Global company, renowned for its fixed interest rate of 3.9% APR, leverages machine learning to provide medical loans up to $350,000 with no credit check
TORONTO, Oct. 24, 2019 (GLOBE NEWSWIRE) -- via NetworkWire—BetterMed, the compassionate-first medical financing partner, today announced the availability of comprehensive medical lending for the US market at a guaranteed fixed rate of 3.9% APR. BetterMed’s financing options cover a wide range of medical care costs, providing borrowers the most compassionate loan terms and flexible repayment plans on the market. The company guarantees a 97% approval rate on loans ranging from $2,000 to $350,000, with no credit check. BetterMed’s approach has proven so successful, the company has achieved a 97% repayment rate and 100% of its borrowers are repeat customers.
Healthcare costs continue to skyrocket, and Americans now pay an average of $8,000 a year for personal medical care. These costs are expected to increase by 5.6% annually, outpacing the growth of the U.S. economy. In 2018, Americans borrowed more than $88 billion to cover medical costs. BetterMed borrowers pay four to six times less than they would for comparable financing options offered through other medical loan or credit services. Utilizing its extensive network of hospitals and doctors, BetterMed is the only loan provider to negotiate healthcare costs on behalf of its customers, ensuring patients receive the most reasonable rates. Additional incentives include the ability to defer payments from three to five years; protection should the borrower become unemployed; and no requirement for medical insurance.
“Our relationships with our borrowers are built on a mutual understanding of the burdens created by high-cost medical care, which is why we’ve built a business that is focused first and foremost on compassion,” said AJ Cohen, founder and CEO of BetterMed. “While the US is well known for healthcare innovation, soaring medical bills make it nearly impossible for the average American to access the quality care they deserve. We’re hoping to alleviate that challenge by providing an easier and fairer way to access financing when and how it’s needed.”
Compassionate Grounds Consideration
While BetterMed financing covers all types of medical costs, the company is one of the few loan facilitators to specialize in critical care cases – traditionally one of the hardest areas for individuals to secure medical financing. BetterMed offers a robust Compassionate Grounds program, ensuring no one who needs critical care is turned away.
Through its proprietary algorithms, coupled with personal engagement, BetterMed evaluates each loan application to determine if additional assistance can be provided in the form of customized loan terms, a gifted portion of the medical costs or, in some cases, gifting the full cost of care. The BetterMed Compassionate Grounds program is a $750 million annual fund and, to date, has helped more than 220,000 individuals receive life-changing medical care.
"My team is hyper-focused on helping extreme allergy sufferers find relief and protection from anaphylactic shock. This treatment can mean the difference between life and death; but, unfortunately, specialized biologics come at a high cost," said Gordon Sussman, M.D., FRCPC at Sussman Allergy. "I've worked with the BetterMed team for over seven years and have helped hundreds of patients access critical pharmaceuticals through their Compassionate Grounds program. For many of my patients, BetterMed was the bridge they needed to obtain life-saving allergy treatment."
How BetterMed Works
BetterMed’s network of investors operates through a closed, peer-to-peer lending model, working directly with doctors, hospitals and individuals to provide fast access to necessary funds for medical needs ranging from critical to chronic and cosmetic.
BetterMed’s application software was built from the ground up, designed to evaluate borrowers on more comprehensive terms than a traditional credit check. Using machine learning and evaluation metrics that include a $999 application fee and proof of ID, income and employment, BetterMed’s algorithm and loan process has resulted in a 97% approval rate across all applicants and a 100% customer retention rate.
BetterMed is a global health financing company that provides holistic medical loans for patients facing critical, chronic or cosmetic healthcare costs. The company’s 3.9% APR is the lowest interest rate on the market today, and borrowers have at least three years topay loans back interest-free. BetterMed works with hospitals, doctors and individuals to deliver medical loans around the world, with a global team comprised of lenders, loan administrators and staff. Since its initial launch in 2011, the company has achieved at least 50% revenue growth year over year. BetterMed, a privately held company, is now available in 51 countries, including the United States, Canada, Mexico, the United Kingdom and Australia.