There comes a time in most Australians’ lives when healthcare or medical expenses pop up.
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If you’ve experienced poor credit history in the past, contact Finance One, and we can assist you to apply for a secured or unsecured personal loan based on your personal finances and needs. Get in touch with our team at Finance One Support to discuss your options today.
Apply Online NowWhat is medical finance?
Medical finance is a type of personal loan used to fund the expenses associated with receiving medical or dental treatment. Medical finance is usually an unsecured loan, meaning that there is no asset provided to the lender to secure the loan. While this can sometimes result in slightly higher interest rates than secured personal loans, the benefit of unsecured loans is that you can generally use the funds for whatever purpose is required.- Medical specialists
- Surgeons
- Anaesthetists
- Hospitals
- Physiotherapists, Occupational Therapists or any other allied health professionals.
Is medical finance common?
Plenty of Australians take out medical finance every day. After all, even with private health insurance, many people find they don’t have funds sitting in their bank accounts to cover out-of-pocket cost relating to their treatment or costs not covered by private health funds.
How does medical finance work?
Medical finance works similarly to most other personal loan products. Once approved, the loan is funded into your nominated bank account. From here, you can pay the required medical costs.As we mentioned earlier, medical finance is generally an unsecured loan. An unsecured personal loan can be more expensive than a secured loan (say, for a car), however, there is greater flexibility.
What interest rate will I pay on medical finance?
Competitive interest rates are undoubtedly one of the aspects of loans that most borrowers look for. It makes sense that you’d be searching for cost savings where you can, when it comes to medical finance, however, it’s important to exercise caution when using comparison rate tools.A comparison rate is a rate that’s advertised to show the total cost of loans. Usually, the comparison rate will include the average interest rate on the loan product and other fees and charges, such as an establishment fee or any additional upfront fee for taking out the loan. However, there can be other hidden costs that the comparison rate can’t reflect, such as fees for paying off the loan early or making extra repayments.
Are overseas procedures covered?
Depending on your personal loan lender, you may be able to access funds for an overseas procedure.Can I use a personal loan to pay for elective surgery?
Elective surgery extends past more than just cosmetic procedures — at Finance One, we’re keen to see our fellow Aussies well, which is why we provide loans to cover the cost of elective surgery.What will my minimum repayment be?
Loans to cover medical bills work the same way as other loan products; your minimum repayment will be calculated based on the details in your loan contract. These include your:- Loan amount
- Loan Term
- Interest Rate
At Finance One...
We offer medical and dental finance from $5,000-$25,000 and loan terms over three to four years.
Apply NowWhat if I have health insurance?
Health insurance is a great way to reduce the cost of accessing private health care outside the public health service. However, private health insurance does not always cover all the health services that you may need. Further, when you choose to claim on your health insurance, there are still out-of-pocket costs that may need to pay.Can I apply for a Personal Loan or medical finance if I have a bad credit history?
Unlike applying for a personal loan for a holiday, car or other large purchase, the need for a medical loan can take you by surprise, leaving you with little time to ‘get your ducks in a row’ before applying. If your credit rating is not where you’d like it to be, then accessing a personal loan for medical or dental procedures might be challenging. However, the eligibility criteria for personal medical or dental loans are typically more flexible when you approach a specialist lender who specialises in loans for people with bad credit.Finance One is a reputable Australian lender operating under an Australian Credit Licence. We specialise in providing finance solutions to Australians with bad credit or whose financial circumstances make it difficult to access traditional finance.
What are the eligibility criteria for medical finance with Finance One?
We would be unable to uphold our reputation as one of Australia’s best lenders for people with bad credit without adhering to the Australian Government’s responsible lending requirements.
To access medical and dental finance through Finance One, you must:
- Be an Australian citizen or permanent resident over the age of 18.
- Looking to borrow between $5,000-$25,000.
- Receiving regular income (including Government benefits or self-employed income).
Get better sooner, with a loan from Finance One
You can access our simple online application form or contact our friendly team, who can give you all the details and work with you to find a finance solution you won’t need to recover from.
Talk to us Now*Personal Loans over $15,000 must be secured.
**48-hour approvals are subject to satisfactory documentation being received to assess the application.
Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
Finance One means:
Fin One Pty Ltd – ABN: 80 139 719 903
Australian Credit Licence: 387528
Disclaimer: The information above is of a general nature only and does not consider your personal objectives, financial situation or particular needs. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your particular circumstances. We do not accept responsibility for any loss arising from the use of, or reliance on, the information. Please note that approvals for loan applications are subject to satisfactory documentation being received to properly assess the application. Normal lending criteria apply. Fees and charges are payable. Terms and conditions apply.
