Can I qualify fora medical practice loan? , if I have bad credit?
Yes, even if you have a bad credit history, there are medical practice loans available to you. At this time, short term loans, working capital, equipment financing and invoice financing are great options for those with less than average FICO scores.
How do I apply for medical practice loans?
You can apply for medical practice loans through Upwise Capital, we make the application process very simple for you. Simply visit our online application here or call us directly to apply over the phone at (646)837-5522.
The amount of paperwork required for your application will depend on the product you are interested in or what your business will qualify for.
Step 1: Choose the right product for your professional practice
- The first step is choosing the practice lending or loan option that most aligns with your business needs. Consider what you’re using the funds for. Are you covering a short-term or long-term cost? Are you financing equipment or factoring receivables? We can assist you with choosing the best product for your needs, just give us a quick call at 646-837-5522.
Step 2: Gather & Submit Your Documents
Secondly, here is a list of documents required for most medical practice financing types:
- Driver’s license
- Voided business check
- Bank statements from the past three months
- Invoice for equipment (for Equipment Financing)
- Credit card processing statements from the past three months (for Merchant Cash Advance)
- Accounts Receivable Aging Report (for Accounts Receivable Factoring)
- Accounts Receivable (for Accounts Receivable Factoring)
- Debt Schedule (for Accounts Receivable Factoring)
Step 3: Fill Out an Application
- Third, you can begin the application by filling out our online application or calling us directly.
Step 4: Speak to an Upwise representative
- Fourth step, once you’ve submit your application, an Upwise representative will reach out to learn more about your business and explain your available options. Here we will go inform you of the repayment structures, rates, terms, conditions, etc. This way, you won’t have to worry about any hidden fees during the closing or repayment process.
Step 5: Receive your Approval
- Last but not least, if and when you’re approved for practice lending, you will be presented with an offer and approval. If you agree to the terms and conditions, you will receive a funding contract.
How long will it take to receive my funds?
This will depend on the product you are applying for. We have issued business loans within 24 hours, as fast as the same day. The faster you provide us with the necessary documents, the quicker we can move on our end to expedite the process for you.
Approximate time for each product
Funds from business loans such as business term loans, lines of credit, working capital loans, equipment financing, merchant cash advance, account receivable factoring and revenue-based business loans should appear in your bank account within 1-3 business days. For SBA loans and real estate financing, it can take up to 2-5 weeks to receive funds.
What are the advantages of a practice loan?
A medical practice loan offers significant advantages for professionals in the healthcare industry. One key benefit is the access to capital it provides. With a medical practice loan, professionals can secure the necessary funds to invest in their practice’s growth and development. Whether it’s expanding facilities, upgrading medical equipment, or adopting advanced technologies, the loan empowers professionals to enhance their practice and deliver high-quality care to their patients.
Moreover, a medical practice loan helps manage cash flow effectively. It provides working capital to cover operational expenses, bridge gaps between insurance reimbursements, and ensure a steady stream of income, even during periods of fluctuating patient demand or delayed reimbursements. This financial stability allows professionals to focus on providing exceptional care to their patients without worrying about the financial aspects of their practice. Partner with Upwise Capital and compare the top products from medical financing companies.
What are the disadvantages of a practice loan?
While a medical practice loan offers numerous advantages, it’s important to consider the potential disadvantages as well. One significant drawback is the debt repayment obligation that accompanies the loan. Professionals must make regular loan payments, which can place a strain on their financial resources and impact cash flow. It is crucial to carefully assess the practice’s ability to meet these repayment obligations before committing to a loan. Additionally, practice loans often involve interest charges and fees, which increase the overall cost of borrowing.
Professionals should thoroughly evaluate the terms, interest rates, and fees associated with the loan to ensure it aligns with their financial goals and capacity. Lastly, there is a certain level of financial risk involved in taking on a practice finance. Unforeseen events, changes in the healthcare landscape, or disruptions to patient volume can impact the practice’s revenue, making it challenging to meet loan repayment obligations. Professionals should consider these risks and have contingency plans in place to mitigate potential financial challenges.
Am I eligible to apply if I already have another loan?
Yes, even if you have another loan with a bank or lender, your business may still indeed be eligible. As long as you have not defaulted, have a good payment history and underwriting determines that your business can afford to payback the loan, you can still qualify for a business loan.
Is it hard to obtain Is it hard to obtain medical practice financing?
Importantly, this will depend on what type of professional practice financing you are applying for. For example, an SBA loan is a lot harder to get approved for rather than an equipment financing loan. However, here at Upwise we offer a variety of loan options for you to choose from. In addition to this, each type of practice loan has different qualifications so that you can find the best solution that works for you.
What's the best business medical practice loans?
When it comes to securing financing for medical practices, there are several options available to meet various needs. Here are some of the best loans for medical practices:
Working Capital: These funds provide much-needed funds to cover day-to-day operational expenses, such as payroll, rent, utilities, and inventory. They can help medical practices maintain a steady cash flow, especially during slow periods or unexpected financial challenges.
Equipment Financing: As medical technology rapidly advances, practices often need to acquire new equipment or upgrade existing ones. Equipment financing loans allow practices to purchase essential medical devices, diagnostic tools, or other healthcare-related equipment without tying up significant capital.
Real Estate Financing: Whether you’re looking to purchase a new medical facility, renovate an existing one, or expand your practice, real estate financing loans can provide the necessary funds. These loans are tailored to the unique needs of healthcare real estate transactions.
Lines of Credit: A line of credit offers medical practices a flexible financing solution. Practices can draw funds as needed to cover expenses, repay the borrowed amount, and then borrow again, providing ongoing access to working capital.
SBA Loans: The Small Business Administration (SBA) offers various loan programs specifically designed for small businesses, including medical practices. SBA loans typically offer competitive interest rates and favorable terms, making them an attractive option for practices seeking long-term financing.
Term Loans: Term loans provide a lump sum of capital that medical practices can use for a variety of purposes, such as expansion, renovation, or debt consolidation. These loans have a fixed repayment schedule, allowing practices to better manage their cash flow and budgeting.
By understanding the best loan options for medical practices, healthcare professionals can make informed decisions and secure the financing they need to support their practice’s growth, operations, and long-term success.
What are medical practice financing rates?
Rates & Terms
The rates and terms depend on a wide range of factors which determine your business’ risk score. This includes: the product you’re applying for, how long you’ve been in business, credit history, use of funds, revenue & other financial factors. To determine which loans for practice finance are the best fit for your business, speak with a dedicated funding advisor to discuss your needs. Call (646)837-5522 today to compare your options.
