Frequently Asked Questions
How much does it cost?
Unlike traditional bank loans, both our Loan and Healthcare Cash Advance products feature a set fee for repayment. This means that the amount you repay is set and cannot increase over the life of the financing. Depending on your specific qualifications our rates range from 5%-45% of the amount of the loan or advance.
How long does it take to get my money?
You’ll receive a qualified offer within 24 hours and we can provide funds within 3 business days.
Is there any cost to apply?
ProMED offers a no cost / no obligation quote.
What can I use the money for?
ProMED’s financing can be used for any business purpose, including, but not limited to equipment purchases, bulk supply purchases, advertising / marketing, office renovation/remodeling, acquisitions of another practice and buy out of a partner. You are free to spend the money on whatever is best for your business!
Will ProMED financing hurt my credit score?
No, an inquiry may appear on your report but our financing will not appear as a trade line item and therefore will not affect your Transunion, Equifax, or Experian scores.
What do I need to submit for qualification?
We will only require a short application and your four most recent months of bank statements, both of which can be submitted online HERE.
Are there any pre-payment penalties?
Absolutely not, in fact, in most cases we’ll offer a discount if you decide to pay off your balance early.
If I have other financing, can I still qualify?
Our products are designed to work alongside traditional financing. As long as you meet our requirements, we can still provide you with financing without affecting your other obligations.
I don’t accept insurance. Can I still qualify for financing?
Yes, our loan product does not require that you accept healthcare insurance. We are also able to offer a cash advance product if your business accepts credit cards.