Lender Programs and Terms

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As a Fin Tech offering, Chiro Credit works with lenders who accept applications for people with excellent to credit down to so bad they don't even want their credit run. The benefit to your practice is knowing that every person who needs care, can now qualify for financing to get it. No questions asked!

Think of this credit profile as the same people that a company like Care Credit would approve. As shown in the image to the left, we have lenders at this level that offer incredible financing rates for your patients, while charging your practice 0% in merchant fees. Furthermore, we have lenders that also offer 0% APR's to the patient for terms up to 18 months and still do not have fees to your practice. But that would only apply if the funds go to the Applicant first. 

At this credit level (down to 640 credit scores), most of the patient financing companies would never consider approving the application. We have lenders that are happy to make loan offers to your patients at this credit level. When they do, if you want the funds to go to your practice, you will incur a merchant fee that averages 9.5%. But if you can wait to get paid and you are okay with the funds going to the patient, you will get paid 100% of your fee.

This would be people with credit scores in the range of 585 to 639. In these cases, there are almost no patient financing companies that are open to offering financing unless it requires recourse to your practice on defaulted loans. While the programs are limited and other factors will be required (i.e. a good debt to income ratio), we have lenders that will offer financing plans with direct payment to your practice. The average fee to your practice with these programs range from 19% to 28%. 

Our lender of last resort offers financing with NO CREDIT REPORT REQUIRED. Terms go out to 48 months (you pick the terms). The rate to the patient ranges from 12% to 21%. Here is how it works. This is a billing plan with a guaranteed payout and no recourse. As such, you are only paid as payments are collected. If the borrower makes all their payments, you will net 100% of your fee. If they make their first payment on time, and then default at some point in the future, you are still paid monthly based on 80% of the amount you would be collecting every month. The only risk you take with this program is if the borrower defaults on their very first payment. This is an amazing offering as long as you require a down payment large enough to cover your costs.