Payment for medical care can be an enormous financial strain for those dealing with serious illness. Many are uninsured or have
inadequate coverage, leaving even one medical expense open-ended with no easy means of paying off its bills. Although the Affordable Care Act has enabled millions to gain coverage, unexpected healthcare expenses still need help being covered and covered accordingly.
Medical debt is the top cause of personal bankruptcy in America, according to a report from the Kaiser Family Foundation. When confronting health care costs, many consumers turn to loans or credit cards – which often end up deepening debt further by accruing high interest charges on top of what was owed originally. Furthermore, credit card debt appears instantly on your credit report should payments go unmade, negatively impacting both score and status immediately.
If you’re struggling to pay your medical expenses, a personal loan could be the right solution. Before applying, do some research on lenders and rates – loans tailored toward medical expenses generally have lower interest rates than credit cards, with those with bad credit qualifying for more favorable terms than those with better ones.
Personal loans may not be enough when it comes to covering medical expenses; therefore, other financing solutions exist such as personal medical loans, mortgages and home equity lines of credit. Personal medical loans are designed specifically for healthcare expenses and typically easier to qualify for than other kinds of loans; additionally they usually feature lower interest rates than credit cards which makes them an ideal way of covering out-of-pocket healthcare costs.
Many healthcare providers are also advertising loans or credit cards specifically marketed at medical bills, typically via doctors’ offices and hospitals where patients often lack financial knowledge. Patients report being signed up without consent or awareness for products like AccessOne who offer low-interest loans while some hospitals claim no-interest financing options for some patients.
Fast Loans makes finding the right lender and rates easier, whether for medical expenses or poor credit histories. To get the lowest possible interest rates, it’s crucial to know your credit scores beforehand – free credit scores checks can give you insight into where your stand and which lenders might be the best fit. Once approved for one lender, complete the application process within 24 hours to secure funding that allows you to focus on healing yourself from medical conditions more easily.