Medical bills can be devastating if you don’t have any source of funding. From doctor visits to hospital transportation costs can subject you to expenses worth thousands of dollars.
Sure, you could be having insurance coverage, but there are circumstances when insurance cover policies cannot help you as much as in the case of weight loss surgery.
A report by the Consumer Financial Protection Bureau showed that forty-three million American citizens had underlying medical bills that were yet to foot out.
All the same, there is a way out. You don’t have to worry too much when you can apply for medical loans to help you with funding your medical expenses. The best of all is that a variety of financial institutions offers such kinds of loans.
The sad news though is that not all financial institutions are the same. There are some that are way better than the rest.
Where Should You Get Medical Loans?
If you have decided that you need a company that provides medical loans, then you have multiple options to choose from. You will realize that one company is better than the other depending on your preferences.
Getting easy medical loans is the most preferred way to foot out your medical bills. As said earlier, you have multiple options to choose from. You can secure a medical loan either at your local bank, online or even at a credit union.
Before you settle on where you are going to get a loan, make sure that you have compared different loan lenders. This way, you can understand important considerations like the interest rates, payback period.
Besides securing a medical loan through the bank, you can opt for a personal line of credit. This method is suitable if you need a lot of medical attention such as weight loss surgery that may cost higher.
Lastly, some hospitals and offices provide in-house financing. The only sad thing is that in-house financing options charge higher interest rates so you could end up paying more than you expected. That said, it is essential that you carefully review such options before proceeding with the application process.
The Best Medical Loans
Medical bills can be difficult to pay, but you could slash the bills by applying for medical loans. Below are the best medical loans people are looking for daily.
SoFi also known as Social Finance, Inc is a personal finance institution that offers loans starting from personal loans to student loans.
Because SoFi is an online financial company, you can bet that you will have a smooth and faster application process. Besides, they have a 24-hour system support system that can enable you to ask your questions and get answers whenever you are stuck.
SoFi offers up to $100,000, and the interest rates are fair for everyone. Their rates range between 5.990 percent and 16.240 percent, which is better as compared to other financial institution that charge between 20 and 30 percent interest rate.
Do not fret if you happen to have lost your job or you’ve been fired. With SoFi, your payments will be temporarily stopped until you land your new job.
2. My Instant Offer
Myinstantoffer is a financial lending institution with an online presence. They offer loans of up to $50,000. Like most of the other financial institutions, myinstantoffer carefully values your credit score. So, be sure to have a good credit score before you can go ahead to apply for your loan.
When you opt to apply for a loan, there are many factors you have to put into consideration and one of them is the interest rates. Some lenders charge high-interest rates while some offer affordable rates. Be sure to compare which one you can manage before jumping into the bandwagon.
Lastly, there have been contradictions as to whether myinstantoffer is a scam or not. There are contradicting information on the internet, but it would be better if you took the initiative and checked www.myinstantoffer.com reviews before listening from the grapevine.
Upstart is also an online money lending company that offers personal loans to lenders. Unlike many other financial institutions that concentrate on credit score to determine your creditworthiness, Upstart, looks into more details like your employment history, education background, years of credit, area of study as well as your credit score.
In terms of interest rates, which is an important consideration when applying for loans, Upstart offers lower rates of as little as twenty-three percent. This is low as compared to most financial lending companies that usually charge between twenty to thirty percent.
Upstart gives loans of up to $50,000, and their origination fee ranges from 0 to 8 percent of the amount you are applying for. If, for example, you are applying for $50,000, you’ll only get $46,000.
Lastly, you should note that Upstart doesn’t accept a cosigner. If you are not eligible to stand on your own, then Upstart isn’t for you.
It’s true that paying off medical bills isn’t easy and luckily, you’ve got a variety of options to help you secure funds. Medical loans are the most promising because, in most cases, there are some other medical procedures that insurance coverage policies may not cater to.