Will pre-qualification affect the applicant’s credit score?
Pre-qualification enables us to present loan offers to applicants using a soft credit pull, which will not impact the applicant’s credit score.
Is it possible for an applicant to be declined after being pre-qualified?
Yes, if a pre-qualified applicant has placed a freeze on their credit, then their hard credit pull will result in a decline. Please have the applicant contact Experian (How to temporarily release a credit freeze?) to release the freeze before reapplying. Additionally, if a pre-qualified applicant does not submit a full application then their pre-qualified offers will remain active for 14 days. However, the consumer may be declined if there has been a significant change to their credit quality. In such cases, it is possible that their hard credit pull may result in a decline.
When will the hard credit pull occur?
After the applicant submits their full application, the hard credit pull will occur. Please note that the hard credit pull may affect the applicant’s credit score.
What are acceptable forms of ID?
Acceptable ID’s are photo-based and include non-expired state issued driver’s license, passport, state ID, U.S. permanent residency card and military IDs with a photo and identification number that have been issued by either the Department of Defense or Veterans Affairs (VA).
What is the minimum annual income that an applicant needs to be eligible for a loan?
There is no predefined minimum income level, as loan application decisions include debt to income ratio criteria. This ratio can vary widely depending on income and the loan size being applied for.
Do residency restrictions apply?
Only legal U.S. Residents (50 states) can apply for a loan.
How old does an applicant have to be to take out a loan?
Loan applicants must be at least 18 years of age in most states. A parent or relative may sponsor a loan application for an individual under the age of 18. However, the sponsor is responsible for all loan payments.
Do you accept co-applicants?
At this time, we do not accept co-applicants for loans. However, we do accept applicants sponsored by an another individual. See Can someone apply for and accept a loan on behalf of a patient?
Can someone apply for and accept a loan on behalf of a patient?
Yes, we accept applicants sponsored by an another individual (i.e., friend, relative, spouse, etc.). The loan sponsor is responsible for all loan payments. If the patient is less than 18 years of age, the sponsor must be their parent or relative.
Can applicants self-apply outside of our office?
Yes, a link to our loan application can be placed on your practice website enabling applicants to apply on their own. Applicants will be required to visit your office to validate their identity and finalize the loan. To request your unique loan application URL, contact: ProviderSupport@HCSLoans.com or 800.427.9184.
How long is a pre-qualified offer available?
If an applicant pre-qualified but did not complete the full application, their pre-qualified offers are good for 14 days. Pre-qualification offers are based on a preliminary review of the consumers’ credit history. If the applicant has completed the full application, see How long is an approved loan application available?
How long is an approved loan application available?
Approved loan applications are valid for 30 days. If after 30 days the loan has not been signed and submitted for funding, the applicant will need to reapply. If the applicant has not completed the full application, see How long is a pre-qualified offer available?
Who do I call if I have questions regarding an applicant that did not pre-qualify or was declined?
Pre-qualification and loan decisioning received through the Provider Portal is final. There is no reversal policy. Such applicants will be mailed the decisioning explanation within 30 days of application. If you believe an applicant was declined due to incorrectly entered information, please call Provider Support at 800.427.9184.
Who do I call if I need a larger loan amount?
At the time of application, the largest possible loan amount will be offered.
What do I do if the loan applicant no longer wants a loan?
If an applicant changes their mind, or does not move forward with treatment, the loan will need to be canceled. See How do I cancel or change a loan amount or the loan terms?