Patient FAQ

What is SimpleSelect Patient Finance®?

SimpleSelect Patient Finance® is a patient financing option that focuses on offering safe and competitive loans options that are easy for patients and practitioners to understand. SimpleSelect is not a credit card, but rather a single purpose loan similar to a car loan or mortgage.  The program is non-recourse, bank funded, available through providers in all 50 US States.

How is SimpleSelect different from other patient finance programs?

SimpleSelect is NOT A CREDIT CARD, but rather a closed-end, fixed-rate installment loan similar to what you would use to finance a car or a house. Medical credit cards can be financially dangerous for patients and a big part of SimpleSelect’s mission is to help providers offer their patients a safer, fairer financing option without sacrificing the ease of use and low provider cost attributed to medical credit card programs.  With SimpleSelect, there are no variable interest rates, no default interest rates, no deferred interest promotions, no origination fees, and they carry generous grace periods for late payments.

Is SimpleSelect a credit card?

SimpleSelect is NOT a credit card.  It is a closed-end, fixed-rate installment loan; similar to the type of loan you would use to purchase a car or a house.

Who do you approve?

SimpleSelect Standard and Zero loans require that patients submit a credit application for approval.  Applicants need average credit or above (scores in the mid 600's and up) with no recent history of charge offs, repossession, foreclosure, or bankruptcy. 

SimpleSelect's Buy Now Pay Later option does not require a credit check and will approve any applicant who has existing credit (any major credit card) with enough open to buy to cover the amount financed. 

What is the interest rate that SimpleSelect charges, and can it change?

SimpleSelect does not use variable interest rates so all patients that are approved will receive the same rate for SimpleSelect Standard loans, which is set at 16.99% APR*, and SimpleSelect Zero™ loans, which are set at 0% APR*.  The interest rate is fixed with both loans and will not change. 

By comparison, most medical credit card programs have a default rate of interest near 30%.  They may offer patients a promotional rate that is lower, but the rate is not fixed and can move to the default rate if certain terms are not met.

*APR stands for Annual Percentage Rate

Does SimpleSelect offer "no interest" loan options?

SimpleSelect offers the best loan a patient can get in the industry...SimpleSelect Zero™.   These are true 0% interest loan offers where patients pay no interest…EVER!  Even patients who make late payments or default, are still never charged interest.   SimpleSelect Zero™ loan terms are set at 6, 12, 18, and 24 months. It is up to the provider to determine which Zero loan term length, if any, they wish to offer their patients.

How much can I borrow?

The minimum amount financed for all SimpleSelect loans is $1,500.   The maximum amount varies by provider and in most cases is set between $10,000 and $20,000.

How do I apply?

Patients can apply in your office or at home on any computer, tablet, or smartphone.  Practices can also take applications over the phone.  When your practice is enrolled, we will provide you with a dedicated patient application.  

Patients must be 18 to apply and have a Social Security Number.

Is there a cost to apply?

There are no fees to apply for SimpleSelect patient financing.

What will my monthly payment be?

The SimpleSelect program provides an affordable payment plan on almost any budget.  Most SimpleSelect standard loans can be taken out up to 36 months to ensure that you will have a payment you can afford. Loan terms vary by provider.

How long does the application process take?

The SimpleSelect credit application takes a few minutes to complete and asks for basic credit information from the patient (name, address, SSN, where they work and income). See sample credit application.

Once submitted, good credit applications are decisioned in a few seconds.  Applications that do not meet our minimums requirements for consideration will be instantly declined.  Applications that are "on the fence", will be marked for manual review. This process will can take 5 to 10 minutes (the average is less than 5 minutes).

How do I sign my loan documents?

All SimpleSelect loan documents are signed by the patient electronically via Docusign and can be signed in or out of the practice.

Can I pay off my loan early with no penalty?

Yes!  SimpleSelect Standard loans are simple interest installment loans, so patients can pay off their loan early to avoid future interest charges with no pre-payment penalties.  SimpleSelect Zero™ loans carry no interest, so 

SimpleSelect Patient Finance®

Copyright © 2024 SimpleSelect Patient Finance®