Securing a medical loan for bad credit is very possible. People have problems financing health care and therefore use loans to sort out their medical bills. Even if you have unpaid debts, it’s fortunate that you can apply for medical loans even with bad credit.
Sometimes, the health care practitioners offer discounts if you pay in a lump sum. If there is no discount and you are financially down, you can go for a medical loan.
When To Take A Medical Loan
Loans for medical procedures with bad credit can settle medical bills for the following services:
- Dental and orthodontic work like X-rays, implants, root canals, and braces.
- Physical therapy when you are injured or ill
- Infertility cases like In Vitro Fertilization, surgery, surrogacy, and drugs.
- banding surgeries in weight loss
- Hair-loss replacement.
How To Apply
Before looking for a loan, review the list of items from a medical practitioner to correct any errors. It will help in reducing the total amount you are required to pay.
There are health facilities that provide interest-free payment for medical bills. You can pay through a plan within a year or two.
Financial institutions that provide poor credit medical loans to individuals who cannot sort out their bills directly are also available. Even with bad credit, you can still get a loan, although you pay with a relatively high interest rate.
To apply for a medical loan with bad credit, you have to provide your personal information such as:
- ID Number
- Social security number
You may also need to come clean if there’s any other debt that you have at the time of application. If the lender is satisfied with your application, you get the loan and sort out your medical bills.
Unfortunately, bad credit health care financing is expensive because they charge a lot of interest rates. The interest rate varies from 6% to 20% or even more, per year. A bad credit score attracts a higher interest rate and vice versa.
You need to agree to the terms of the loaning institution. Some lenders give a minimum of 1000 US dollars, while others give up to 40,000 USD. It’s up to you to find a suitable lender who can help you access and utilize poor credit medical loans.
Apart from loans, you can apply for medical grants or aid offered by the government or advocacy groups. These can also help you finance your medical services. Now that you know your options as far as medical financing is concerned, don’t let the state of your credit score discourage you.