What you should know!
A medical loan is a special type of personal loan that’s only used to pay for medical care. Typically available through traditional banks and online lenders, medical loans are usually unsecured loans, meaning they’re not tied to any collateral. This makes them safer if you end up defaulting, because the lenders can’t take any property from you, such as repossessing your car.
On the other hand, this also means you’ll usually need better credit to qualify. And even with good credit, unsecured loans can be more expensive than those that are secured. You may also have to pay higher origination fees if your credit score isn’t the best.
Medical loans can be especially handy if you need to pay for a large healthcare expense. And there’s certainly no shortage of those right now in the American healthcare world. This type of loan can allow you to get a procedure done to improve your quality of life now, rather than waiting potentially for years to save up the cash.
For example, LASIK procedures are frequently financed. Most LASIK surgeries cost several thousand dollars, and if your vision is bad your only other real option is to wear glasses or contacts for the rest of your life.
Financing the surgery now and paying it off over time can allow you to get the surgery done sooner. That’s an important consideration given that—as with many types of medical procedures—the earlier the operation is done, the better.
Our online and office agents are reading to loan you the money.