Lender Rates and Provider Fees
Every Patient Can Be Approved!
Cred Tech Ai is not a lender, and we do not compete with any of the patient financing companies or lenders. As such, you will start with the lenders you already use and then build your portfolio by adding lenders we suggest. Some of our current suggested programs offer your well qualified patients terms such as 0% for 21 months. While your patients with very poor credit can still qualify for up to $6000. The programs outlined below are just examples of programs that may be available for your practice.
Prime Credit / Scores 740+
At this excellent credit level, the Applicant will have multiple choices for their loan request. The fee to your practice ranges from 0% to 7%. Some of these lenders offer 0% promotional starting rates with no additional costs to your Practice.
Just Off Prime Credit / Scores 700+
This would be the same people that most of the patient financing companies would approve (i.e. Care Credit). At this level, the fee to your practice averages 7% to 9.9%. Most programs include 12 months same as cash.
Sub-Prime Credit / Scores down to 640
While most of the other patient financing companies will not approve people with credit scores this low... Our lenders will approve them for 48 to 60 months with the average Practice fee of 9% to 12%. There are 0% promotional rates available at this level as well, but they may require and additional fee.
Poor Credit / Scores down to 580
This is the start of credit ranges that very few patient financing companies will get close to. Our suggested lenders at this level will offer fixed rate loans for credit scores down to 580. The fee to your Practice is 19% to 22%. The average APR is 24%
Ugly Credit / Scores down to 350
These programs are viewed as a "last resort option". The fee to your Practice averages 25% to 30%. The fee can be lower if you start with a billing plan that converts to permanent financing. But otherwise, expect a fee of 30% and a maximum loan amount of $6000 if you want an upfront payment.