Who is GreenSky Patient Solutions® and what does it do?
The GreenSky Patient Solutions® program (“GSPS”) is a consumer loan program that makes it easy for providers to offer affordable financing to patients. GSPS banks have financed over 220,000 loans for healthcare services, allowing qualified borrowers to receive the care you need when you need it at an affordable rate. GreenSky Servicing, LLC (“GS Servicing”) services loans on behalf of the participating lending banks.
In short, you can think of GSPS as the link between providers, their patients, and banks. We bring everyone together and simplify the loan process — from application, to decision/approval, to payments.
Will GSPS be my lender? Who is my loan with?
GSPS loans are made to qualified borrowers by federally insured, federal and state chartered banks without regard to age, race, color, religion, national origin, gender, or familial status. “GreenSky Patient Solutions®” is the brand name these banks use to market the availability of consumer loans for elective healthcare procedures.
If approved for a GSPS loan, you will receive a loan agreement that identifies the specific bank that is offering to provide you with a GSPS loan. This loan agreement is between you and the funding bank directly. However, GS Servicing will service your loan at the direction and control of your lender, so any questions you have should be directed to us.
Why does my credit report show "GreenSky"? I thought I was applying for credit with my provider?
Credit reporting is made in the program name to help you identify inquiries and reporting with your GSPS loan.
Is my loan tax deductible?
We cannot provide you with tax advice. In general, however, GSPS loans are considered personal loans and, unlike mortgages, do not qualify for a tax deduction.
I received an email from GreenSky Patient Solutions® asking for my personal information. Should I provide this information?
No. GSPS will never send emails requesting account information, patient passwords, or log in credentials. Protect your personal information and never click on unsolicited web site addresses provided in email or other correspondence. If you are unsure about an email you receive from your lender or GSPS, please contact us at email@example.com.
Getting Started With Your Loan
I’ve been approved for a loan. Now what?
Congratulations! First, you will receive an email “Notice of Approval” that includes a link where you can get your Loan Agreement and other materials you will need to use your loan. We will also send you a physical copy of the Loan Agreement in the mail.
What does my Loan Agreement mean?
Note: There is no need to physically sign and/or return your Loan Agreement. You accept the terms of and electronically sign the Loan Agreement when you authorize the provider to process a transaction on your account. Your electronic signature has the same legal effect as an ink signature. Until (and unless) you authorize a transaction, however, you have no obligation on your GSPS loan and you are only responsible for transactions you authorize with your provider.
Your Loan Agreement package contains a few sections. Each section includes vital information about the terms and conditions for your GSPS loan, including information about GSPS, your credit profile, and your lender. Please review each part of your loan agreement package carefully before you authorize your provider to process a transaction on your GSPS account.
The loan agreement package contains the following:
- Welcome Letter – Provides basic information about your loan, including the credit limit for which you were approved, the expiration date of your purchase window and Account Number and how to register in the GSPS Self-Service Portal to manage your account and make payments online.
Shopping Pass Account Number – The purpose of the Shopping Pass is to provide you with an access device to make purchases using your GSPS loan. The Shopping Pass also contains important information about your loan, including the expiration date of your purchase window and your credit limit. Once you are ready to authorize your provider to process a transaction on your GSPS account, simply provide your provider with your Account Number, the CVV code, and the expiration date on the Shopping Pass.
Installment Loan Terms– This document has two basic parts:
- Truth in Lending Disclosures– These are required by federal consumer lending law and provide you with important information about the costs associated with your loan (g., the Annual Percentage Rate and the Finance Charge) and your repayment obligations (e.g., the Total of Payments and the Payment Schedule). This page also includes other disclosures required by state and federal law.
- Terms and Conditions – These describe the lender’s and your obligations if you accept and use the loan. The Terms and Conditions describe, among other things, how your monthly payment is calculated (Promise to Pay), how and when to make payments (Timing and Application of Payments and Payment Method and Address), late payment and returned payment charges (Returned Payment Charge and Late Charge), the definition of “default” and what the lender’s remedies are (Default and Remedies on Default), and the governing law applicable to your loan (Governing Law).
- Funding Bank Privacy Notice – This notice is required by federal law and describes your lender’s information sharing policies.
- Credit Score Disclosure – This disclosure is required by federal law and provides information related to your credit score, which was used as part of the application decision.
