Key takeaways
- PatientFi loans are funded by participating banks and credit unions, not by PatientFi itself.
- You do not need to be an existing member. If a credit union account is needed, the application helps you open one.
- Opening it is part of the loan process. PatientFi still services the loan and takes your payments.
- Competitor Cherry calls this an unexpected extra step; it is worth knowing about before you apply.
Why a credit union is involved at all
The company is a technology platform and loan servicer. According to its own site, it is not a bank or lender: it connects providers and patients with participating banks and credit unions, which fund the loans. The company runs a lending partner program for these institutions, promising them healthcare loan originations while it handles servicing, collections and reporting.
Credit unions generally lend only to their members. So when a credit union funds your loan, you may need to become a member of that credit union first. That is the step borrowers sometimes find surprising.
What PatientFi says
PatientFi’s FAQ states that you do not need to be an existing customer of any participating bank or credit union, and that the application will help you create a credit union account if necessary. In other words, membership is handled during the application, not something you arrange yourself beforehand.
What that means for you
| Question | What to expect |
|---|---|
| Will I always need membership? | No. It depends on which institution funds your loan. Some loans come from banks. |
| Who do I pay? | The servicer, through its Payment Portal, by phone or by check. |
| Is it a separate account? | Yes. Membership creates an account with the credit union, separate from your loan. |
| Does it affect my credit? | Opening membership is not a loan. The loan itself is reported to the credit bureaus once you accept it. |
| Is my money protected? | Deposits at federally insured credit unions are covered by the National Credit Union Share Insurance Fund, similar to FDIC insurance at banks. |
Questions to ask before you accept
- Which bank or credit union is funding my loan? It should appear in your loan agreement.
- Does membership require a deposit, and is it refundable when I close the account?
- Will I receive separate statements or mail from the credit union?
- Can I close the membership after I pay off the loan, and how?
Credit union membership terms, including any small savings deposit, are set by each credit union, so the answers come from your agreement rather than from a general FAQ.
If you would rather avoid a credit union step entirely, a personal loan from a lender network or another point-of-sale lender may be simpler. Compare options on our PatientFi alternatives page.
Frequently asked questions
Do I have to join a credit union to use PatientFi?
Sometimes. If a credit union funds your loan, membership may be required. PatientFi says you do not need to be an existing member and that the application helps you open an account if needed.
Who do I make PatientFi payments to if a credit union funds my loan?
You pay PatientFi. It services loans on behalf of its participating banks and credit unions, so payments go through the PatientFi Payment Portal, by phone or by check.