Medical Loans Financing Options – Cover Expensive Procedures and Medical Debt
There are many reasons why people are looking for medical loans financing. Even with laws in place that legally require Americans to have health insurance, many people still don’t receive the coverage that they need. You may be shocked to learn that, in 2014, nearly 44 percent of people between the ages of 18 and 34 were uninsured.
For these individuals, it remains more financially beneficial to pay a penalty for not having insurance than it does to pay insurance rates.
For others, health insurance simply doesn’t cover all medical bills. This is where medical loans financing may be helpful.
What is medical loans financing?
Medical loans are designed for people who find themselves in medical debt. This kind of debt is usually brought on by unexpected health care expenses.
For example, maybe a loved one falls ill or you need emergency surgery. Regardless of the reason, you find yourself needing medical attention and fast.
When you don’t have insurance, your medical bills will likely stack up quickly.
Even if you do have insurance, your provider may only cover a percentage of the cost. The rest is up to you to pay.
If you don’t want to deplete your savings, a medical loan is a great option.
How do you find medical loans?
Looking for a loan to pay your medical debt isn’t something that people do every day. As a result, they often don’t know how to go about looking for medical loans.
Thankfully, you can visit several sites to compare medical loans across multiple providers. Two examples of helpful sites are Lending Club or PersonalLoans.com
How Do I Apply For Medical Loans To Help Pay Off Debt, Cover Procedures or Expenses?
The type of personal loan for medical financing really depends on you credit score and how much of a loan you need. Below we will list the best options for you and where to apply.
1. PersonalLoans.com – This is a lending network where you will be matched with the best lender for your credit score and situation. You can get personal loans up to $35,000 to cover all types of medical procedures. It is also a great way to consolidate medical debt and expenses.
2. BadCreditLoans.com – If you have bad or poor credit and need a personal loan to pay off medical debt or expenses, this is a great option.
– For those with good to excellent credit, you can try a peer to peer lender. These loans are funded by individual investors and the process is easy. For expensive medical procedures you can get loans up to $40,000.
The really great thing about these medical loans financing options is that the entire process can be done online. The application are easy to fill out and you can get the money you need quickly. Just visit the site above that fits your needs and apply with an online application. It’s just that simple to get personal loans for medical financing of your procedure or to cover medical debt.
What do you look for in a medical loan provider?
Regardless if you use Lending Club, PersonalLoan.com or a site like them, you may still not know what to look for when choosing a medical loan provider. While it’s true that these sites will attempt to connect you with the best medical loan provider to fit your needs, it’s still beneficial if you know which qualities to look for. Some qualities to consider include:
• A proven track record
• Flexible options
• Same-day financing
• Favorable interest rates
Keep in mind that interest rates will vary depending on your creditworthiness. While it’s important to keep favorable interest rates in mind, you also have to take your credit score into consideration. Avoid shooting for an unrealistic interest rate for your credit score.
What are a few examples of medical loan options?
There are many options available when you search for medical loans. Each option offers different terms, so it’s important to pick an option that works best for you.
One example is an unsecured personal loan. This kind of loan is often a good, low-cost alternative to charging your medical bills to your credit card. Unlike a home equity loan, it’s not secured with the deed to your home. This means that you never run the risk of foreclosure if you fail to pay on time.
Medical credit is another option. Some health care providers offer their own medical loan options or in-house financing. While the interest rates on in-house financing plans are typically high, they offer another medical loan option. Just remember to check out all of your options, and don’t get pressured into accepting an in-house financing plan. Sites such as Lending Club can likely provide better options.
A third option is to open a personal line of credit. You can use this for anything that you want, including to pay off medical debt. Personal lines of credit are a great option, but again, be sure to pay close attention to the interest rate. Also be aware of the timeline in which you have to pay off the loan.
What can you use medical loans for?
You can get a medical loan for a number of reasons. While it’s true that some people use them to pay off debt, you can use one to pay for medical procedures upfront. Cosmetic and emergency surgeries are two examples.
You can also use medical loans to pay for dental work. Visiting the dentist can be expensive, and health insurance policies don’t usually cover the cost. However, medical loans can be used to cover these expenses. On that same note, you can use them to cover eye exams as well. Other examples include fertility financing, hair replacement treatment and hearing aids.
In addition, you can use medical loans to treat your pets rather than yourself. Getting one to pay for a vet bill means that you can get the surgery that your pet needs without going into debt because of it.
Don’t fall victim to a mountain of debt because of health care bills. Avoid costly charges on your credit card by putting the bills on a medical loan. Let us help you find the right medical loan provider to fit your needs.