Loan Application Process for Patients
- How Patients Apply for a Medicred Loan
Patients can complete the Application Form by visiting our website at www.medicred.co.uk and fill out the loan application form with their details, stating the name of the clinic they would like the treatment at.
- What Information Patients Need to Provide
Please refer to Loan Application for the information that needs to be provided as part of the loan application process
- How Long Does the Loan Approval Process Take?
The application can be completed as quickly as the same day, depending on the information provided and how quickly the applicant responds. Once submitted, they will receive a decision within minutes. If a manual review is required, it may take up to 24 hours. If approved, we will send an ID verification check, the loan agreement, and a Direct Debit setup form. Once all documents are verified, funds can be released within hours.
- Understanding Credit & Affordability Checks
We assess both the applicants credit history and current income and outgoings to ensure the loan is affordable and sustainable. These checks are essential to help us lend responsibly and avoid placing financial strain on customers. We carry out these checks through the regulated and verified CRA provider Creditsafe.
- What Happens if a Patient’s Loan is Rejected?
We will inform the applicant via email if the loan is rejected. If they would like more information about the decision they may request a copy of their credit report through an agency such as TransUnion, which may help to provide further clarity on this decision. If you have any further queries please contact us at: admin@medicred.co.uk. This decision does not reflect future applications, if circumstances change the patient can apply again.
