Frequently Asked Questions
eMedical Lending (EML) is a new method of financing that connects patients with a network of lenders through our
relationships with medical practices and our proprietary direct to consumer web-based application.
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What is eMedical Lending (EML)?
eMedical Lending is the premiere lending solution in the elective healthcare market. We are a trusted partner that has an ongoing relationship with your doctor. With one simple application, eMedical Lending connects you to a network of preferred lenders giving you a choice of financing packages.
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Why should I use eMedical Lending?
The EML Lender Network ensures that you have the best chance of being approved and a choice of competitive loan options.
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How does this process work?
Once you have received your consultation from the doctor or dentist, it is time to apply for payment options.
- First, complete the online application at www.emedicallending.com.
- EML matches you with loan programs from our lenders (EML Network).
- You pick the loan that best meets your needs, but there is no obligation to choose one.
- Complete the final documents and the funds are deposited into your checking account or sent to the doctor directly.[top]
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How do I apply?
You can apply one of three ways:
When will I know if I have been approved?
Normally you will be notified just minutes after applying.
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What types of loans does eMedical Lending offer?
Our lenders offer revolving lines of credit (like a credit card), installment loans (fixed payment loan), and home equity lines of credit.
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Which loan is right for me?
We intend to get you as many different loan offers as possible. You will get instant loan offers. At that time, you can pick the loan that best meets your needs or come back to your patient vault at any time. The paperwork will be available for you to sign upon accepting a loan offer.
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What will my interest rate be?
Lenders consider numerous variables before they decide what interest rate to charge on a loan. Our lenders look at each patient’s situation separately and consider things like credit history, employment and income. Interest rates normally range from approximately 7% to 24+%.
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How many payments will I have to make?
You will often be able to choose between 12, 24, 36 or 48 month terms with installment loans. With revolving lines of credit, there is only a minimum monthly payment to make so you decide how quickly you pay off the loan.
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What will my payment be?
Your monthly payment depends on the interest rate and length of the loan. Here is an example - the payment for a $10,000 loan at 15% for 48 months is $282.89/month. If you are a homeowner then you may qualify for a home equity line of credit with payments as low as $100/month. Use our loan calculator for more payment examples.
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Is there a penalty if I want to pay off my loan early?
No. You can pay off your loan at any time without paying an early payment penalty. (Make sure to read all of your final documents carefully for the full terms and conditions)
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How will I make payments?
You will receive a monthly statement and send payments in just as you would for other types of loans.
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Will EML have access to my medical records?
No. We will not have access to your medical information
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