From time-to-time people ask us if we offer Buy Now, Pay Later (BNPL) loans and the reply is a resounding ‘Noooo’.
We can categorically confirm that you’ll never find a BNPL service from Chrysalis Finance across our 2,000-strong provider network of hospitals, clinics and dental surgeries.
And there are two good reasons why:
Firstly, BNPL lenders are largely unregulated within the UK. This means they are not overseen by the UK’s Financial Conduct Authority.
In practice this could mean may not carry out checks for creditworthiness and affordability ahead of any loan – meaning people could sign up for arrangements that they cannot afford to pay back, getting them into debt they struggle to repay.
As a responsible lender authorised and regulated by the Financial Conduct Authority, Chrysalis Finance only lends to people who can demonstrably afford the monthly repayments. We always confirm people’s ability to meet repayments ahead of agreeing the loan.
Our care for patients extends beyond just access to medical and dental care – we care about people’s continued financial health. We would never lend to anyone when that loan would place them into financial hardship.
Secondly, unregulated BNPL lenders cannot extend UK consumer protection to patients.
This means if anything goes wrong with treatment, patients have no rights or recourse under Section 75 of the Consumer Credit Act.
All regulated loans arranged through Chrysalis Finance is covered by this consumer protection as well as by the Chrysalis Patient’s Promise.
We take care in choosing UK healthcare providers to work with. –We will only work with hospitals, clinics and dental providers who are registered with the Care Quality Commission in England or the equivalent in the devolved nations: Healthcare Improvement Scotland, Healthcare Inspectorate Wales and Regulation & Quality Improvement Authority in Northern Ireland
Unlike some unregulated BNPL lenders, we do not fund treatment abroad – this is because we cannot guarantee the quality of the provider. It means we would not be able to do the best for our patient, and that goes against our values and commitments.
Chrysalis Finance’s loans are trustworthy and accountable
Chrysalis Finance is authorised and regulated by the Financial Conduct Authority, which means you can have total piece of mind when taking out a loan to fund UK medical or dental treatment.
Our loans range from 6 months interest free to five year loans.
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Saturday- 10:00am – 2:00pm
