Ultimate Guide to Medical Financing
Updated: Aug 4, 2022
The company typically funds personal loans for medical expenses in one to two business days. You must have at least a 670 credit score to apply for a personal loan.
Can I get a medical loan with a 500 credit score?
If your credit score is in the 500 range, you may think you can't obtain medical financing. That is not necessarily the case. You may qualify for a medical loan online, even with a low credit score.
What is a medical loan?
A medical loan is a kind of personal loan that you can use for medical expenses. They are also commonly known as healthcare loans, surgery loans, or copay loans. Typically available through banks and online platforms, medical loans are often unsecured loans, meaning you aren't required to back them up with collateral.
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How do they work?
You can get a medical loan by applying online or at a brick-and-mortar financial institution. Many lenders will let you get prequalified, a process that gives you your available rates and terms based on your basic financial information. In order to officially apply for the loan, a credit check, salary verification and other information will be required.
The timeline for receiving the funds after approval will vary from lender to lender but can take as long as a week in some instances. Once you receive funds, you’ll make fixed monthly payments until the loan is paid back in full, with interest added to each payment.
Can you get a loan to pay for a surgery?
A plastic surgery loan — also known as an unsecured personal loan — is a quick way to secure money for a surgical procedure. Personal loans are lump-sum loans typically ranging from $1,000 to $50,000 that have a fixed APR and monthly payment.
Can I pay for an operation privately?
If you need an operation, you can ask a private hospital to give you a fixed price for surgery. This will include the surgeon's and anaesthetist's fees and the hospitals costs for the operation. Take a look at some typical costs for private treatment.
Is there a medical credit card?
Medical credit cards can help you spread a big medical bill across multiple payments. These cards may be offered at your doctor's, optometrist's or dentist's office. But they can end up costing you with high interest rates and deferred interest.
Advantages of medical loans
Medical loans can be a good alternative to depleting emergency savings or racking up credit card debt. Here are some of the main benefits of a medical loan:
Variety of loan terms: Most personal loans offer repayment term options ranging from 36 to 60 months, allowing you to select a length that best suits your needs. And since interest rates are fixed, you’ll have the exact same payment each month.
Fast funding. “It’s quite common for patients to be denied services unless they come up with payment. A medical loan may be the only way to obtain critical medical care or cosmetic care for that matter,” says Michael Sullivan of Take Charge America. Many personal loans can be disbursed in a matter of days, getting you the money you need without delay.
Less expensive than credit cards. Using a credit card to cover the cost of medical treatment can be expensive, with interest rates averaging around 16 percent. If you have good credit, it’s common to find personal loans with interest rates around 6 percent or lower.
Flexible use. The proceeds from personal loans can be used for almost anything you’d like. In the case of medical-related expenses, the uses could include treatments or procedures not covered by insurance, and living and travel expenses incurred during treatment and recovery.
Looking For a Medical Loan?
CLICK Here For Instant Medical Loan Application!