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Sometimes your insurance does not cover all of the treatment costs, a medical and dental personal loan could be used to cover out-of-pocket health expenses. A medical and dental personal loan is essentially a personal loan used to cover the cost of almost any medical or dental procedure. Personal loans are one-time, fixed-rate loans that are repaid in monthly installments over a specified time period.
When you apply for a personal loan to pay for the cost of medical or dental treatment, you are asking a lender, such as a bank or credit union, to lend you money to cover the total or partial cost of a treatment or procedure. If you are approved, you will repay the personal loan plus interest in installments over time. This can be an appealing option because, depending on your credit history, income, and a number of other factors, you may be able to receive a lower interest rate than you would with a credit card.
Because personal loans are typically unsecured, lenders put a high priority on an applicant’s financial profile, such as credit score and debt-to-income ratio, when deciding eligibility. Borrowers with good credit will have lower APRs than those with average or bad credit. APR, or annual percentage rate, is the cost of borrowing a loan over the period of a year. A lower APR indicates a lower total loan cost.
Medical and dental personal loans can be used to pay for almost everything, from medical bills to living expenses during recovery. A medical and dental personal loan can also allow you to finance the procedures you believe you need. Elective procedures can be expensive, and medical loans can help you spread that cost out over time. Elective procedures such as infertility treatments, cosmetic surgery, veneers, hair loss/hair replacement, and weight loss treatments can be paid for using a personal loan.