What Is LendingClub Patient Solutions?
LendingClub Patient Solutions is a patient financing platform that lets dental practices offer installment loans to patients for elective and necessary dental procedures. Unlike CareCredit's revolving credit model, LendingClub provides fixed-rate installment loans with predictable monthly payments for patients.
The basics: patients apply through the practice (online or in-office), receive a credit decision in seconds via soft inquiry (no credit score impact), and if approved, choose from available loan offers with fixed rates and terms. The practice gets paid upfront in full. The patient pays LendingClub back over time.
LendingClub acquired Springstone Financial in April 2014 for $140 million, gaining an established healthcare financing network with roots going back to 2007. The Springstone team brought deep healthcare financing expertise and provider relationships that LendingClub has since scaled with its technology platform and banking infrastructure (LendingClub became a chartered bank in 2021 through the acquisition of Radius Bank).
Who Is It For?
Practices with high-value treatment plans: Implants, full-mouth rehabilitations, orthodontics, cosmetic cases, and any procedure where the treatment plan exceeds what patients can pay out of pocket or charge to a revolving credit card. LendingClub's $65,000 maximum and 144-month terms handle cases that CareCredit's typical limits cannot.
Practices wanting a CareCredit alternative or complement: Many practices offer CareCredit as their primary financing but add LendingClub to capture patients who either do not qualify for CareCredit or need larger loan amounts and longer terms.
Multi-specialty and surgical practices: Oral surgery, periodontics, prosthodontics, and implant centers where treatment costs regularly run $10,000-$50,000+ benefit from LendingClub's higher limits.
Key Features
Flexible Loan Terms: Loans from $500 to $65,000 with terms from 6 to 144 months. APR ranges from 0% (promotional) to 30.99%. Fixed-rate installment loans give patients predictable monthly payments, unlike revolving credit where balances and minimum payments can shift.
Quick Application Process: Patients apply online or in-office and receive a decision in seconds. The initial check is a soft inquiry that does not affect the patient's credit score. A hard inquiry only appears if the patient accepts a loan offer.
Provider Gets Paid Upfront: Once the loan is approved and accepted, the practice receives the full treatment amount. LendingClub assumes the repayment risk. This eliminates the collections burden for the practice.
0% Promotional Financing: Practices can offer 0% APR promotional periods to increase case acceptance. These promotional offers come with higher merchant discount fees for the practice but can significantly boost conversion on elective procedures.
No Enrollment Fees: There is no cost for a practice to sign up and offer LendingClub Patient Solutions. Revenue impact comes from the per-transaction merchant discount fee that LendingClub charges on funded loans.
Digital Integration: Online application portal that can be linked from your website. In-office application via tablet or computer. Integration with practice workflows for seamless presentation during treatment planning.
Pros
- Widest loan range in dental financing: $500-$65,000 with terms up to 144 months
- Fixed-rate installment loans provide patients with payment predictability
- Soft credit check during application does not impact patient credit scores
- Practice gets paid upfront with no repayment risk
- No enrollment fees to get started
- Backed by a publicly traded, FDIC-insured bank
Cons
- Merchant discount fees are not publicly disclosed and reduce per-case revenue
- 0% promotional financing comes with higher merchant fees
- APR up to 30.99% may deter some patients
- Less brand recognition than CareCredit among patients
- Limited to installment loans -- no revolving credit option
- Application approval rates not publicly available