. When I questioned why they applied for 3 credit cards, I received an email reply "you authorized us to do that". The company's owner blamed the Clinic and stated that it is the Doctor who chose only credit cards for his clientele. When I spoke with the Doctor's office, they were appalled and started their own investigation (no results yet). At least MedLoanFinance was removed from the Clinic's website and customers will no longer be referred to them for financing as they did not follow the agreement between the Clinic and this Company. Also, I was charged $1795 for this service. No one in the world would agree with me that this company had the right to apply for 3 credit cards in our names, only advise us of 1 that they opened and in that email they cautioned us to make sure and say YES, that we did indeed apply with CHASE in case they call to verify (a red flag) and we only found out about the other 2 credit cards by pulling our credit reports. I hope this company will not be allowed to do business and I hope everyone researches them before applying.

6 years ago

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Ollie Austin, TX

What Mercy (below) said is totally correct. I contact Med Loan Finance because they were referred to me by the surgeon's office for my upcoming procedure. But I feel like an idiot for going through with this. This company simply applied for credit cards for me and then charged me a $500 finders fee. I asked for clarification on the accounts and was given incorrect and misleading information. 1. My communications with MLF keep calling these "loans" for $3,000, but really they are credit cards with $3,000 credit limits. 2. When I asked MLF when the 0% APR Introductory Rate began, Marcia, the person I communicated with, allegedly went to check and then told me that it begins when the card is activated. Upon receiving that knowledge, I accepted the offer (many months before I needed to use the cards) and paid the $500. Now that I have the cards in my possession and I can clearly see that they are just regular old credit cards, I can do my own research and it's clearly stated on the card terms that the 0% interest rate begins upon opening of the account. The account was opened regardless of whether I activated the cards or not. So basically I'm out $500 and I'm losing nearly 6 months of 0% APR opportunity.

7 years ago

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Mercy Lufkin, TX

Med Loan Finance, owned by Jim Axford from Kansas is a "scam". He does not do any loans, no financing; he applies online for a credit card using your information. Whether you get a new credit card or not, he will charge you a fee of about $500+ or so depending on the amount you applied for. It is a one guy shop he runs out of his home. He is unethical! If you have been deceived, scammed by Jim Axford, Med Loan Finance, please call me (putting together a class action against him).

7 years ago

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M. Toth Minneapolis, MN

I receive the email from this organization “the President”. Accuse me to apply for the loan claim the payment “ application fee” returned from the bank 10$ the card which use for evidence (credit card) no under my name. Consistent harrasing by e- mails phone calls and collection.

6 years ago

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Bibien Fragozo Chapel Hill, NC

Just as the others on here have stated, this is a credit card scam. They take your information and charge you a huge fee to apply for credit cards for you. When you realize what this is it's too late. We will not pay this fee and they have already put a claim on our credit, but we will not pay for something that we didn't want. Be aware!!!

6 years ago

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Elizabeth L Los Angeles, CA

This is a very fraudulent company that will charge you a fee of $1,000 whether you accept the loan or not. All they do is apply for a credit card in your name, something you could easily do on your own.

5 years ago