Bank loan for medical treatment can help with the medical costs and let you afford the care you need.
In the United States, even after having health insurance, medical treatments end up with thousands of dollars in bills. It has been found that one in four Americans have trouble paying their medical bills, and so they putt off or delay their medical treatment. However, both preventive care and emergency treatment are crucial. Therefore banks offer loans to cover the medical costs of people who are unable to cover those expenses upfront. Remember, there are medical grants available by government and nonprofit organizations that help for treatment and paying medical bills. So make sure to read medical grants qualification checklist before applying for a medical loan.
Bank Loan for Medical Treatment – How do they Work?
A bank loan for medical treatment is taken essentially for the specific purpose of financing medical treatment. It pays for a variety of medical costs, treatments and emergency procedures.
Most of the loans for medical treatment are unsecured, where you need not risk anything in the name of health. However, these loans are best suited for those with good credit scores as they get a good interest rate.
If your credit score isn’t great, you can also apply for a secured loan. You are required to offer some form of collateral, which you’ll lose if you will not pay the loan. But you’ll get a much lower interest rate and will have less to pay off in the future.
You can apply online or at a brick-and-mortar bank. After pre-qualification, you can get available rates and terms based on your basic financial information. To officially apply for the loan, you are required to get a credit check, salary verification and submit other information.
However, the timeline for receiving the funds after approval varies can take as long as a week. Once you receive funds, you are required to make fixed monthly payments until the loan is paid back with interest.
Bank Loan for Medical Treatment – What are the Main Benefits?
Taking a bank loan for medical treatment can be a good alternative to depleting emergency savings. Here are some of the main benefits:
- Loan Terms – Most personal loans offer a variety of term options ranging from 36 to 60 months. You can select a length that best suits your needs.
- Fast Funding – A bank loan for medical treatment is sometimes the only way to obtain critical medical care as it is disbursed in a matter of days and gets you the money without delay.
- Flexible – The loans include treatments or procedures not covered by insurance, and living and travel expenses incurred during treatment and recovery.
Bank Loan for Medical Treatment -Where to Get?
A bank loan for medical treatment is a personal loan that can start at 6%, and bank loan amounts can be high as $100,000. Here are the best banks offering personal loans.
Marcus by Goldman Sachs
Marcus, the online banking and lending arm of Goldman Sachs. The interest rates start at 6.99 per cent, and you can borrow an amount upto $40,000. Marcus doesn’t charge any fees. Additionally, you also change your monthly due date up to three times during the loan’s life.
- Minimum Credit Score: 660
- Estimated APR: 6.99%–19.99%
- Loan Amount: $3,500–$40,000
- Available Term Lengths: 3 to 6 years
- Fees: None
For more information, visit https://www.marcus.com/us/en/personal-loans.
TD Bank offers unsecured personal loans and can provide funding in one business day, with a wide range of loan amounts. You can get a soft credit check with pre-qualification.
TD Bank doesn’t have any monthly fees, annual fees, origination fees, or prepayment fees. You can apply at your nearest local branch, or give a call or you can apply online.
- Minimum Credit Score: It accepts applications from all credit backgrounds; however, you will likely need good credit (at least 690 FICO) to qualify for a competitive rate.
- Estimated APR: 6.99%–21.99%
- Loan Amount: $2,000–$50,000
- Available Term Lengths: 3 to 5 years
- Fees: Late payment fee of 5 per cent or $10, whichever is less
For more information, visit https://www.td.com/us/en/personal-banking/personal-loan/.
PNC Bank is a good alternative for people who prefer in-person banking; however, you can also apply online. There are no application, origination or prepayment fees with PNC personal loans. Additionally, PNC banking customers can benefit from a 0.25% rate discount on a personal loan if they choose autopay from a PNC checking account. Loan amounts start at $1,000, and you can apply with a co-applicant, which can help you qualify.
- Minimum Credit Score: None; average score is 727, according to SEC filings.
- Estimated APR: Starting at 6.54% (with autopay)
- Loan Amount: $1,000–$35,000
- Available Term Lengths: 6 months to 5 years
- Fees: None
For more information, visit https://www.pnc.com/en/personal-banking.html.
Medical treatment bills are among the highest expenses Americans pay in their lives. While the cost of preventive procedures might seem prohibitive, bank loan for medical treatment can help. Make sure you make an informed decision while choosing your bank.