PowerPay, a financial technology company that provides consumer lending for home improvements, announced the launch of the company’s newest vertical—healthcare financing. The new program will provide patient financing for cosmetic surgery, dentistry, fertility treatments, medical spa services, vision correction, and related elective procedures.
According a press release from the company, it has seen tremendous growth in the home improvement space since 2020 with $1 billion in total loan originations. The company has been planning an expansion into several verticals including its newest—elective medical loans.
PowerPay’s healthcare financing enables medical professionals to offer their patients loans of up to $60,000 with 9.99% rates and terms from 6 months to 6 years. The company’s proprietary loan origination technology platform reportedly simplifies financing for both patients and medical professionals.
“We’ve been searching for a patient-centric financing tool that offers low rates to the patient without any merchant discounts or fees so the practice receives our full payment. PowerPay delivers with an efficient and easy-to-use program,” said Steven E. Copit, MD, of Mangat Copit plastic surgery, based in Avon, Colorado.
Speaking about the company’s move into the healthcare financing, David Haas, co-founder, and COO of PowerPay, said, “We’re excited to enter the patient financing vertical because we see an enormous opportunity to disrupt the traditional high merchant fee model currently offered by big banks. Offering longer terms with lower rates and no merchant fees eliminates friction in the model and is a win-win for doctors and patients.”