We all get sick or injured at some points in our lives. Many of us resist the need to visit a doctor due to finances. There is no need to avoid a visit to the clinic or hospital when needed. Lenders provide many options for medical loans. There are many for bad credit or just medical financing when needed.
No Credit Check Medical Loans
If you’re looking for a no credit check loan, you’re probably doing so because you have bad credit. And we completely understand your worries. But you also need to understand that your credit is the most important piece of information for a good, reputable lender. This tells them exactly where you stand when it comes to organizing your finances, being responsible about them and how you’re dealing with your debts. So what you actually need to do is find a lender which cares enough to look at your credit score and be honest about your options. If a lenders says they don’t care about your score, that’s a red flag. You can end up literally buried in debt in no time, and that can easily be avoided if you get a loan that’s within what you can handle financially.
You will find that interest rates are higher for those with bad credit. Although these lenders do not shy away due to a poor credit situation. These loans will give you the amount you need to pay for a procedure and allow repayment over time. Medical loans for bad credit are available from reputable lenders here on Loanry.
Types of Loans for Medical Bills
Situations happen quickly in life, causing financial strain on many. At times this financial strain is going to cause a drastic dip in your credit rating. Keep in mind that these loans will still require the same personal information as a bank would. The online loan process can be much faster though. However, obtaining an online loan for medical expenses is better than having the bills go to collection. Do not be one of those people that suffer with severe pain. Even when you have a toothache, you need to be seen and have that fixed. Dental expenses are considered as medical costs.
Even with online loans, there are different options available.
Secured vs Unsecured Loan
A secured loan requires that the borrower has something of collateral. This is generally the borrower’s car, house or possible other items like Certificates of Deposit. An unsecured loan for medical bills is generally for those who have built up a long standing trust with their bank. However, there are some online loans available as unsecured. You may need to search through the web to locate one you trust, or find one option through a suggestive site.
Many people will think that if they use their credit cards, this will be the remedy needed. However, the interest rate can increase, there are generally limits on your credit card. The repayment on credit cards is likely to be a shorter amount of time than obtaining a medical loan would be. This would mean that you are still in a financial strain even though you relied on the plastic to take care of it. This is not suggested. Many medical finance options are available for bad credit. We all need help paying for medical bills. Medical loans with no credit check is what you need to research.
Marketplace lenders will show you a slew of possible loans you can obtain for medical financing.
Home Equity Loans and 401k
Home Equity loans are a useful source to turn to when needed. These loans are based on the equity that is built up in your home at the time you apply. Having the property evaluated is almost as good as an online credit report, except this is for the property you may choose to use as an equity loan.
You may also have access through your employer, to your 401k plan. When borrowing from this, there is no interest rate, however, you do need to pay it back.
We do highly caution about the predatory lenders out there. Predatory lenders feed on the weak, especially when they need it the most. These lenders do more of a payday loan scheme and obtain an extremely high interest rate. Do not go through one of these predatory lenders for monies to handle medical financing. They might seem like a quick option, but tend to create more issues for the borrower. This type of high interest along with the principal payment can put you into financial ruin. You end up having to get another loan to pay off the first, then another and so on.
Installment loans can be ideal for medical bills. You can use an installment loan as a medical loan for bad credit, or medical loans no credit check. An installment loan is available through the best lenders. They have a lower payment each month and for longer terms. These are the types that will generally help those that are stuck in a financial bind.
Flex Spending Accounts
This is another option through many employers. It is basically a savings type account held by the employer. This would allow you to place a certain percentage or amount of your paycheck into this account each pay period. Some of these elective surgeries could be paid through this account.
Healthcare Credit Card
Many of our leading lenders and healthcare companies have begun to issue health care credit cards. These are designed with one purpose in mind, that is to help you when you are facing major medical expenses. These cards come with a low interest percentage, and many of the many major health facilities accept these cards. Unfortunately, many of these companies are a for profit business, and rely on their card holders to be unable to pay.
When they began issuing these healthcare credit cards, there were many who thought it was a great idea and thought that they would have no problems paying. Many of these accounts have gone on to the collection agencies now. This will cause you to face extreme finance charges when you are unable to pay the credit payments. Simply stated, health care credit card options provide us with an option of paying for the medical services we require, but can stick us into a financial mess in the end.
of all third-party debt collection tradelines were for medical debt, making medical debt the most common debt collection tradeline on credit records.
You Have to Know Your Options
Imagine rushing to the hospital after receiving a call that your parent is there. They need an immediate surgery but have no money, what do you do? Seems quite obvious correct? Yes, it is, unless of course you know you have no savings in the bank, and insurance will not cover all of the expense. This is the time to have the ability for a medical finance option. Get that loan you need to save your parent. Obtaining the loan will reduce the stress on the financial side so you can focus on helping your parent. Whether it is long term care they need, weekly therapy, an abundance of medication. Be there and be prepared.
It may seem silly to some, but many of us have already been there. Take our advice, research loans online for medical expenses. Visit with your banker and see how you stand if you were to need an emergency medical loan. This option of medical loans no credit check, or medical loans for bad credit will lift the burden for family and friends. Borrowing money from friends tends to cause a rift in the friendship if it is not paid back immediately.
Keep in mind that medical loans no credit check should be used strictly as needed. There is still repayments to be made. If your income does not allow for another monthly payment it could put you in a bind. Find a way to consolidate the medical bills into one account and find the medical expense loan based on the total. It may very well help to research before you need it, so that if the time ever comes you are better prepared.
Tax Deductible Medical Expenses
When you have medical bills or medical financing, you should be one that looks forward to tax time each year. Dependent on your income, many medical expenses are tax deductible. Keep all medical receipts and check to see if you qualify for more than a medical deduction. You may be able to recoup some other medical expenses also. Some of the fees include:
- Long Term care for a family member
- Hospital Fees
- Medical devices and equipment
- Prescription Drugs
- Dental fees
- Addiction Treatment
- Transportation fees
- Prescribed massage therapy
- Health insurance fees
Also, be careful to screen the possible deductions and those that are not allowed.
Don’t wait until it is too late and you are so stressed that you are willing to settle for anything. Remember there are predatory lenders that are able to eat us for dinner. This is not a case you want to deal with after facing a medical emergency. Do not put the burden on your children, or if you are an adult, do not put the burden on your parents.
Always remember that everyone has financial problems at times. Finding medical loans no credit check for bad credit is possible. Just do the research and do not fall for a predatory lender.
“It is very expensive to give bad medical care to poor people in a rich country.” Paul Farmer. This quote is very intriguing to me. Shall we give good medical care to the rich in a poor country? I would much rather see that all people are treated with good medical care, no matter if they are rich or poor. Be thankful that there are companies who do not hesitate to lend medical loans no credit check to those with rougher credit. Even those people deserve assistance when needed. How could anyone tell someone that they can not get the medical care they need because they do not have the funds to pay immediately?
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.