What Is a Spending Limit?
Spending Limit:
Your spending limit is the total amount of financing you’ve been approved for by PatientFi that 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.
You spending limit is not a line of credit and doesn't automatically open a loan upon approval.
How It’s Determined:
Your spending limit is based on factors from your credit profile, which we review through a soft credit check.
Expiration:
Spending limits are valid for 120 days from the date of approval. If yours expires, you can re-apply and potentially be approved for a new limit—though it may differ from your previous amount.
What Is the Available to Spend?
Available to Spend:
Your Available to Spend 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 to spend decreases accordingly.
Example:
- Approved Spending Limit: $5,000
- Accepted Transaction: $2,000
- Remaining Available to Spend: $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 to Spend
Visit the Account Portal and sign in
Comments
0 comments