MyLoans Healthcare Financing Software™

The Opportunity

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Recourse Option

Recourse Option

The financial institution establishes a repurchase agreement with the medical provider. This agreement outlines the maximum funding limit and other terms and conditions, including loan terms and rate of interest to be charged. The financial institution purchases the loans from the medical providers and services the new customer loans in accordance with the established terms and conditions of the repurchase agreement with the medical provider. Medical loans are subject to repurchase by the medical provider in the event of default as depicted in the repurchase agreement.

Non-Recourse Option

Non-Recourse Option

This works essentially the same as the recourse option with the critical difference being the financial institution does not purchase the loans from the medical provider. In this option, the financial institution underwrites the loan and forgoes its option to re-assign a defaulted loan to the medical provider.

Web Application Interface

Web Application Interface

To streamline loan submissions, MyLoans Healthcare Financing™ offers a Bank Data Exchange module. This well-documented, secure, web-service programming interface allows your team or IT partner to integrate MyLoans Healthcare Financing™ with your existing systems for maximum automation and minimum processing cost per loan.

Custom Development Team

Custom Development Team

If you do not have internal development resources or a system integration partner in place, MyLoans Healthcare Financing™ has a custom development team with decades of experience integrating loan origination, loan processing and document imaging systems. The MyLoans Healthcare Financing™ team can help you scope your integration needs, determine feasibility, provide estimates, develop the integration or help you find a local system integrator with whom you can partner.

Thousands of Loans Are Booked Every Day with MyLoans™

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Average New Loans per Provider per Month
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eligible medical providers
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From the Blog

Payday Loans as Healthcare Financing? Are you kidding me?

JohnOliver-PaydayLoansSeriously.  I think John Oliver and Sarah Silverman said it best when they said, “Do.  Literally.  Anything else.”

I was absolutely astonished to learn that one of the primary uses for payday loans today is to pay medical bills.  I have a hard time coming up with a worse way to pay for a medical procedure than to use a payday loan.  I know everyone has seen them in (usually) unsavory strip malls and shopping plazas, but after learning about why people are getting these loans I felt compelled to start typing.  This blog entry has no overarching plan to it.  I sincerely just sat down and started typing.  The only thing I have to say is when it comes to healthcare financing, “Do.  Literally.  Anything.  Else.”  Advocates of payday loans or…you know what, let’s call them what they really are – short term, incredibly high interest, balloon loans…where was I…oh yeah, advocates point to these loans as a consumer’s “best option.”  Its not.  It is not the best option.  It’s convenient.  The first time.  But when you have to do a second payday loan to cover a previous payday loan.  You’re stuck.

It’s like casinos in Vegas.  They are putting up more 4,000 room hotels every year because gambling Vegas is winning.  Well, in 2005 payday storefronts outnumbered McDonald’s and Starbucks locations COMBINED.  COMBINED.  COMBINED.  Sorry, I got stuck there for a moment.  In 2011 payday lenders extended $40 BILLION in payday loans.  You know what?  People see billion and it doesn’t look that much different than “million,” so I’m going to write it out.  In 2011 payday lenders extended $40,000,000,000 in payday loans.  Put that together with an APR of 300-500%.  Nope.  I didn’t miss a decimal point.  But don’t take my word for it, read the report from this little group called the Federal Reserve Board.

I’d normally say, “I digress,” but this whole entry is one big digression.  So I’ll just say this, if you work at a credit union, bank, medical office, hospital, clinic or surgery center, you need to help me.  We need to put MyLoans in place in more financial institutions so that consumers who have unexpected medical procedures have something else to evaluate BEFORE they decide that a payday loan is the “best option.”  We built this software so banks and healthcare providers can work together to provide a better option for their patients.  MyLoans is a monumentally better option for someone who parks their car in front of a payday loans storefront and considers walking in.

Boy, I might need a ladder to get down off this soapbox.

Yes, we sell MyLoans and we profit off loans closed through MyLoans.  So yes, this post is somewhat self serving, but in our model, no one’s life is ruined.

About MyLoans Healthcare Financing™

By providing patients with fast access to medical loans at a fair and unchanging interest rate, the MyLoans™ software by Epic River enables financial institutions to ease the financial stress of health care through collaboration with medical providers. Not only can medical providers offer patient financing between banks and patients for medical care needs, but doctors and hospitals alike can finally get immediate funding of their patient’s outstanding balances. Additionally, financial institutions gain new customers and interest income with little administrative overhead in exchange for servicing the loan. For more information, visit

About Epic River, LLC

Since its inception in 2005, Epic River has been providing high quality software services aimed at solving process-intensive problems. With a focus on high quality and rapid delivery, Epic River’s methodology accelerates the process of innovation while keeping a firm grasp on the business case behind the application, enabling our partners to grow their market leadership. The company’s unique approach to the agile methodology and user experience ensures both parties work closely together every step of the way. Whether you’re looking to expand into new technologies or markets, need a custom internal tool, assistance with architecture, or simply need someone you can trust to make technology decisions, Epic River is at your service. For more information, visit


Time to Connect at the D+H User Conference #Connections14 #MyLoans

Connections 2014

Stop by and see Jessica and Mark from the MyLoans team at the D+H (formerly Harland Financial Solutions) annual user conference.  We’re at Booth #22!

The Connections conference is a fantastic place to learn and connect with some of the best banks, credit unions and software providers in the financial institution industry!  If you’re not here this year you should really plan on coming next year.  The compliance and risk education together with the product training is truly an impressive combination.

It only gets more impressive this year as the show now combines last year’s MortgageBot, HFS and D+H user conferences into one amazing event!



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  • (970) 292-5045 x5151