Your health should always be your number one priority. If you don’t have your health, you can’t have anything else. You can collect possessions every day for the rest of your life, but if you have neglected your health, you won’t be able to enjoy them.
If you live in the United States, taking care of your health and your family’s health comes at a price. Even if you have insurance, there are always costs that need to be paid. You have to pay deductibles and visits. Plus other kinds of expenses that are specifically not covered by insurance. Unless you’re lucky, you either don’t have vision and dental insurance, or your vision and dental insurance don’t cover very much.
This means that most people need to have the ability to pay for medical expenses. At least somewhat. Credit for medical procedures is a solution used by many to take care of those necessary medical expenses.
What Kind of Loans Can Be Used for Medical Bills?
There are a lot of ways to get a loan for medical bills. What kind you choose and what terms you may be eligible for depend on many factors. You should evaluate your options before making a decision. This way you know you are getting the best deal and you can live comfortably with the terms of your loan.
Unsecured Medical Loans
Unsecured medical loans are loans which are basically based just on your promise to pay the money back. This kind of loan depends on the level of trust between the lender and the borrower. It can have a higher interest than some other kinds of loans.
Secured Medical Loans
Secured loans are usually associated with mortgages. It means that the house or the car is used as collateral. When you use collateral for a loan, that means the collateral can be taken by the lender if you don’t make good and pay off your loan. Lenders usually protect their collateral by requiring borrowers to keep insurance on their collateral such as property or auto insurance. With secured medical loans, you may be allowed to use your home, vehicle, or stocks and bonds as collateral. This aim is just to back your promise to pay. A home equity loan is an example of a secured loan which you could use to pay for medical expenses. Or basically anything else you need the money for.
This can cause unnecessary stress and risk. Indeed if you are not able to perform to the terms of your loan, the lender may take your property as compensation.
This is a way people use out of impulse because credit cards are regularly offered to people regardless of their need to use them. When there is an emergency such as a medical need, people get out their credit cards and take care of the problem quickly. More often than not without considering the implications of the action. If you put a large amount of money on your credit card, you may find that it takes you a long time to pay it back. Then you will be paying the high interest rate associated with using a credit card. The bank that offered you the credit card will be glad you are paying them more money. They will then be unlikely to change the terms of your agreement because you needed the money for an emergency.
There are some lenders that offer special credit. Either medical credit or medical credit cards, so their customers can pay off medical related expenses. The initial transaction will usually come with a special offer. It can be an offer of no interest if paid off within a specified amount of time. If you don’t pay off the total in time, though, you could end up with higher fees. Plus if you aren’t paying attention or if you didn’t read the terms of the agreement carefully, you could be very unpleasantly surprised.
If you have access to a 401(k), you may be able to borrow money to pay for emergency medical expenses. Of course you will need to pay it back. There might be other fees associated with using the money before you are supposed to access it.
There are lenders you can find online who specifically want to help people who may not qualify for other kinds of loans. There is so much competition in that area right now that the rates aren’t as bad as they should be, especially considering the loans are generally unsecured loans which are often offered to people who may not be eligible for other loans.
Smart Money Tip!
Medical procedures and all of the cost that come with them are one of the unfortunate facts of life. Some of these procedures are elective and therefore aren’t covered by insurance. There are options available to finance your procedures, but make sure you can pay it off on time. The last thing you want is to deal with your health and debt at the same time.
Applying for a Medical Loan
If you decide to use a loan for medical bills, you don’t have to do all the heavy lifting yourself. There are places which will help find a lender, and they have the resources and information to find the best rates you may be eligible for. Every time you put your information into an online loan application, the information is recorded on your credit history that you have applied for a loan. By using a company that runs your application through several sources, you avoid looking like you are applying at several places.We can search specialized lenders that are looking for customers like you and may be willing to offer better rates than you could get anywhere else.
You can also avoid predatory lenders, companies that try to take advantage of people who need help but who don’t have perfect credit. They offer unnecessarily strict terms which aren’t even always spelled out clearly up front. If you end up getting taken in by a predatory lender, you may never be able to pay off the loan and get out of debt forever. The extra interest on your loan will keep you from being able to pay off the loan entirely, and you will be building up new issues and encountering new emergencies in the process of living. Even with all the rules in place, predatory lenders play fast and loose with the rules and try to take whatever advantage they can when they know people feel they have no other choice.
Uses for a Medical Loan
There are many reasons to use a medical loan, all based on your personal situation and needs. Emergency cash loans and other medical loans are available for people who need them. Here are some of the ways people use medical loans:
As stated earlier, most people don’t have dental insurance. Unless it is offered through their employer. You can buy a separate dental plan if you have medical insurance most of the time. However the dental insurance most commonly offered only allows for a minor amount of dental work. It doesn’t always translate to what people really need. All of us have dental needs. Plus it is better for everyone to be able to at least get regular cleaning and exams. If you don’t have insurance, you probably wait until you are having a medical emergency before you call the dentist for help.
If you are like most of us, you put it off as long as possible when you don’t have insurance. Which only makes it worse. Procedures like implants, root canals and other kinds of dental surgery are often not covered. – Or are not completely covered. You might be able to get the dentist to work with you or find other kinds of financing. However if you are having difficulty finding a way to get the procedure done, taking advantage of credit for medical procedures can get you the help you need. This way you don’t have to suffer anymore.
