When it comes to maintaining your health and well-being, having immediate access to medical treatments and procedures is not only recommended, it’s a necessity. Many medical and dental expenses can quickly deplete a person’s savings, leaving them with little funds to cover daily expenses.
Medical Loans can be a financial lifeline for Australians facing hefty medical costs, allowing them to obtain the necessary medical care without sacrificing their financial security. If it’s your first time considering a Medical Loan, you might be wondering how they work. This blog will explain what a Medical Loan is, its benefits and where you can get a Medical Loan for surgery in Australia.
What are Medical Loans?
Medical Loans are a type of Personal Loan designed specifically to cover costs associated with medical treatment, surgeries, procedures or other healthcare expenses. Medical Loans, like Personal Loans, provide a lump sum payment, which is deposited into a borrower’s bank account to pay for medical bills, consultations, medications, surgeries and other healthcare-related expenses.
Borrowers can access Medical Loans from traditional lenders, like major banks, credit unions, online lenders and specialist lenders.
The four benefits of Medical Loans
Medical Loans, when used responsibly, can be an invaluable financial tool for Australians needing medical support. If you’re contemplating taking out a Medical Loan to cover your upcoming medical expenses and maintain your financial stability, here are some of the benefits you could look forward to:
- Ability to access high-quality medical care — As Medical Loans allow individuals to access medical treatments without delay, borrowers can choose reputable healthcare providers or specialists, ensuring they receive the best possible medical assistance for their condition.
- Financial peace of mind —Medical expenses frequently appear out of nowhere. By providing a structured financial solution to cover these costs Medical Loans provide peace of mind. Borrowers can then focus on their recovery without the added stress of paying their medical bills.
- No required collateral — Most Medical Loans are unsecured, which means that borrowers are not required to provide an asset to secure the loan. Unsecured loans reduce the borrower’s risk, particularly for those who do not have a valuable asset to pledge.
- Ability to preserve your savings — Medical expenses can cost thousand of dollars depending on the severity of your condition. Rather than depleting your savings, Medical Loans allow borrowers to preserve their savings or emergency funds for other essential purposes.
How Medical Loans differ from regular Personal Loans
Medical Loans are intended to alleviate the hefty financial burden associated with medical treatments, procedures and surgeries. Apart from their purpose, there are a few key distinctions between Medical Loans and Personal Loans, such as:
- Higher borrowing amounts — Unlike other forms of credit, such as credit cards, Medical Loans allow borrowers to obtain larger loan amounts to cover their medical and healthcare expenses without having to dip into their savings.
- Accessibility — Medical Loans can be more accessible to individuals with varying credit histories. Some Medical Loan providers may be more lenient when considering credit scores, as they recognise that medical emergencies or planned procedures can happen to anyone, regardless of their creditworthiness.
- Flexible repayment plans — Being in a medical emergency is stressful enough; the last thing you want to worry about is whether you’ll be able to make your repayments on time. Most lenders understand how overwhelming it is to face surgery or medical treatment, which is why they offer flexible repayment schedules to accommodate the borrower’s medical treatment plan.
- Fast or instant approval — To ensure borrowers have a streamlined application experience and receive the funds as soon as possible, many lenders provide a simple and swift application process with minimal required documentation. Applicants may also receive a decision from the lender regarding their application within 24 hours.
So, where can I get a Medical Loan for surgery in Australia?
Right here! Finance One is a specialised lender that offers Medical Loans to borrowers with varying financial situations. We aim to support Australians who have a bad credit history and have been rejected by traditional lenders. Finance One evaluates each applicant on an individual basis to ensure we provide a solution best suited to their needs.
What can you use a Finance One Medical Loan for? We provide loans to cover the cost of the following conditions and procedures:
- Injuries
- Surgery
- Dental expenses
- Dental surgery
- Physical therapy
- Chronic illness
- Rehabilitation
- Nurse care
Unsure if you’re eligible for a Finance One Medical Loan? While we welcome applicants from all financial backgrounds, we do ask that you meet the following criteria:**
- Receive a regular income
- Looking to borrow between $5,000 and $25,000 *
- Are of at least 18 years of age
- Have recorded defaults on your credit file or discharged from bankruptcy
Experience compassionate and transparent financing with Finance One
Medical Loans give borrowers the freedom to choose the treatment and medical care they deserve, without having to worry about the upfront payment. And if you’re in the market for a flexible and affordable Medical Loan, look no further than Finance One. Discover the features of our Medical Loans and submit your application today.
Finance One means:
Fin One Pty Ltd – ABN: 80 139 719 903
Australian Credit Licence: 387528
*Secured Personal Loans between $5,000 – $25,000. Unsecured Personal Loans between $5,000 – $15,000.
**Normal lending criteria, terms & conditions and fees & charges apply.
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 advice regarding your legal, financial, taxation or other needs, 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. All loan applications are subject to normal lending criteria. Fees and charges payable. Terms and conditions apply.
