It is important to do your research on all aspects of medical financing when looking for the appropriate loan for bariatric surgery. If borrowing money is part of your surgery plan, the first thing you need is to choose a loan with the lowest and simple interest loans with no prepayment penalties, no retroactive interest, longer terms for lower monthly payments and best borrower benefits in order to borrow wisely and to keep your loan debt as low as possible. It is ultimately up to you if you want to borrow money for a medical procedure the key is to ensure you can keep up with repayments.
We highly recommend that you read all the fine print for any loan or financing you take out. Even if you utilize your credit card for surgery.
Benefits of Unsecured Medical Loans
A loan can be handy to help you spread the cost rather than take a huge hit on your savings and because a bariatric procedure adds value to your life even after the procedure, an unsecured loan seems like a sensible investment. Typically with unsecured loans, there are no collateral or items secured to the loan, which can be in the form of credit cards, overdrafts, personal loans, and lines of credit. These types of loans carry a higher risk to the lender, therefore making their interest rates higher.
The average cost of bariatric surgery without insurance is between $8,096 to $27,324 depending on your state or region, the elected weight loss procedure, your hospital of choices, surgeon, including other overheads, such as medicine, therapy, and aftercare. The great thing about unsecured loans is that, once you have all the above information in mind, even if you have a poor credit history there are lenders who will offer medical loans with bad credit subject to your status and one that suits you best.
Some bariatric procedures are often urgent, and you can’t wait for days or even hours before knowing if you can move forward. Additionally, convincing people to co-sign your loan application can waste a lot of time. Unsecured loans make borrowing urgent medical financing a breeze. Thanks to technology, you can receive an instant pre-approval without affecting your credit.
The online application process, which often involves an easy three step process, from inquiry where you receive a qualification response, to submitting your online application where you basically accept the terms and agreement, to the loan approval can be completed in a matter of minutes and in the comfort of your own home. Many lending institutions offer same-day unsecured lending solutions without levying any extra charges such as upfront fees, lender fees, and processing charges. All it takes is doing a little research and checking the internet for various reliable unsecured loan lenders and compare their rates. In addition to that, there are different types of lenders that offer loan comparison services and can provide a free, impartial comparison of both personal and secured loans when you are looking for a medical loan.
Once you know how much you need to borrow, you can also use various online loans calculator to find the right loan and a great deal. While you may not be qualified for a specific loan, a lender may offer an alternative but at a higher interest rate. However, once you have found a great unsecured medical loan that suits you best, you can apply for it, and you should know whether you were successful instantly or within a few working days. Always remember to read the small print and look out for the terms and conditions.
Unsecured loans have great advantages especially for people who pay off their debt on schedule. This is because not only are lender more likely to offer credit at favorable terms, stay current with payments whenever possible means that borrowers can improve their credit rating, which in turn, mean bigger credit lines and lower interest rates on revolving debt for them.
Some bariatric procedures may not be covered by your insurance unless it can be justified as medically necessary. An unsecured loan might be your best option, in this case, if you want to spread the cost of a medical procedure and don’t want to pay too much in interest.
- Unsecured medical loans have the benefit as you’re doing something beneficial (bariatric surgery) for yourself which has the potential to have have positive health consequences for the rest of your life.
- The disadvantage of unsecured medical loans is that have no collateral, which banks do not like, which means they are riskier – meaning a higher interest rate for you.
In case you find yourself with more debt than you can handle and want to get your finances back on track, a debt consolidation plan may help where a debt settlement specialist may speak to your creditors on your behalf and often negotiate reducing the amount you owe.
These are our thoughts for unsecured medical loans, please consult with your financial advisor to learn more. Nothing in this article is a recommendation for a certain financial product or service.