Just because you have bad credit doesn't mean that you should postpone your medical emergencies. There are viable solutions that help you get medical financing solutions for bad credit from leading companies in the industry. There are many options available for those who want to solve a medical problem. The key is finding the program that will work for you.
There are three main types of loans you can take to finance a medical procedure: personal loans, payday loans, and installment loans. See below a look at each type of loan and what it entails.
Personal loans are unsecured loans that require no collateral as security for your debt. As long as you have good credit, you can apply for a loan to pay for your procedure. You can usually access quality personal medical loans between $1,000 and $20,000. A personal loan can help you finance medical procedures like plastic surgery, knee replacement surgery, bone fracture repair, etc.
Payday loans are small, short-term loans that require no collateral. Payday lenders usually offer loans up to $1,000, depending on your state of residence. There is usually a flat fee between $10 and $30 for each $100 that you borrow. In terms of APR, it can sometimes be over 400%. These types of loans should be repaid on the borrower’s next pay date. They are ideal for smaller medical procedures or medicine that you need urgently. Alternatively, you can also apply for a convenient payday alternative loan, provided that you are an active member of a credit union.
Installment loans are paid out in installments over time. This type of loan usually has a fixed APR rate and lower monthly payments due to the length of the loan term. It can be an expensive option if you're paying interest on top of fees or not paying off the loan principal fast enough. An installment loan of maximum $5,000 can help you pay for physical therapy, partly finance a deviated septum surgery, or provide additional help during recovery.
Medical financing should be a right, not a luxury. Make sure the company you choose to finance your medical procedure has competitive rates, a professional customer service and open lines of communication.