Medical Expense Loans – Why Online Personal Loans Are The Best Option
Medical debt is one of the leading causes of bankruptcy in the United States. However, if you are faced with a critical health emergency, you generally have no choice other than to seek the treatment that can improve the quality of your life. While health care costs can be high even if you have insurance, you may be able to manage them with medical expense loans. Why are online personal loans among the best ways to pay for medical expenses?
What Is a Medical Expense Loan?
Medical expense loans are a form of personal loan that provide financing for health care costs that may not be covered by an insurance policy. They may be ideal for many people because the money can be used for costs beyond just paying for a procedure. For instance, they could be used to pay for prescription drugs or in-house care after the procedure is completed.
Who Provides Personal Loans to Pay Medical Expenses?
There are many different online personal loan providers who may be able to meet your needs and budget. For instance, you could turn to peer lending provider Lending Club that connects individual investors with those who need help paying their medical expenses. You could also choose to visit a site like PersonalLoan.com that sends your application to a variety of lenders and matches you with those willing to provide financing. If you want to work directly with a traditional lender, you may be interested in what Avant has to offer.
Why Should I Use a Site Like Lending Club?
With Lending Club Patient Solutions, you can get a loan that is tailored to your specific needs. You can finance up to $32,000 for medical expenses and not have to make your first payment for up to seven weeks after you receive funding. The best part is that the loans come with no interest for up to 24 months, which may make it easier to focus on getting better in the weeks and months following a procedure. Financing may be available for dental and orthodontic procedures as well as medical ones. In most cases, no down payment will be required before services are rendered.
To apply for an online personal loan visit LendingClub.com
Why Should I Use PersonalLoan.com for My Financing Needs?
PersonalLoan.com uses proprietary software to match your application with lenders that are most likely to approve your request for financing. This is important because you don’t have to waste time submitting applications that may ultimately be denied for vague or unknown reasons. You can borrow up to $35,000, and with multiple lenders battling for your business, you are more likely to get the best possible loan terms. In the event that your application is approved, you can sign the documents electronically and get your cash in as little as one or two business days.
You can apply by visiting PersonalLoans.com
Why Should I Choose to Use Avant Personal Loans?
Avant personal loans allow you to gain access to your money the next business day. Furthermore, you can check your rates and other loan terms before you actually apply without hurting your credit score. Documents can be viewed and signed on the website, which offers a level of ease and convenience that you may not get with other banks. According to their website, they have a 95 percent customer satisfaction rating. In the event that you have any questions about your loan or the application process, you can call customer support on a 24/7 basis.
To get a personal loan online go to Avant
What Are the Advantages of Personal Loans for Medical Expenses?
There are many advantages of using a personal loan as opposed to title loans or liquidating assets to pay medical expenses. If you have good credit, you can get rates as low as 5.99 percent over a period of three, five or eight years. As a personal loan is not a revolving line of credit, you know exactly when your first and last payments will be. This makes it easier to budget the cost of your medical expenses, and it reduces the likelihood that you will have to file for bankruptcy.
Are Personal Loans Available to Those With Poor Credit?
One of the best reasons to use personal loans for medical expenses is the fact that they are available to everyone. While you may pay a higher interest rate if you have poor credit, it is likely to be lower than the interest rate on a credit card. Although credit cards may be available with no interest for up to 24 months for those who have poor or average credit, interest rates may skyrocket afterward. This could lead to a situation where you are only able to pay the interest on the loan, which may increase the likelihood of filing for bankruptcy.
Can I Refinance a Medical Loan?
Yes, a medical loan is eligible for refinance if you feel like you need more time to pay off the loan. You may also benefit by refinancing your loans if you think that you could get a lower interest rate. This may be true of those who have increased their credit scores since they first borrowed the money. A loan may also be refinanced to remove a cosigner or otherwise convert it from a secured loan to an unsecured one.
Are There Prepayment Penalties for Medical Personal Loans?
Typically, there are no prepayment penalties on medical personal loans. This means that you can make additional payments to get out of debt faster than the original loan term. However, you should consult with your lender and look at the terms of your loan to see if any penalties or fees apply to you.
Cost should not stand in the way of you and the care that you need. While your procedure or related expenses may be high, a personal loan can help you better manage your medical bills. To find out what terms online personal loan companies may offer, you can call them or go online today to learn more. You may also be able to learn more about such loans by talking to your doctor or insurance provider.