New Kid on the Block

I would like to share information with you about a new extended financing option that should absolutely give Care Credit a run for its money–no pun intended. Prosper Healthcare Lending has just entered the dental financing marketplace. The parent company, Prosper Marketplace, has been providing financing for other healthcare verticals such as cosmetic surgery, bariatric, and fertility since 2009.

The big difference with Prosper is that you are not submitting an inquiry for a credit card. Loans at Prosper Healthcare Lending are simple installment loans with no retroactive interest and no prepayment penalties. Their online automated system makes it simple. You can fill out, submit an inquiry, and receive a decision in less than two minutes.

The provider fees to your dental practice are significantly less with Prosper. For extended plans, there is NO merchants fee to the practice compared to a 5% merchants fee with Care Credit. The interest free plan fees are also lower cost. For 6 months interest free to the patient, the practice pays 4.9% with Prosper and 5.9% with Care Credit. For 12 months interest free, the practice pays 8.9% with Prosper and 9.9% with Care Credit.

Care Credit                                                        Prosper Healthcare

$200-@20,000                                                  $2,000-$35,000

Revolving Line of Credit                                   Simple Interest Installment Loans

6 and 12 month 0% Interest                             6 and 12 month 0% Interest

26.99% Retroactive Interest                            No Retroactive Interest

No Pre-Payment penalties                               No Pre-Payment Penalties

Terms up to 60 Months                                   Terms up to 60 Months

Patient Rates from 14.9%                                Patient Rates from 9.99%

Inquiry Affects Patient’s Credit                      Inquiry does NOT affect Patients Credit

Patient must be on the loan                            Patient is not required on the loan

5% Practice Fee for Extended Plans              No Practice Fee for Extended Plans

When you review this information, I think you can clearly see significant benefits to your practice and to your patients. There is no question that for over 25 years, Care Credit has been the gold standard for outsourcing dental financing. But for treatment amounts over $2000, I suggest that you add Prosper to your armamentarium of financial options. You can call Cameron Crawford at 801-335-9188 or email him at ccrawford@prosper.com for more information.