Elevate your lending portfolio and differentiate your financial institution by offering fair medical loans in a landscape of exploitative rates.
Heightened medical expenses, poor insurance policies and evolving healthcare trends have led many individuals to explore elective medical loans as a viable option. Unfortunately, the segment is saturated with a collection of lenders offering exploitative rates and terms.
For credit unions and banks, the medical segment offers a unique opportunity to boost your customer-centered standing, by offering your community loans with fair borrowing terms—ensuring accessibility to the medical procedures they need most. By offering elective medical loans through embedded lending, financial institutions can seamlessly tap into a new borrower community, while providing customers with tailored, convenient solutions.
Did you know?
Medical financing reached $15.2 billion in revenue in 2023.
The medical financing industry has seen a steady rise in demand over the past 5 years, with a CAGR of 5%. This steady growth indicates a lucrative segment for lenders looking to diversify their offerings.
Elective medical loans provide a flexible and stable lending option, as procedure costs continue to rise in various medical fields. Following are a few key benefits to lending in this diverse vertical:
From minor cosmetic procedures to major surgeries, the elective medical sector caters to a wide range of procedures. Lenders can adapt their lending approach to meet various patient needs.
Traditional financing options for elective medical procedures often come with unfavorable terms. Credit unions and banks can fill this gap by offering fair financing programs that build strong customer loyalty.
Patients seeking elective medical treatments are typically committed to their health and financial obligations due to the necessity of their medical needs, resulting in lower default rates and a more reliable source of repayment.
By supporting elective medical treatments, lenders can not only help individuals achieve their health goals but also promote local businesses, potentially turning both providers and patients into future depositors.
We can help you too.
How it works
Match with local medical providers through the MerchantLinQ platform.
Boost your loan portfolio as medical providers drive loan applications through a branded portal.
Advance your goals by generating new customers to scale your institution’s deposits over time.
Infographic
By understanding the relationship between demographics, loyalty, financial preferences, and earning potential, financial institutions can maximize the impact of embedded lending…
Read the post: Unlocking the Future: Diversifying Your Borrower CommunityDownload Infographic
Blog Post
The Science of Assessing Risk The most formulaic approach to risk assessment is referred to by lenders as the “Four C’s” which are credit, capacity, collateral, and capital. Following[…]
Read the post: The art and science of classifying loan opportunities by level of riskRead Post
Blog Post
Embedded finance refers to the integration of financial services into traditionally non-financial platforms and experiences. Over the last five years, it has become increasingly popular—In 2021, businesses and consumers[…]
Read the post: What is embedded lending, anyway? The answer could be your next big lending opportunity.Read Post
Explore more of our compelling loan segments.
Home Improvement >
Lawn & Garden >
Pool &
Recreational Vehicles >
Renewable Energy >
Discover how businesses like yours are enhancing their services with MerchantLinQ.
