Medical bills are the number one reason for bankruptcy in America today. Rising prices on treatments and medications, surgeries, and lack of support from insurance companies means patients require a loan for medical bills.
There are dozens of reasons people seek medical loans with low interest. Many reasons relate to actual medical procedures that insurance companies won’t cover. Others relate to medical bills and medications not fully covered by insurance.
While we can never promise that a lender will give you a low interest rate, we can help you find a medical loan lender. It is up to you to determine what you can afford to pay back. We never recommend debt as a first resort. It should be something to consider only after you’ve done your research, ran your budget and looked at your overall financial situation.
Low Interest Medical Loans
Low-interest medical loans sound great, right? Almost too good to be true? But they are real. You can actually get a low-interest medical loan, if you meet certain requirements. One of the most important requirements to meet is to have a good credit score. Bad credit score can rarely help you get low interest loans or credit cards. So, if your credit rating is not the best, there are things you can do to start improving your credit score right now. Click HERE to read everything you need to about improving your credit score, and how various financial decisions you make influence it.
When you improve your credit score, you can then start to look for lenders who will give you low interest loans based on your new financial situation. To avoid scammers and bad lenders, do your own research. Or, use Loanry. We can connect you with reputable lenders and you can get offers from them today, if you provide us with required information:
Medical loans low interest aren’t just for medical illnesses or conditions. Dental matters are on the list, as are hearing, weight loss surgery, and vision, including LASIK procedures. There are many reasons to use a medical loan. Here are some of the popular reasons:
Medical Illnesses And Conditions
A pre-existing condition is defined as “an injury or medical condition existing before insurance coverage was sought.” If the condition has been treated before insurance is sought, it won’t be eligible for coverage. These conditions include broken limbs, cancer, diabetes, asthma, COPD, and ulcers among other conditions.
Leaving you without coverage for pre-existing conditions is one of the reasons people seek medical loans for bad credit. Changing jobs or using company insurance that doesn’t cover much forces people to get emergency cash loans and medical loans low interest.
Medical Loan for Dental Costs
Most insurance companies don’t even cover dental costs. People have to get dental insurance separately. The insurance generally covers cleaning, fillings, and maybe an extraction. They don’t cover dental emergencies like getting teeth knocked out in an accident, abscesses, or getting a crown for a broken or chipped tooth.
We all know how excruciatingly painful dental problems are. That’s only half the story, though. Try paying the difference between what the insurance company covers and what the dentist charges. Trust me, you’ll need medical finance to pay for it.
Don’t get us started on cosmetic dentistry. When your teeth are crooked, you were born without adult teeth, or your teeth are discolored or even transparent, then you’re going to need medical loans low interest just to get in the door. There is such a cult of beauty in this country, that dentists work hard to keep up with the demands of those wanting blinding white smiles.
Medical Loan for Hearing
What do mosh pits, clubs, and aging have in common? They all destroy our hearing. I know I can only hear out of one ear due to many years of rock concerts and dancing in clubs. It’s not many insurance companies, though, that cover much for hearing problems.
Most insurance covers hearing tests. If you need a hearing aid, though, you’re on your own. Insurance companies don’t view hearing aids as an acceptable risk. If the chance of your hearing returning was viable, then insurance would cover them. Unfortunately, it’s not going to happen, so they won’t cover it.
Since hearing aids begin at $1,000 and go up to $4,000, if you’re not rich, you’ll need a medical loan for hearing to pay for it. Hearing aids are necessary devices returning users to their jobs, their ability to drive and socialize, and even prevent depression and anxiety. They simply must be paid for somehow.
Medical Loan for Vision
Most all insurance companies pay for eye exams and glasses or contact lenses. None pay for eye surgery, because they consider it cosmetic. They deem it medically unnecessary. There are employers, though, who make deals with the local LASIK office, for discounts on surgery.
This is all well and good, except vision surgery is expensive. Without insurance, you’re on the hook for the whole thing. This is where emergency cash loans and medical loans for vision enter the picture. These loans enable you to pay for the surgery you need, because without your vision, life is difficult.
Medical Loan for Weight Loss Surgery
The last statistics we have are from the National Institutes of Health from 2013-2014, which state that:
- One out of every three adults were considered obese. This is considering the 400 million plus people in this country today.
- One out of every 13 adults were considered morbidly obese.
- One out of every six children age three to 19 were considered obese.
Everyone knows by now that overweight and obesity cause diabetes Type 2, heart attack, stroke, chronic pain, and other very serious diseases and conditions. Many people, wishing to have a healthier lifestyle, opt for weight loss surgery.
It’s ironic in the extreme that insurance companies will cover treatment for the results of obesity, but not the surgery that will help. However, there’s a ray of sunshine in the weight loss war. Insurance companies, under Obamacare, in 23 states are required to pay for bariatric or weight loss surgery.
Your surgeon will work with your insurance company to hammer out a deal on the surgery. If your policy doesn’t cover the surgery, you still have options. Medical loans low interest are available from several sources near you. Even if you have to take out medical loans with bad credit, your health will benefit greatly.
Use Medical Finance To Pay Medical Bills
The costs of medical care have been rising to the explosion point since the 1990s. Bankruptcies due to overwhelming medical bills peaked in 2005. An estimated two million filings or one in 55 families filed for bankruptcy. The reasons cited for these figures included major injury or illness, medical costs insurance didn’t cover, and time lost at work due to illness.
A large contributor to these bankruptcy figures is income. A 2011 study found that 60 percent of bankruptcy filers made $30,000 or less a year. At the same time, the study found that those making $60,000 or more a year were filing as well.
Everyone hits financial trouble at some time, no matter how much money they make. Piles of medical bills tend to be the straw that breaks the camel’s back. There are other ways, though, to handle medical bills than bankruptcy.
Use Medical Finance To Consolidate Medical Debt
Debt consolidation is the combining of credit cards, monthly bills, and high-interest loans into one monthly payment. You’ll save money on interest which will give you more money to pay toward the principal. Your bills will be paid off sooner within a payment plan with which you can live.
This is where medical loans low interest comes in. Personal loans are called many things such as emergency cash loans, medical loans for bad credit, loan for medical bills, and medical finance. However they’re labeled, the loans can be used for dozens of things. Consolidating debt in order to maximize your income is usually the second (after paying medical bills) reason people choose.
You’ll generally run into lower interest rates than if you had chosen an established company like credit card companies, for instance. While you can’t set your own terms, the terms you’ll get will be what you can live with.
These are many reasons to consider a personal loan for medical bills. Medical loans low interest give people peace of mind. Their problems are solved, and they have a measure of freedom without oppressing financial concerns hanging over their heads.
Those with bad credit or no credit at all have resources at their finger tips when times get bad. If they use medical loans low interest to pay off their debts, medical or otherwise, they can join the ranks of those working on building good credit. The security and freedom this gives people is priceless.
There’s an important difference between those offering personal loans and those who direct you toward the right one for you. Those directing you to the right loan company work with you to find answers tailored to your specific financial problems.
They locate the loan company most compatible with your circumstances and financial capabilities or lack thereof. Make sure you’re consulting the right personal loan company for your own best interests.
Myra has written in a range of styles encompassing white papers, finance blogs, credit product descriptions, how-to manage finance pieces, professional articles for lawyers, finance experts, web designers and more. She has written for an equally wide range of clients on the topics of loans, personal finance development, credit reports and scores, taxes and many more.
Myra worked in a bank as a young person and has dealt with payment processors in the past few years in her financial services endeavors. She therefore understands how the system works.