Although this company offers only loans and not credit, this can work toward the benefit of the customer. For anyone who prefers a loan and not a credit card or a line of credit, this means working with a company that focuses solely on loans and has become an expert in that type of financing.

Industries Available for Financing

Some companies limit you to spending your loan on just a few types of medical procedures, such as dental work or cosmetic surgeries. This company doesn't limit you in this regard. With a loan from MedicalFinancing, you can get financial help for anything from general health care expenses, to bariatric and cosmetic surgeries, to maternity and fertility and adoption costs. Other procedures covered by their loans include dental work, Lasik and other optometry work, chiropractic treatments, dermatology costs, hair restoration, and veterinary expenses.

Free Application Process

Some companies nickel-and-dime you even for preliminary things like the loan application itself. This company won't. You can apply for a loan for free.

Low Fees for Late Payments

Along with a free loan, you can rest assured that you won't be charged exorbitant amounts for late payments. Hopefully, you won't make a late payment on your loan at all, but if you do, they won't charge you more than $5 for a fee. A final feature that this company boasts about is their incredibly easy enrollment process for providers. They have an admittedly small provider network of only 10,000 medical facilities, but they say it's very easy for you to get your preferred doctor enrolled in their network (if they aren't already). All they need is the doctor's name and phone number, and once they are enrolled you can use your loan at that facility. Small conveniences like this can make the difference in your experience as a patient.

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The Bad

High-interest rates
Small provider network
Limited member access

For customers who need to establish more credit or simply prefer credit over a loan for whatever reason, this company isn't an option. They limit their financing to loans only. And for that matter, their loans only reach as much as $35,000. While this is plenty for smaller medical expenses, it's not enough for extensive surgeries and extended periods of treatment for severe illnesses. In addition, if you do get approved for a loan, the funds are sent to your provider, not to you. This gives you much less control over where your funds go and how they are used. It gives more control to your doctor's office or hospital, which can be frustrating.

High-Interest Rates

The interest rate on your loan will range between 8.99% and 29.99%. That's incredibly high! It's also determined by your credit score, the amount of money you're borrowing, and similar factors. This part is understandable, but nonetheless, a high-interest rate can make for a really high bill every month. In addition, you have to pay a 5% origination fee at the beginning of the loan.

Small Provider Network

MedicalFinancing.com is really a small-scale business, having a provider network overall of 50,000 (including both medical and nonmedical facilities). Their medical provider network alone is only 10,000, which makes for a really limited likelihood that your provider is already a participant for their loans. On a side note, their loans aren't available to patients in Connecticut, Vermont, or New York either. Though a small limitation, it means this company is irrelevant for anyone in those states.

Limited Member Access

Possibly the most frustrating thing here is that, as a patient, you have very limited control over your account. First of all, MedicalFinancing only processes your loan; they don't service it. That means that they approve you for getting a loan, but then they send the funds to your provider and a separate company or bank handles it from there. If you're lucky, that institution will have a patient portal through which you can log in to make payments, view your balance, etc. But MedicalFinancing itself does not provide a member portal. They leave you to make payments over the phone or by autopay and really just hand you over to the next company to manage your loan. Even if you can accept that this company is a loan-only financer and that their provider network is small, chances are that you might get frustrated with their limited customer service and lack of patient resources. In these ways, the company is below par for keeping customers satisfied.

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The Bottom Line

This company has its pros, but overall it's not a recommended healthcare financer. There are too many limitations to say otherwise, including limited customer service, high-interest rates, and limited financing options overall. To get specific, many customers will find it frustrating that MedicalFinancing.com provides only loans as high as $35,000-not a medical credit card, not a line of credit, and not even a higher loan. Their interest rates can be as high as 29.99% as well, and even a low rate of 9% is quite high. If this isn't enough to deter you, you may not like that the funds for your loan go directly to your doctor, not to your bank account, and a third-party company, therefore, handles the logistics of your loan expenditures and account management.\ Perhaps this is a minor detail, but the Facebook profile for the company isn't all that professional either. This, combined with the fact that they aren't available 24/7 and have a very small provider network, make for more hassles and less satisfaction. To be fair, the company has its benefits. If you're looking for a smaller loan, MedicalFinancing has the perfect product for that need. They've also been around for well over a decade, which definitely counts for something in the business world. Overall, if your needs meet the provisions of this company, then they aren't all bad; it's just that they don't exceed expectations for customer service and product details. In that sense, MedicalFinancing is somewhat average for financial assistance and below average for member resources.

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Sunita Malcolm Las Vegas, NV

I was in a bad car accident, and I had to get surgery on my shoulder. I was nervous about having to pay for it, but with your help, I didn't have to stress out about how much it would cost me. The whole process was easy, and the customer service team was great at answering any questions I had. I really appreciate everything you did for me!

2 years ago