Keep reading to find out more about how Finance One can take the pain of applying for medical finance away.
What can medical finance be used for?
You’re no stranger to the price tag that comes with medical bills. Our medical and dental finance can help cover the cost of medical and dental expenses caused by:- Injuries
- Surgery
- Dental surgery
- Physical Therapy
- Chronic Illness
- Rehabilitation
- Nurse Care
Often, when you consider the total cost of undergoing medical treatment, the costs can extend past simply the procedure and extend into:
- Hospital fees
- Medication
- Follow up appointments
- Travel costs to or from the hospital
Are Personal Loans for medical reasons hard to get if I have bad credit?
Regardless of what type of loan you’re applying for, if your credit score leaves a lot to be desired, it can be challenging to gain approval to borrow further funds. A loan application isn’t entirely off the table though. Here are some tips for applying for a Loan for Medical and Dental Expenses with Bad Credit.
Tidy up your credit file
Accessing a copy of your credit report is the best way to ensure everything is in order to apply for medical finance.Keep your bank account in order
Sometimes, we can’t always predict a medical emergency, but if you’ve got planned surgery, it can pay to keep your bank account in order for at least six months prior to needing a loan for medical or dental expenses. This means cutting back on overspending and ensuring that your bank account doesn’t become overdrawn.Offset your costs with private insurance if you’ve got it
If you have private health insurance, consider utilising whatever benefits available to you to offset the cost of treatment. A phone call to your private health insurer could reveal hidden benefits you may otherwise be unaware of.Find a lender with eligibility criteria that caters to those with bad credit
Understand the full cost of the loan
Using comparison rates is an excellent way to look at the full cost of the loan you intend on applying for. It’s important to always look beyond just the comparison rate, though. Because a comparison rate is usually based on the interest rate offered to applicants with solid credit ratings, it may not always be the most reliable source of comparison for the loans available to you and your personal circumstances.Be sure to pay attention to:
- The total fees that apply, including any monthly account keeping fees, early exit fees, or an upfront fee such as a loan establishment fee. It is normal for loan products to have ongoing fees, but they do vary from lender to lender.
- What the minimum and maximum loan term is.
- Whether the lender offers fixed interest rates or variable rate loans. The loan repayments are more predictable on a fixed rate loan as the interest rate is fixed for the loan term. A variable rate personal loan has an interest rate that is subject to fluctuate over the life of the loan.
Exploring medical finance in more detail
Loans for Medical or Dental Expenses are a type of unsecured personal loan that’s designed to help cover medical costs. Many questions come with applying for medical finance when you have bad credit; we answer some of them below.Is a Loan for Medical Expenses a Personal Loan?
Yes, a Loan for Medical or Dental Expenses is an unsecured personal loan, designed to be used to cover your medical procedure or other medical or dental expenses.Will I be charged early repayment fees?
While many lenders do, you’ll be pleased to know that at Finance One, we do not charge early repayment fees on our personal loans. All our fees are outlined in our loan contract, meaning you have the transparency to proceed with confidence.What could my Personal Loan interest rate be?
As we have mentioned, the comparison rate will likely not reflect the final interest rate on your loan. Contact our customer service team to access a personalised rate estimate.
Can I get a secured Personal Loan for a medical procedure?
Given that most loans for medical and dental bills are personal loans, there is typically no viable security to offer a lender. However, any Finance One Personal Loan over $15,000 must be secured.*
What is the best loan term for an unsecured loan?
The best loan term for any loan depends on your financial circumstances. A shorter loan term means higher loan repayments, however a longer loan term can result in paying more over the long run.Am I eligible to apply for Medical Finance with bad credit?
Provided you’re a permanent resident or Australian citizen who is over the age of 18, you are eligible to apply for Finance One Medical and Dental Finance if:
- You are receiving regular income.
- You want to borrow between $5,000 and $25,000* for medical costs.
Ready to get your loan application underway?
*Personal Loans over $15,000 must be secured.
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.
