Here are a few loan options for paying medical expenses.
Without a doubt, patients who have bad credit will find it easier to get a secured medical loan — if they have collateral. On the downside, you can lose your collateral if you don't repay the loan on time. If you use your home as collateral, you'll need to refinance it, which can be costly and time-consuming.
Here are some of your best options for medical loans.
The company typically funds personal loans for medical expenses in one to two business days. You must have at least a 600 credit score to apply for a personal loan from Upstart. However, the company also works with borrowers who don't have enough credit history to have received a score.
After a period of nonpayment, the hospital or health care facility will likely sell unpaid health care bills to a collections agency, which works to recoup its investment in your debt. ... You can't make medical debt and hospital bills disappear by ignoring them, experts say.
You can get a medical loan just like any other type of personal loan: through your bank or an online lender.
Unsecured credit options
A medical loan for healthcare expenses can help you consolidate medical expenses or pay for emergency or planned procedures. Getting a personal loan may be best after you've exhausted other options, such as a payment plan or medical credit card.
While a medical loan could be a better option to cover medical bills than credit cards, it's a good idea to consider less expensive options first, such as a payment plan through your healthcare provider. ... You'll also need excellent credit to qualify for a good rate.
Loans typically have repayment terms of one to five years. Fees — United Medical Credit notes that some loans charge double-digit interest rates and may have origination fees. Network requirements — Most of United Medical Credit's financing programs require you to work with a healthcare provider within its network.
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