They are almost never covered under regular medical insurance. Most traditional policies only make exceptions if the cosmetic procedure also fulfills a medical need. Some reconstructive surgeries are considered medically necessary after weight loss. But for the most part, you will be stuck paying all or at least some of any cosmetic procedures you need to have done. You may know beforehand that you will be interested in this kind of procedure and already have a savings account, but most people don’t have the ready resources to pay for the surgery on their own.
You should never skimp and use a shady cosmetic surgeon, as the surgery can be just as dangerous as any other kind of surgery and you should have the best medical care possible. Credit cards and medical credit can end up being too expensive, but using a personal loan to get credit for medical procedures can give you a way to comfortably pay for your cosmetic procedure.
Weight Loss Surgery
Many people are turning to weight loss surgery to finally achieve a healthy weight and achieve their other health ambitions. Unfortunately, many insurance companies do not cover all the procedures. Which seems counterintuitive considering how much healthier you can be after taking advantage of the procedure. You can avoid longterm issues like cardiovascular disease, diabetes, and stroke by getting to a healthy weight where you can start exercising and living your best life. You should find out first what your insurance is willing to pay for. But if they don’t cover everything, you can go ahead and take the plunge yourself. Then use loan for weight loss to get the procedure and start losing weight now.
This is another important medical need most people don’t have the proper insurance for. When you suffer from hearing loss, your whole quality of life suffers. It can be very expensive to find the right hearing aid to replace the hearing you lost because of injury or disease. Unless the problem occurred because of a work injury, you are on your own as far as making sure you get the help you need. You can borrow against your home or use a credit card. However one is risky and the other is expensive. Credit for medical procedures provides a convenient way to get the money.
Lasik and other kinds of eye surgery
Those eye surgeries are becoming more and more common as the procedures become safer and more refined. There are usually other ways to correct your vision. Among which contact lenses or glasses. That’s why vision insurance often only covers a portion of the expenses. You can get more help with an account where you can put aside the money before it’s taxed. This especially if your employer offers flexible spending accounts that can be used for Lasik. But the procedure usually costs thousands of dollars. Plus it could take a long time to save enough to cover the procedure. You can use a loan for eye care to get the money faster.
Especially if you have been through a physically traumatic event, like a car accident, you may want to have the money to pay for chiropractic treatments. Those aren’t usually covered by regular medical insurance. However many people believe they are the only way to find relief from their pain and suffering. Chiropractors usually charge at the time of service. Why? Because they know the treatments won’t be covered by insurance so you won’t be able to get the relief you need. Unless you have the cash handy. Even when chiropractic treatments are covered, the coverage is usually limited. You will still need to get extra help paying for chiropractic treatments.
Emergency and Urgent Care
You can use credit for medical procedures to finance emergency and urgent care visits. Nobody plans an emergency. And you can’t wait for help if your appendix is about to burst or if you have a broken bone. The medical facility treating you might not demand the cash up front but it will send you a bill. And this, as soon as it is processed through insurance.
You can set up payment plans if they let you. However they might demand payment faster than you are able to pay. You can’t feel bad about taking advantage of the emergency services that gave you the help you needed. But you don’t want to deal with the stress of dealing with the hospital or urgent care facility for months or years down the road. Emergency cash loans can help you deal with the problem once and for all, leaving you with a loan you can pay off at your leisure.
Consolidate Existing Medical Loans
Many people use medical finance to consolidate their already existing medical loans. If you’re like most people, it never seems to rain but it pours, and you find that your bills have stacked up one small emergency at a time. You may have one bill for a dental cleaning, one for a blood test, and another for another medical procedure. You can take out a loan for medical bills and end up with one loan which has a small enough monthly payment that you can feel comfortable paying your other bills.
Find a Lender to Get the Help You Need – Bad Credit Ok
It’s not something you should have to think about anyway when it comes to your health, but your credit doesn’t matter when it comes to getting a loan for medical bills. You can apply online no matter what you have done in the past, and even if you don’t have any credit history to speak of.
Most people will qualify for credit for medical procedures so that they can take care of their medical needs and pay back the loan at a rate that is comfortable for them and doesn’t interfere with the rest of their lives. You can get medical loans for bad credit and medical loans for no credit.
Perhaps you may be thinking that sounds crazy; you may have even tried to get a loan before and been turned down. Most loans, like mortgages or new car loans, will require you to be able to pass a credit check in order to qualify, and many will even require you to have collateral to back up your promise to pay. The better your credit, the better the terms on your loan, too. You may have seen offers for loans in ads which allow borrowers to take out money with very low interest rates and really great terms. Luckily, these kinds of loans are able to check with other lenders who have special procedures that allow people with bad credit or no credit to get loans for medical procedures.
When you need to take care of your health, you shouldn’t wait or put it off. Health problems only get worse if you wait until later to get treatment. We can help you figure out how much money you need and help you find a lender that might give you the means to take care of your health problems by using credit for medical procedures today.
Lisa has practiced primarily in two fields, law and libraries, and has conducted research and written necessary papers for both disciplines. She has studied social sciences, languages, and computers. She also writes for various personal finance blogs and shares a passion for teaching consumers how to budget and save money.