Life can change in an instant. One day you’re fine, the next – not so much. No one knows when they will get sick or suffer an injury. Even if you have insurance, you may have high deductibles or co-pays. If you don’t have health insurance, or you don’t have sufficient insurance, the situation is even worse. While you are trying to recuperate, you also have to pay your bills, but your credit isn’t good. Fortunately, a medical loan for bad credit exists, and you may prove eligible. These are emergency cash loans for medical bills.
Can You Get a Loan for Medical Bills with Bad Credit?
Even if your credit isn’t good, that doesn’t mean a loan for medical bills is out of reach. First, find out your exact credit score, so you have a basic idea of your eligibility. You can get this information from one of the three major credit reporting agencies: Equifax, Experian or TransUnion.
If you have a relationship with a bank or credit union, start there. Whether or not your local lender offers you a loan, you should still search online to see if you can get a better rate. The beauty of such online loan shopping is that you can fill out the required forms in just 10 minutes or so, and receive offers from lenders quickly. That helps you make a decision as soon as possible. The offers themselves are not actual loan approvals, but they do let you know the rates you’ll pay if you qualify.
As with any loan, you must supply personal information such as your employment and income, bank account details and any outstanding loans or credit balances. You’ll need to provide the documentation for this information, such as pay stubs, tax returns or bank statements. You may have to provide your employer’s contact information so the lender can verify your employment.
What is a Medical Loan for Bad Credit?
You’re familiar with typical loans, such as those for education, house, or car. Just as you might obtain a loan for medical bills for big ticket issues even with bad credit – assuming you will pay higher interest rates – you might also qualify for a medical loan for bad credit.
Just as you might pay off a car over a five-year period, you would do the same for a medical loan for bad credit. If you qualify for a longer-term medical loan for bad credit, you may pay less in interest even though it will take you longer to pay the loan off.