What is the Healthcare Line of Credit (LOC)?
The Healthcare Line of Credit (LOC) is a 0% financing option with a 3-year term. You can use the Credit Line to cover any existing and future medical bills from the Provider for up to 3 years. You can pay your outstanding balance between 6 to 36 months depending on the amount of credit you receive.
How is the credit line calculated?
The credit line is calculated based on applicant’s income and patient’s responsibility.
Does this Healthcare Line of Credit (LOC) affect my credit rating?
No, applying for the Healthcare Line of Credit (LOC) will NOT affect your credit score or appear on your credit report.
How do you determine approval?
Approval is based on the amount of the Line of Credit requested and applicant’s ability to repay.
What is the interest rate on the Line of Credit?
Line of Credit has a 0% interest rate.
How do I get approved for the Healthcare Line of Credit (LOC)?
Approval depends on your ability to repay. Approvals are also limited to a minimum amount of $500 and a maximum of $8,000.
Can I apply with co-borrower?
No. Only individual applications are accepted. However, the borrower (Guarantor) can be different from the patient. A Guarantor is often a different person when the patient is a dependent child or close family member of an incapacitated adult. The Provider generally determines who the Guarantor is when preparing the medical bill.
Does my Healthcare Line of Credit (LOC) expire?
The Healthcare LOC will expire if not renewed in 3 years. It may also be closed if there is no activity and a zero balance for six (6) months. If your Healthcare LOC has expired or closed, it is subject to a new approval before your account can be re-opened.
How long will it take to pay off an advance on applicant’s Line of Credit?
Making minimum payments may result in full repayment in as little as six (6) months or up to thirty-six (36) months. There is no penalty for prepayment.
How much can an applicant apply for?
The program provides lines of credit between $500 and $8,000. The minimum amount of the first advance must be $500.
Can I use my Healthcare Line of Credit (LOC) for other medical bills?
Yes. You can use any remaining Healthcare LOC balance to pay for future medical bills at the same medical facility.
How long does it take to receive a decision on my Healthcare Line of Credit (LOC) application?
You’ll get a decision in seconds following your application.
What happens if my Healthcare LOC application is denied?
You will receive a letter in the mail which will provide further instructions on how to obtain a statement of the specific reason(s) for your denial within thirty (30) days after receipt of your request.
I need more help; how do I reach Customer Care Representative?
You can reach Customer Care Representative by sending us email at support@ivitafi.com or calling (800) 341-2316