A sudden medical expense can be crushing when you are not financially prepared for it. Insurance failing to cover the cost will double your trouble. This is because you need money to book doctor appointments, get medicines, and pay for surgeries.
Not all of these components of the medical cost can be covered personally. You might need an affordable medical loan for the surgery. Since this is an urgent requirement, a loan can be a suitable companion for you.
This is a loan product that has been designed to help you handle medical costs. Unlike traditional loan options, here you do not have to fulfil any requirement related to collateral. Get them as unsecured funds in a lump sum once the lender approves your loan request.
How much can I borrow?
These healthcare loans can be obtained within the range of € 1000 to € 25,000. While deciding the amount you should borrow, keep your income and financial capability in mind. Besides, check if you have existing debts to cover or not, as loan payments will be there to add up.
Depending on the status of present debts, you need to adjust the loan amount. Above all, the purpose will also be important, and you might have to provide relevant proof to get approved for a larger amount. Do not assume and borrow a random amount!
Is there any difference between medical and personal loans?
Here, you can compare personal and medical loans based on a few aspects. Please pay attention to it.
Cornerstones
Medical loans
Personal loans
Usage
They are purpose-specific loans
They can be obtained for any general purpose
Interest rates
Competitive rates
Might vary depending on credit scores
Borrowing range
Get a specific range to choose from
Variety of ranges will be available, depending on the type of loan you choose
Might take a few business days, depending on documentation
Influence of assets
Security is not necessary
You can obtain them with or without security
Why choose a medical loan for healthcare expenses in Ireland?
They are ideal for situations when you do not have medical insurance or when you cannot get full cost coverage. This means you should get these loans without any money in hand to undergo an urgent medical treatment. The common reasons to choose financial help in this situation are:
You do not want to delay the medical procedure
No upfront cash available to cover the treatment
Looking for specialised care internationally
Manage bigger bills through suitable monthly payments
You can use a medical loan for dental treatment, pay hospital bills, cosmetic surgery, physiotherapy, fertility treatments, or plug the gaps in insurance coverage.
When to consider debt consolidation loans for medical debt?
If you have pending medical bills, short-term loans, credit card dues, etc., to pay off at the same time, consolidating them would be better. This is an ideal way to lower the rate of interest when you are dealing with variable interest rates. Manage the cost through monthly payments without disturbing the usual budget format.
How to repay and what would be the cost?
When applying for these loans, you will have to agree to repay the loans within a specified duration. Now, if repayment extends to more months, the borrowing cost will automatically increase. Thus, choose a repayment pattern i.e., suits your ability and budget at the same time.
When should I repay loans?
You can get 1 to 5 years of time to pay back these loans. You can repay in a weekly, bi-weekly, or monthly pattern based on your convenience. The flexible medical loan repayment lets you pay back with smart planning.
What to consider while understanding the cost?
When it comes to understanding the cost, you must compare medical loan interest rates carefully. Pre-approval lets you collect a free quotation from different lenders at the same time. The main component of the borrowing cost is APR, i.e., the interest rate.
Besides, if the repayment term stretches, you might have to keep paying interest longer. Your credit score will also be responsible for influencing the cost of borrowing.
What happens if I cannot repay my medical loan on time?
Late fees will be imposed on you by the lender. Thus, repaying on time is crucial, and you can think of contacting the loan provider to notify them of the delay. In some worst-case scenarios, the applied rate of interest might start compounding, besides damaging your credit scores.
Is early repayment allowed?
Yes, you can repay in advance if your financial capacity has improved over time. You can save on interest by repaying loans early. Go ahead if you are confident, as a significant amount will be required.
What are the benefits and potential risks of getting medical loans?
Like any other loan option, you must assess the pros and cons of these loans. This will help you evaluate if getting these loans will be the right decision for you.
Pros
Cons
You can get funds when you need them urgently
May tend to borrow money without comparing rates because of urgency
Use them to handle any medical payout
Not all surgeries can be included
Predictable repayments with fixed rates
Prolong term may become a financial burden
Allows you to spread loan payments
You have to pay interest for all the months in the term
On-time payment of loans will help in improving credit scores
Late repayments will be harmful to your credit scores
Who can apply for medical loans?
You must go through the medical loan eligibility criteria ahead of applying for loans. Your age should be 18 years, and you must be a permanent resident of Ireland. Besides, you must have a regular source of income with an accessible bank account.
What are the documents required to apply?
You need to produce valid medical documentation, like an invoice or treatment plan. Apart from this, you must provide valid ID, income, and residency proof. Your pay slips or tax returns will be important proof establishing your income.
How to apply for a medical loan online or in-person?
A medical loan application can be obtained online. You do not have to visit the bank branch in person. Pursue the steps below to apply for these loans conveniently.
Calculate: Work out the amount needed for medical expenses. This will help you confirm the borrowing amount.
Enter details: Round out the application form with correct details and relevant borrowing amount. Attach a few necessary documents (if needed).
Wait for the decision: Some time will be taken to process your application. After this, you will be informed about the status of your application.
Review terms: After approval, you will receive the free quotation with rates and terms. Review them and accept the loan agreement (if everything is suitable).
Receive money: Loans will be sanctioned. You will receive the loan money in your bank account.
FAQs
Can I get a medical loan with bad credit?
Yes, you can get bad credit medical loans despite poor credit. Your affordability will get the most weightage. Thus, you need to confirm that you can repay loans within the stipulated time.
Are there no guarantor medical loans available?
Yes, you can get access to no guarantor medical loans. Poor credit is a stigma, but it is not a roadblock for you when your financial condition has improved. Most importantly, if you can repay loans on time, no such conditions will be imposed on you.
How can these loans affect my credit scores?
Loans cannot directly impact your credit scores. However, if you fail to pay back loans within the specified time limit, your credit history will have to suffer. Otherwise, getting a loan will not leave any imprint on your credit scores.
Are medical loans tax-deductible?
Yes, you can get tax relief up to 20%. This will be applied to eligible medical expenses. Thus, check whether or not your payouts can qualify to take advantage of the cost reduction.
Samuel Doyle is a finance content writer and loan strategist who explores the intersection of financing and technology to provide the best in terms of individual borrowing requirements. With a background in finance study and content strategy, he has written plenty of articles and blogs on finance, loans and the advent and future of FinTech. His work appears in top blogging platforms, loan product guides, and in the digital portals of online loan providers like Comparemyloan. With his writing, he has tried to bridge the gap between FinTech complexity and everyone’s loan requirements. A firm believer in ethical lending, Samuel focuses on solutions that serve people as much as profit.