If you have any questions about your loan or the contents of your loan agreement package, you can contact us at firstname.lastname@example.org
What if I don’t want to use my loan?
The application and approval processes simply establish a loan offer from the funding bank for qualified borrowers. If you are approved for a loan, you have no obligation on the loan until and unless you use the account to pay for a transaction. If you do not want to use your loan, you may close your account at any time before you authorize a transaction by contacting us at email@example.com.
Do I need to sign my loan agreement?
The use of your account to pay for a transaction is your electronic signature on your loan agreement. Your electronic signature has the same legal effect as a physical signature but allows you the convenience of transacting when you are ready and not having to return a physical copy of your loan agreement to your lender.
What is a "deferred interest" loan? Do I have a 0% interest loan?
A deferred-interest loan is not a 0% interest loan. We have prepared a reference guide to help you understand your deferred interest loan. Understanding Your Deferred Interest Loan may be found here.
The most important things to understand about a deferred interest loan are:
- Your loan includes a “Promotional Period” which is shown in the Truth in Lending Disclosures of your Loan Agreement. This period typically ranges from 6 to 24 months, but can vary.
- During that promotional period, interest is billed to your account. The amount of interest that is accruing is shown to simply keep you informed of what interest you MAY be liable for if you do not pay off your purchase balance during the promotional period.
- Some deferred interest products require a payment during the promotional period, so you should carefully review your loan agreement and billing statement to make sure you understand the terms of your particular deferred interest product.
- If you repay the entire purchase balance before the end of the promotional period, all interest billed to your account during the promotional period will be waived. If you do not repay the entire purchase balance before the end of the promotional period, you will be responsible for repaying the interest that was billed to your account during the promotional period and any interest that is subsequently billed to your account.
If you have a deferred interest loan, your monthly billing statement during the promotional period will show you the following information to help you manage your account to avoid paying the deferred interest:
- The purchase balance amount to be repaid during the promotional period.
- The specific date on which the promotional period expires.
- The interest that has been billed to your account.
I applied for $X, why is my loan amount higher than that?
We call this “over-accommodation” and it is designed to provide you with the funds you may need for the entire procedure including prescriptions, equipment, etc. We know that your health needs may change as care is provided. For that reason, the funding banks in GSPS have credit rules designed to accommodate the amount you requested and, if you qualify, a buffer above that amount.
Regardless of your approved credit limit, however, you are only obligated for the payments you authorize your provider to take from your GSPS loan account. The additional credit limit is simply a convenience.
When is my payment due?
We will send you billing statements showing, among other things, transactions on your account, the minimum monthly payment due, and your payment due date. Your payment due date will be the same day of the month every month until you pay off your loan.
How do I repay my loan?
You may make a payment online at https://greenskyonline.com/greensky/home, by sending a check to the address on your billing statement, or by calling (844) 810-7713 or (844) 570-9915 and making a check by phone payment.
How do I use the online portal?
Our customer Self-Service Portal is located at https://greenskyonline.com/greensky/home. Once you register, you can manage your account, view billing statements, and make payments. On the portal, you can make a one-time payment, or establish recurring auto payments. It’s all designed to make it easy and convenient.
How much is my payment?
Your payment is set by the terms and conditions of your loan agreement and is a function of your authorized purchases. Your loan agreement provides you with an estimated repayment schedule that includes the amount of each monthly payment based on full utilization of your credit limit at approval. Keep in mind, however, you are only obligated for the actual payments you authorize to your provider.
Each billing statement will identify the transactions on your account, the interest that is being billed to your account, the principal balance, and actual minimum monthly payment due for that billing cycle.
Can I repay my loan with a credit card or debit card?
Unfortunately, we cannot take credit cards or debit cards as a form of payment for your GSPS loan.
Why am I getting a billing statement when my services haven’t started and/or been completed?
If there is a transaction on your account, it may reflect a down payment or deposit that you authorized, even though your project had not started at the time of the transaction. If there is a transaction on your account that you did not authorize, please contact us immediately at firstname.lastname@example.org.
Reporting Issues With Your Loan
What if I have a problem with my provider, the loan or your company?
On behalf of all funding banks participating with GSPS, we want to ensure that you are fully satisfied with your experience. If you ever have any concerns that we should be aware of, please do not hesitate to contact us at email@example.com. We will work to try to resolve your concerns in a way that is professional, transparent, and fair.