Healthcare financing

 

how it works

1. The Provider receives notification of a declined application from American
General via the method of application delivery that was used.

2. The application is automatically transmitted to Service Finance Company
(SFC) electronically for a credit review. The credit decision will be faxed to
the Provider, normally within 5 minutes.

3. IF Declined by SFC, please inform the patient of the credit decision.

4. IF APPROVED by SFC: Please inform the patient that American
General was unable to approve them for the promotional offer however
they were approved by Service Finance for a fixed rate, term loan with
no-prepayment penalty. Ask the patient if they would like to take
advantage of this program?

5. Patient Accepts: Provider calls 1-866-254-0497 and gives the Credit analyst
the app number (located on the credit decision) and the exact amount of the
invoice. The SFC credit analyst will immediately re-fax the pre-populated
documents with the correct amount.

6. Patient signs: a) Retail Installment Contract, b) Privacy Disclosure, and c)
Provider specific delivery notice/invoice. Please provide the patient with the
documents labeled “copy”.

7. Overnight all signed documents to: Service Finance Company, LLC.
Attention: Funding Dept., 1956 NE 5th Ave., Suite 8, Boca Raton, FL 33431.

8. SFC verifies completion and funds your designated bank account within 72
hours.

 

Program Details

Credit: A-F
Rates: 17.99-21.99% (PA 14.35%)
Term: 6-84 Months
Pre-Payment Penalty- None
Loan Amount $500 to $10,000
Promotion: 90-180 Days Same As Cash (qualified applicants)
Document Delivery: Email or Fax (Within 5 minutes)
Electronic Funding weekly, with receipt of completed and verified paperwork.
Discount: 5-20% (Depending on Credit Risk)

Provider Enrollment (PDF Download)

Provider Agreement (PDF download)

Sample Loan Package (PDF Download)

 

 

 

 

 

one step financing

American General Financial Services and Service Finance Company combine forces to ensure all declined credit applications receive a credit review automatically via a secure internet pipe. AGF makes this program available to all clients who want more approvals with faster response times and no additional paperwork to fill out. Simply submit a credit application to AGF and if it is declined, they will automatically transmit the application to SFC for a credit review. When approved, SFC will fax or email you the pre-populated loan documents for customer execution.

 

One step financing faq

1. What is the “One Step” program?
One Step is a retail financing program that integrates the first and second application reviews into one seamless process. You submit only one customer application to AGFS and any declines are automatically transmitted to Service Finance Company (SFC) for a credit review. It’s a quick and easy way to maximize your sales and increase profit.

2. What approval rates can we expect from SFC?
Historically, SFC has approved more than 50% of credit reviewed applications.

3. Do I need to be enrolled with American General Financial Services (AGFS) and SFC to participate in the One Step program?
Yes, if you are not an AGFS dealer, you can enroll by contacting your local American General Financial Services branch, visiting www.agfinance.com, or calling (800) 599-2347. You will then need to enroll with Service Finance by calling (866) 284-6005 or visiting www.svcfin.com.

4. How will my declined credit applications get passed to SFC?
AGFS will automatically send the application electronically to SFC for a second look.

5. What if I’m selling in the home?
If you are selling in the home and phoning a credit application to AGFS, and your application is declined, you will be transferred to SFC for a credit review.

6. Once I’m transferred to SFC will I need to re-read the customer information?
No, since the application is electronically transferred, SFC will have all of the necessary information.

7. Do I need to complete another credit application?
'No, the AGFS application contains language whereby the consumer authorizes AGFS to share the application information with SFC and authorizes SFC to consider the application for credit. Therefore there is no need for a second application.'

8. How long will it take to receive a credit decision from SFC?
The average time for SFC to decision an application is 5 – 7 minutes.

9. How will I receive the documents from SFC?
SFC will send the pre-populated documents via fax or email so there is no paperwork for you to fill out.

10. How long will it take to get funded from SFC?
Electronic Funding weekly, with receipt of completed and verified paperwork.


11. Do I need to complete additional forms such as credit applications or retail installment contracts?
No, the credit application will be transmitted electronically and all other forms and documents are sent via fax or email upon credit approval.

12. Are there discounts associated with using SFC?
Yes, approved applications have a typical discount of 15%. The discounts range from 5% to 20%.

13. What are the loan amounts SFC will consider?
$500 to $10,000

14. What are the terms on the SFC program?
The term of the loans range from 6 months to 84 months.

15. Are there any pre-payment penalties associated with SFC’s program?
No

16. Once a customer is approved by SFC, who will they need to contact for any questions?
Once a customer is approved by SFC, they are then a customer of Service Finance and will need to contact them with any questions at (866) 254-0497.