no interest financingNow a days it seems like you can get a credit card for anything: your local grocery store, favorite department store, etc. Even though it may seem convenient and like the new customer promotion cannot be passed up, most consumers do not realize the terms after the promotional period expires. However, my intention is not to rant about these types of credit cards.

The issue that we have identified here at Epic River is the lack of options available to people who cannot afford to pay their medical bills in full. Due to the inability to pay, consumers are forced to consider applying for another credit card, that if not paid off by the time the promotional period expires, will only put the consumer further in debt. According to the CFPB, approximately 85% of consumers, who enrolled in Care Credit, signed up for one of these plans. If at the end of the promotional period, the consumers were unable to pay off the full balance, they were liable for 26.99% annual interest that was accrued during the promotional period. If that isn’t bad enough, most consumers did not realize this and were caught off guard when the promotion expired. I think CFPB Director, Richard Cordray said it best:

“Medical debt is already a big problem for many Americans. Poor credit card transparency should not be making the problem even worse.”

The options currently available do not seem to have been created to help the consumer. That’s where MyLoans comes in. MyLoans Patient Account Financing was developed to ease the financial stress of healthcare. Through partnerships between medical providers and their financial institutions, consumers now have access to medical loans at a fair interest rate. The interest rate and other terms of the medical loan will not change after a certain period of time. Since loans from a financial institution are not new to consumers, there will not be any discrepancies over the agreement terms.


About MyLoans™

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 a federally insured and fully regulated 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