Prosper Healthcare Lending

6.8

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Intro to Prosper Healthcare Lending

In 2009, Prosper Marketplace, a peer-to-peer lending agency , founded Prosper Healthcare Lending, a subsidiary intended to provide financial assistance for medical bills. This company has helped more than two million people and boasts to have funded more than four million dollars in loans.

Headquartered in Salt Lake City, Utah, Prosper Healthcare is driven by the slogan to Make HealthCare Affordable. The founders of this subsidiary have backgrounds in healthcare technology, as well as both direct lending and indirect lending.

The company is growing very quickly and already works with about 2,000 providers across the nation. Primarily, they provide loans, not credit lines or cards, and specialize in four medical industries: dental, bariatric, fertility, and cosmetic surgery. 

The Good

  • Free application
  • Low fees
  • Industries covered
  • Customer service resources

This company already has more than 2,000 providers registered with them in the six years they've been in operation. This means the company is growing quickly and acquiring trusted partners along the way. Prosper Healthcare is also a nationwide brand, which gives you a higher chance of working with a registered provider near you.

Free Application

Not only is it free to apply for a loan through Prosper; it's also fast and gives you even faster results. It takes about two minutes to submit an application, and they say you can receive approval status within 10 seconds! What's more, your application will not affect your credit, since they do a soft pull of your credit score. And because you'd be getting a loan and not a credit card here, your credit won't be affected by obtaining the loan either.

Low Fees

Aside from their free application, Prosper doesn't charge much for things like late payments either. They charge $15 every time you make a payment late, which is actually quite reasonable.

Industries Covered

Unfortunately, Prosper doesn't cover all medical treatments. However, they specialize in covering four main (and expensive) industries: bariatric procedures, dental treatments, fertility treatments and medications, cosmetic surgeries, and behavioral treatments. Even though they don't cover all other areas, these four industries can become very expensive and are not uncommonly needed. That said, Prosper is a great resource for financial help if you need one of these treatments. They will cover up to $35,000 over a 60-month term for bariatric, dental, and plastic surgery, and they will cover up to $100,000 over an 84-month term for fertility treatments. They also provide financing for rehab facilities, weight loss clinics, and youth behavior schools and camps.

Customer Service Resources

This company makes it easy to contact customer service representatives and get answers. For starters, their website is intuitive and provides a lot of information you would want to know up front-industries they cover, contact information, company background, loan limits, and account access. They also make it easy to look up your provider. All you need is the six-digit ID number of your provider to see if they are registered with the company. These resources make it easier for you to decide whether Prosper is the right partner for you.

The Bad

  • Credit Scores
  • Time in Business
  • Registered Facilities Only
  • Only Five Industries Covered

Credit Scores

One potential limitation here is that Prosper works primarily with people who have good credit scores. If you have poor credit history for any reason, that doesn't mean you can't qualify; it just means you can't qualify alone. Prosper encourages patients with poor credit to co-sign a loan with someone who does have positive credit. In any case, the credit of the loan signers ultimately affects your APR rate, interest rate, and overall benefits of working with Prosper.

Time in business

Even though Prosper.com has about a decade of experience, this subsidiary has only been in operation since 2009-meaning they have only six years of business experience under the belt. That's not a lot of time, especially if the loan you seek equals about the amount of time they've been in business! For some customers, a more experienced company is a necessity.

Registered facilities only

Prosper only accepts applications through providers that are registered with the company, so if you prefer to work with a doctor or hospital that isn't registered, then Prosper's help isn't an option. Technically, once you receive the funds, you can use them at any facility, but to qualify for the loan, your provider must be enrolled with Prosper.

Only five industries covered

One of the biggest potential limitations here is that Prosper funds loans for only four industries. Even though those industries are pretty common, they aren't the only ones with expensive treatments. For example, should you need funding for a vision treatment, dermatology, or even a funeral, Prosper cannot help.

The cons of Prosper Healthcare Lending will primarily affect patients who have low credit scores, whose providers are not registered with Prosper, and who need treatments that don't fall under the four industries that Prosper funds.

The Bottom Line

When it comes down to it, Prosper Healthcare Lending is easily a recommended option. If anything, the risks of applying for a loan through them are small-it's free to apply, and your credit won't be affected by an application or a loan. Furthermore, their customer service is very helpful, and their website is informative.

That being said, Prosper is not for every customer. If your credit score is low, the benefits dramatically drop. In addition, the company has only been around for a few years and, therefore, hasn't had time to iron out all their limitations and deficiencies.

Possibly the main reason you wouldn't want to choose Prosper is if you need medical treatments in an industry that is not bariatric, dental, cosmetic, fertility, or behavioral. If that's you, then obviously Prosper Healthcare Lending can't help.

But for the industries that they do fund, this company has a lot to offer. They are a fast-growing, nationwide company with decent prices, flexible loan terms, and specialization in four very common medical industries. And to boot, their customer service will be helpful and you'll have easy access to your patient account. Factors like these make this company more trustworthy and convenient-both attributes that are essential when it comes to your finances.

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