Healthcare is never an inexpensive affair. That’s why saving money to cover medical expenses is crucial, as you might have to seek private treatment. You might face a hard time managing the cost, but no longer, as medical loans for private health care in the UK can make things easy.
They can be a practical and accessible solution to financial problems responsible for delaying treatments. This financing option provides you with a unique arrangement to spread the cost over a period. Thus, you should not worry if you cannot gather funds for treatment upfront, as financial assistance is available for you.
What is a medical loan?
They are basically personal loans that should be used to pay expenses related to healthcare. You can consider these loans when you have to go through specialist procedures or elective surgeries that are not covered by the NHS. Borrow a specific amount of loans depending on your requirements and repay over a set period without paying any upfront fee.
How much can you get for a medical loan?
Pay the charges of a private hospital with loan funding made available for you from the range of £ 1000 to £ 25,000. Work out the amount that can help you pay the medical expenses. Then, assess if that amount, including interest, will be convenient for you to repay.
What types of medical purposes can be financed?
You can consider these loans for a wide variety of healthcare purposes. They can be essential and elective as well. Emergency medical loans can help you go ahead with immediate treatment requirements.
You can use them for diverse reasons related to medical expenses.
1. Cosmetic and aesthetic procedures
You can get this personal loan for cosmetic surgery. These procedures are very costly, and getting medical insurance coverage is difficult. These loans can help you manage the expenses by letting you go under the knife without financial worries.
2. Dental treatments
Get these loans for dental treatment. If you have to get dental implants or need to carry out a root canal, you can apply online for a suitable amount. They can be your saviour if you need an emergency dental surgery.
3. Vision correction
If you need to undergo vision correction to improve eyesight, cover the upfront cost with these loans. Repayments are not going to bother you much, as a flexible plan will be set for you. Get access to speedy treatment for your eyes by applying for these loans right now.
4. Hearing-related treatments
Your hearing capability has been damaged, and immediate treatment is necessary. However, the cost of modern and advanced hearing aids has put you in a dilemma. Overcome it by finding out how much you can get from these loans to get the hearing devices.
5. Weight loss treatment
You want to lose weight, but some procedures should be done to get things right. However, the cost of such treatments is beyond your financial capability. You can bridge the financial gap by getting medical finance for weight loss surgery.
6. Fertility treatments
Again, these fertility or reproductive treatments are very expensive. Your medical insurance might not be able to sponsor the cost of these procedures. You can get medical loans for fertility treatment as well.
What are the pros and cons of medical loans?
Ahead of deciding whether or not to get these loans, you must assess their positive and negative effects. You will be able to know the ways you can benefit and the aspects that you must carefully handle.
| Pros | Cons |
| Medical loans for NHS waiting list patients are available | Borrowing will ultimately increase the cost you have to bear for medical procedures |
| Get flexible repayment terms with medical loans | Repayments should be managed smartly, or else they can strain your finances |
| Accessible to borrowers from various credit profiles | Deal with the fear of losing property if you opt for secured loans |
| You can carry out different types of procedures | Bad credit medical loan options might increase the cost |
| Budgeting for repayment is easier with predictable payments | They might not be ideal for many emergency situations |
What are the types of medical loans in the UK?
You must go through the various finance options available for private medical treatment. This will let you understand the best option to choose, and that will be according to your needs and financial capability.
1. Unsecured loans
No collateral will be necessary when you opt for unsecured medical loans. Your income, affordability, and financial history will play a crucial role in getting you a chance to borrow money for medical expenses. These are short-term finances that usually get approved quickly, as the processing does not take too long.
2. Secured loans
It might happen that you need a bigger amount for your treatment. In that case, you can use your assets, like your home or car, to get access to higher borrowing limits. Since collateral is involved, the lender will have no problem keeping interest rates low.
