About lender
Loanscription is a lending platform that allows anyone working in the medical field to apply for loans. The main office for Loanscription is in New York.
Loanscription operates under the management of MDLendingGroup, Inc. It is a leading platform powered by technology and has a strong enthusiasm for efficiency, innovation, and high-quality client service.
The company emphasizes using technology to remove the frictions inherent in the application process and create a more contemporary experience for their customers. It provides cheap fixed rates and monthly payments that are not too expensive. They will work with you to determine the loan terms and the repayment schedule most appropriate for your circumstances.
Loanscription's primary mission is to offer commercial financing to independently practicing health care professionals, including but not limited to pediatricians, veterinarians, pharmacists, podiatrists, optometrists, dentists, family practitioners, and physical therapists, among others.
Pros and cons
Pros
Simple application procedure
Quick credit decision
technology-driven strategy
Favorable rates
Minimal fees
Flexible terms.
Cons
Undisclosed rates and terms on the website
Received funds in as little as five days.
Terms and conditions
Loanscription can screen applicants, underwrite loans, and deploy cash more quickly than traditional lenders because the company uses cloud-enabled technology. They provide loans of up to $250,000 so that you can pay for practice upgrades, finance medical equipment, or meet your working capital needs. They can also help give a personalized lending solution because of their flexible terms and reasonable monthly payments. And you might have your money in as short as five days if you want to.
Loanscription rates start at 7%, and you may choose from maturities ranging from 6 months to 60 months. A maximum of 13% is applied to each rate.
Business Term Loans
A business term loan is money borrowed by a firm in exchange for specific terms imposed by the lending institution. Most of the time, companies of all sizes will employ term loans to finance the acquisition of fixed assets such as property, real estate, machinery, and medical equipment. However, you can put the money you receive from a business term loan to almost any use you want, including providing working capital, marketing your firm, growing your product line, and just about anything else.
Equipment Loans
An equipment loan in the form of a loan is a specific option for companies that require new machinery or cars but do not possess the cash flow necessary to pay for them outright. In most circumstances, you can utilize the immediate returns from the newly bought equipment to repay the monthly payments for the loan.
Working Capital Loans
A loan for working capital is a loan that a company takes to finance its day-to-day operations. These loans are not intended to purchase long-term assets or investments; instead, they are designed to provide working capital that supports a company's short-term operating needs. In other words, these loans are not used to acquire long-term assets or investments. Long-term investments and asset purchases are not eligible for these loans. These requirements may include financial obligations, such as wages, rent, or debt consolidation payments. In this sense, working capital loans are a company's corporate debt consolidation to finance its day-to-day operations.
Funding
Loanscription issues loans with e-signs on the contracts within 24 hours. Once you sign the loan agreement, the funds will be disbursed directly to your bank account by the next business days. It may take up to five days for you to receive those funds.
The company operates entirely online, so you can access their services and contact the Loanscription team 24/7.
