What type of loan does Prosper Healthcare Lending (PHL) provide access to?
PHL provides access to simple interest installment loans with no down payment and no collateral required. Loans can be requested in any amount from $2,000 - $100,000.
Who can apply for a loan through PHL?
As long as the applicant is 18 years or older, anyone can apply. Family members and friends can also apply, particularly when patients do not have good credit. All applicants must be legal residents with a Social Security Number.
Is the applicant’s credit affected by applying?
There is no impact to the applicant’s credit for checking potential loan rates and viewing offers. No credit inquiry will appear until a loan is actually completed and funded to the applicant.
What kind of rates and terms can applicants expect to see on their loans?
Interest rates are determined by the credit of the applicant and range from 5.99-36 % APR. Terms go up to 84 months.
How does PHL compare to other competitors?
The biggest difference is that other financing institutions charge a provider fee (also known as a discount fee or merchant fee) on every transaction. This means that every time a provider decides to fund a procedure they will be assessed the transactional fee or “discount.” For example: other loan products typically cost the provider 3-15% of the total loan amount. PHL offers an option that charges the practice nothing. With PHL, the provider can receive 100% of the loan amount up front.
Does PHL offer 0% interest options?
No interest options are not available on this platform. This is to allow patients to receive longer term lengths for lower monthly payments. This also ensures the provider will not be charged any practice fees.
Does the provider or the applicant receive the funding?
The patient receives the money via direct deposit in as little as 5 days (after the loan is verified and funded).
Does PHL provide training and implementation?
Yes. Soon after enrolling, we will schedule a detailed training call with your office to provide direction and to answer any questions you may have. We will also take your office through our jump-start program consisting of weekly planned phone calls spread over the first few weeks of the program. On the calls we will provide further supplemental training and answer any questions that come up. These calls ensure that your office has all the support you need as well as a smooth implementation.
What kind of support will your office receive?
Each office will be assigned a dedicated customer success manager to help your office continue to implement and adopt our program successfully. We also have a patient success team to provide and answer any questions your patients may have.
Can our office track the loans submitted by patients?
PHL will provide you with an online provider dashboard that gives your office real-time tracking on loan inquiries, detailed reporting, unlimited training and support, and access to our live lending consultants through Live Chat (instant messaging).
What kind of marketing materials will I receive?
To help promote financing in your office we will provide you with unlimited tabletop displays, detailed patient brochures, and other helpful materials.