3. Specialist medical loans
You can explore these financing options that are designed to address specific medical procedures. They can be obtained from specialist loan providers or prominent finance companies. You can even approach a private clinic that has tied up with certain lenders and let you enjoy a flexible repayment facility.
How do medical loans work?
You might have realised that an immediate medical procedure should be done before it’s too late. However, you might not be financially prepared for this situation. In that case, you can opt for a medical loan for emergency treatment.
Before diving into getting this financing option, check their working procedure after selecting the type of loan.
. Check your eligibility
You should be an 18-year-old UK citizen who can show stable income sources. Besides, you will need to have a bank account where money after approval can be deposited. Once you see your eligibility, get ready with your proof of identity, income, address, and bank statements.
. Determine the loan amount
Calculate the treatment cost, consultation fee, medication, and even travel and accommodation (if needed). This will help you understand the loan amount you must opt for. Avoid borrowing the entire amount, as repayment will become difficult for you.
. Send your application
You can either contact a broker or research lenders on your own. Quickloanslenders is one of the best medical loan providers in the UK. You can get in touch with us directly by filling out the online form with valid details and relevant documents.
. Be ready to undergo soft credit checks
These affordability checks are mandatory as the loan provider will be arranging a pre-approved offer. This will enable you to compare medical loan interest rates easily. You can fetch these free quotations from as many lenders as you want.
. Final decision
If the lender is convinced of your repayment capability, you can easily pre-qualify and find a suitable offer. Once you choose the offer, the lender will hand over the loan agreement. Read it carefully to understand the terms and conditions.
. Funds disbursement
The lender will need your consent to finally process the loan request. Once you sign the agreement, you can receive the loan money within a short while. Funds will be transferred online to your checking account.
What steps can improve the chances of loan approval?
Medical expenses can surprise you when there is zero financial preparation. You might even need a quick personal loan for medical expenses. Keep a few things in mind to enhance the approval chances.
- Maintain good credit scores by keeping up with payments on time
- Try downsizing the pile of debt
- Save money for emergency expenses simultaneously
- Amplify your income whenever you feel the need for extra cash infusion
- Apply with a guarantor or collateral if you have some setbacks in your financial profile
FAQs
Can I get a medical loan with bad credit?
Yes, you can get bad credit medical loans with us. Here, we need you to convince us regarding your repayment capability without facing any upfront hard credit check. It would be great if you had started with the credit improvement process already.
Is it possible to get 0% APR medical loans?
If you are looking forward to getting interest-free medical loans, you need to understand a few things. This is not possible as lenders will impose interest on the amount you will apply for. Thus, you cannot stay away from paying interest rates, but you can borrow smartly to face lower rates.
Does taking a medical loan affect credit rating?
No, you do not have to feel any impact on your credit history at the time of applying. However, you must not take loan payments lightly. You must follow the deadline and repayment pattern decided by the lender. Late payments will affect your credit rating.
Will it take longer to get approval for these loans?
It is possible for you to get fast approval with medical loans. Provide all the documents with correct details and see how your loan requests get processed in a snap. Cross-check before submitting the completed loan application.
Does medical debt affect loan approval?
Yes, it can affect you as the lender will be interested in validating whether you can repay loans on time. While assessing your financial condition, the presence of medical debt will influence their decision. They will have doubts about your repayment capability.
The bottom line
Getting medical loans is possible in a variety of situations. It is your responsibility to validate whether getting a loan for medical treatment will be helpful for you or not.
Emma Anderson is a financial advisor at Quickloanslender who always believes in researching hard to know her clients’ financial problems. She takes the time to understand their financial wants and needs to write the blogs on them as the solutions. In her long 14 years of experience, she has written plenty of blogs on the financial and business sectors of the UK.
Emma Anderson has been recognised for her work in financial planning and her blogs are regularly published in the website of Quickloanslender. As far as her educational qualification is concerned, she has done Masters in Accounting and Finance, and done PG Diploma in Creative Writing.
