Your Spending Limit and Available Balance are key pieces of information that help guide your financing decisions with PatientFi. Knowing the difference between these two concepts will ensure you make the most of your approved funds and stay on track with your financial goals.
What Is a Spending Limit?
Spending Limit:
Your spending limit is the total amount of financing you’ve been approved for by PatientFi. Think of it as the maximum credit line you can use toward eligible treatments or procedures. Once set, this amount won’t change unless you re-apply for an increase or your spending limit expires and is refreshed.
How It’s Determined:
Your spending limit is based on factors such as your credit profile and financial history. After a soft credit check (which does not impact your credit score), PatientFi determines an appropriate financing amount for you.
Expiration:
Remember that spending limits are valid for 120 days from the date of approval. If yours expires, you can re-apply without the 30-day waiting period and potentially be approved for a new limit—though it may differ from your previous amount.
What Is an Available Balance?
Available Balance:
Your available balance represents how much of your spending limit is still free to use after accounting for any accepted transactions. If you use a portion of your spending limit for a treatment, your available balance decreases accordingly.
Example:
- Approved Spending Limit: $5,000
- Accepted Transaction: $2,000
- Remaining Available Balance: $3,000
If you make payments toward your financed amount, the principal you pay down is restored to your available balance. This means that as you pay off what you owe, more funds become available again for future treatments, provided your spending limit remains active.
How to View Your Spending Limit and Available Balance
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Log In to Your Borrower Portal:
Visit the PatientFi Borrower Portal and sign in with your credentials. -
Review your PatientFi Dashboard:
Here you’ll see details about your approved spending limit and any outstanding balances from current transactions. -
Check Remaining Availability:
The portal will clearly display how much of your spending limit is still available to finance additional treatments or procedures.
Managing Your Funds
Accepting New Transactions:
When you approve a new transaction, the amount of that treatment will be deducted from your available balance. Always review the cost of the procedure and your remaining available balance before accepting a transaction.
Paying Down Balances:
Making on-time payments not only reduces your outstanding loan balance but also restores that portion of the principal back to your available balance. This means that as you pay off what you owe, the amount you can spend again increases, up to your original spending limit.
Requesting a Spending Limit Increase:
If your current spending limit doesn’t cover the cost of your planned treatments, you can consider requesting a spending limit increase. Keep in mind that eligibility for a higher limit depends on your current credit profile and other factors.
FAQs
Can My Spending Limit Change?
Your initial spending limit is set when you’re approved. It won’t change unless you let it expire and re-apply, or you submit a request for an increase and are approved for a higher amount.
Does Paying Down My Balance Increase My Available Balance?
Yes. Paying down your financed amount restores that portion of the principal to your available balance, allowing you to use those funds again for future treatments.
What If My Spending Limit Doesn’t Cover the Treatment I Need?
You can either pay the difference out-of-pocket or request a spending limit increase. Approval for a higher spending limit is not guaranteed and depends on your creditworthiness at the time of request.
Can I Use My Available Balance for Multiple Providers?
Yes, as long as those providers partner with PatientFi and your available balance is sufficient to cover the treatment cost, you can use your remaining funds at multiple providers.
Need Assistance?
If you have questions about your spending limit, available balance, or need help understanding your financing options, contact our Support Team at (866) 734-5979 or email support@patientfi.com. We’re here to help you make the most of your PatientFi financing!
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