Why Was I Not Approved?

We understand that being declined for financing can be disappointing. At PatientFi, we strive to offer accessible financing options, but approval depends on several factors. Here’s an overview of why you might not have been approved and what steps you can take next.

Possible Reasons for Declined Applications

1. Credit History

   • PatientFi conducts a soft credit inquiry during the application process, which doesn’t impact your credit score. However, factors like low credit scores, limited credit history, or recent delinquencies may impact approval.

2. Debt-to-Income Ratio

   • Your current financial obligations relative to your income are considered during the approval process. A high debt-to-income ratio may result in a declined application.

3. Insufficient Information

   • Missing or incomplete application details can also lead to a decline. Double-check that all information you’ve provided is accurate and complete.

What Can I Do If I’m Not Approved?

• Review Your Credit Report: Obtain a free copy of your credit report from major credit bureaus to check for any inaccuracies or areas for improvement.
• Improve Your Credit Profile: Paying down existing debt, making timely payments, and avoiding new credit inquiries can strengthen your creditworthiness over time.
• Reapply Later: If your financial situation improves or your credit score increases, you may reapply at a later date.

FAQs

Does being declined affect my credit score?

No, the soft credit inquiry used in PatientFi’s application process does not impact your credit score, whether you’re approved or declined.

Can I apply again if I was declined?

Yes, you may reapply if your financial situation changes or after addressing the factors that may have contributed to the decline. Please wait 0 days before attempting to reapply.

How can I find out the specific reason for my decline?

You will receive an email within 48 hours after applying that detail the specific reason(s) as to why we were not able to provide an qualified offer. 

What if I have a co-borrower or cosigner?

PatientFi does not accept co-borrowers or cosigners for financing applications. Approval is based solely on the individual applicant’s financial profile.

Need Help?

If you have additional questions or need assistance, contact our Support Team at (866) 734-5979 or email support@patientfi.com. We’re happy to help you explore your options.