Patient FAQ

What is SimpleSelect Patient Finance®?

SimpleSelect is a single purpose loan program for the financing of elective medical treatments. The program is bank funded and available through providers in all 50 US States.

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.  For our standard program, loans are set at terms from 6 to 60 months and the interest rate is fixed at either 0% or 14.99%. Our SimpleSelect Plus program could have higher interest rates than 14.99%.

Why would I use it instead of a medical credit card?

SimpleSelect might be a better loan choice when financing a larger-ticket, one-time medical procedure or treatment plan.  Because it is a closed-end, fixed rate loan, your terms are locked in for the life of the loan as opposed to a medical credit card.  There is no default interest rate with SimpleSelect so it makes it much easier to manage your finances.

What will my monthly payment be?

The SimpleSelect program provides an affordable payment plan on almost any budget.  Most loans can be taken out up to 60 months to ensure that you will have a payment you can afford. Loan terms vary by provider. Ask your provider for their provider code and you can instantly view your payment options before completing the credit application.

How much can I borrow?

For our standard program, the minimum amount for a SimpleSelect loan 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? Is there any cost to apply for financing?

Applying with SimpleSelect is quick and easy.  Your chosen provider must be enrolled with SimpleSelect in order to apply. Each SimpleSelect provider has a unique provider code which you can enter on the apply now page to start the application and see your loan options. If approved, you need a government issued ID to complete the process. There are no fees to apply for financing.

Once approved, what will my interest rate be? Will it ever change?

The interest rate for SimpleSelect Standard loans is set at 14.99% APR* and 0% APR* for SimpleSelect Zero™ loans. The interest rate is fixed with both loans and will not change. A SimpleSelect Flex No Interest option is a Same as Cash promotional finance offer and the loan is typically written at 36 months and 21.99% APR*. If the loan is paid off within the promotional period.

By comparison, most medical credit card programs have a default rate of interest near 30%.  They may offer you 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

What if I pay my loan off early?

SimpleSelect loans use simple interest, so you can pay off early to avoid future interest charges with no pre-payment penalties.

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