Provider 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.

Why should I offer SimpleSelect to my patients?

SimpleSelect allows the provider to offer patients a financing program that they know is competitive and financially safe. SimpleSelect loans have simple terms and do not carry penalty interest or "gotcha language", and they offer generous grace periods for late payments. 

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 a patient 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 patients 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 the patient to apply?

There are no fees to apply for SimpleSelect patient financing.

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 does the patient sign their 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 patients pay off loans 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 patients do not need to worry about interest charges.

What does SimpleSelect cost the provider?

Provider fees are based on which loan options you decide to offer your patients.  SimpleSelect Standard loans are the least expensive to the practice and fees are comparable to accepting credit card transactions.

SimpleSelect Zero™ loans are available if the practice chooses to offer them, but at a higher cost. Contact us to learn more.

 There is no cost to enroll your practice.

How long does it take for our office to get paid?

SimpleSelect funding times are very fast, with most loans being funded within 24 hours* after the patient signs the loan documents. 

*Funding can only occur on days that banks are open, which excludes weekend and federal holidays. 

How do we enroll our practice?

The first step to enroll would be to complete our practice information form.  A SimpleSelect representative will reach out to you to collect the additional information we will need to setup your practice.

SimpleSelect Patient Finance®

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