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SerenityLoans
patient financing program!


The SerenityLoans patient financing program is a unique treatment-specific loan option for individuals requiring financial assistance to help pay for treatment of addiction, behavioral disorders and psychiatric illnesses.

 
Frequently Asked Questions

> What types of programs does SerenityLoans secure financing for?
> How much can I borrow?
> What are the requirements for getting a loan?
> What is my 'Debt to Income' ratio?
> What if I am unemployed or receiving state benefits?
> How soon will I find out whether my loan has been approved?
> How soon can I or my child enroll or get admitted?
> Does the loan money come directly to me or to the facility or program?
> When does repayment begin?
> How will overpayments be refunded, and to whom are they refunded?
> What is the interest rate on a typical loan?
> Are there any prepayment penalties?
> How much will my monthly payment be?
> How do I apply?
> Do I need to choose a program before I apply for a loan?


What types of programs does SerenityLoans secure financing for?
SerenityLoans helps clients obtain financing for every type of adolescent and adult behavioral health program, both outpatient and residential, short-term and long-term, intervention and aftercare:  therapeutic boarding schools, military schools, special needs schools, wilderness programs, residential treatment centers, weight loss centers, eating disorder clinics, addiction treatment, and elective or alternative medical therapies.
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How much can I borrow?
Anywhere from $500 to $50,000, depending on your eligibility.
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What are the requirements for getting a loan?
If your credit score is less than 680 or your DTI is more then 42% you will need a co-signer that has excellent credit of 700 or higher or an alternate borrower on your application. SerenityLoans do not have to be taken out by the person accessing the program; many of our loans are taken out by friends or family members on behalf of their loved one.
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What is my 'Debt to Income' ratio?
Your debt to income ratio your outstanding monthly debt (mortgage/ rent, installment loans, credit card payments, auto loan payments) calculated as a percentage of your monthly income. Debt to income ratio helps us establish if you have enough room in your monthly budget to afford a loan repayment. If your DTI is higher then 42% you will need to submit your loan application with a co-signer who has excellent credit of 700 or above. Please click here to calculate your current DTI.
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What if I am unemployed or receiving state benefits?
If you are currently unemployed or receive state benefits you will probably not be approved. We strongly suggest that you apply for a SerenityLoan with a co-signer that has excellent credit of 700 or above, or a substitute borrower that can take out the loan on your behalf.
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How soon will I find out whether my loan has been approved?  
Our unique prequalification process allows us to get lender approval for you within 24 hours.
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How soon can I or my child enroll or get admitted?
If you are approved we will return the decision to you with a loan offer. If you accept the loan offer we will issue loan documents for your signature and instructions of what verification document(s) we may require (last pay stub, last tax return, bank statements, etc) which can be faxed to us so that we can check for errors. If everything is ok, we will authorize your treatment provider to admit you, which could be as soon as the same day.
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Does the loan money come directly to me or to the facility or program?
That depends on the lender. Some lenders pay the borrower directly, whereas others remit the loan amount directly to the facility, program, or school. Loans are chosen based on the family's eligibility, financial need, and the type of loans their program of choice will accept. We let you know in advance about the lender's payment procedures and schedule.
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When does repayment begin?
You won't receive a billing statement from the lender until a charge has been processed against your loan. At that point, loan repayment begins within 30-45 days.
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How will overpayments be refunded, and to whom are they refunded?
Overpayments to a facility will be refunded back to the original lender and applied against the principle of the loan.
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What is the interest rate on a typical loan? 
Interest rates start at 9.99%; the exact rate depends on the borrower's credit score, credit history, and financial profile. Loans offering the first six months interest free are also available. For those with poor credit, interest rates can be as high as 22.35%. Interest rates fluctuate with market changes; for current  rates and loan product updates, call SerenityLoans at (888) 755-3080.
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Are there any prepayment penalties?
You can repay your loan at anytime without any additional fees or penalties.
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How much will my monthly payment be?
To establish a monthly payment amount please consult with your SerenityLoan specialist at (888) 755-3080.
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How do I apply?
Please click here to complete an application online or click here to download a loan application that you can fax to us.
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Do I need to choose a program before I apply for a loan?
No however, SerenityLoans may only be used with registered providers. Please click here to search for a registered provider.
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