PowerPay lender expands into healthcare financing
FinTech home improvement loans PowerPay is expanding into healthcare financing, the company said in a statement. Press release Thursday (March 17).
The company said the new program will help patients fund things like cosmetic surgery, dentistry, fertility treatments, medical spa services, vision correction and elective procedures.
“PowerPay has seen phenomenal growth in the home improvement space since 2020 with $1 billion in total loans,” the company said, noting that it plans to expand into multiple verticals.
With the healthcare financing plan, healthcare professionals can offer patients loans of up to $60,000 with interest rates of 9.99% and terms of six months to six years. According to PowerPay, its loan origination technology platform simplifies financing for patients and healthcare professionals.
david hasasco-founder and COO of PowerPay, said the company sees “a huge opportunity to disrupt the traditional high merchant fee model currently offered by big banks. Offering longer terms with lower rates and no merchant fees eliminates friction in the model and is a win-win solution for physicians and patients alike.”
Read more: New Financing Options Help Patients and Practices Manage Rising Healthcare Costs
PYMNTS research found that, on average, consumers pay about $810 for health care visits, with uninsured patients spending nearly 20% more than their patients who have insurance. Additionally, 21% of patients reported spending more on healthcare than in previous years.
Last month, PowerPay announced an integration with the Leap sales software platform for home improvement contractors and remodelers, giving users access to PowerPay financing products.
See also: PowerPay and Leap Partner to Finance Home Improvement Contractors
That access includes a no-fee dealer program that includes 15-year terms, rates starting at 4.99%, a maximum loan of $100,000 and FICO scores of 500 at super premium, the two companies said. PowerPay also offers home improvement programs with terms of 12, 18 and 24 months, with no interest and no payment promotion.
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