In part one of this multi-part blog series, we looked at some of the chief purposes of what are known as short-term medical loans, and why they’re often used. These loans, which are typically used to fund immediate costs of medical care that are often not covered by insurance, can be enormously beneficial to some people who find themselves in unexpected positions with regard to medical bills.

At 1st Choice Money Center, we’re proud to offer a wide range of quick loans meant to assist clients with needs like these, including medical loans and many other kinds of personal loans. Today’s part two of our series will look at some of the direct benefits of medical loans, plus some important considerations to keep in mind with them, while part three next month will dig into the proper ways to go about applying for such a loan.

Main Benefits of Medical Loans

There are several major ways that medical loans tend to benefit those who utilize them, including:

• Immediate fund access: For many medical expenses, waiting even a few days can be far too long. In some cases, you may need to pay bills or treatment fees immediately in order to avoid further harm or negative consequences – and when these costs are not covered by insurance, a medical loan offers the necessary funds right on time. You can obtain these funds through a simple, straightforward application process with our team.
• Flexible repayment terms: Whether you require small medical loans or larger ones, we’ll work with you to lay out a repayment plan that makes sense for your financial situation. This includes both the principal and any interest that accrues over time, ensuring no unfair fees ever arise during the repayment period.
• No collateral needed: Unlike many other forms of loans, medical loans are unsecured – they do not require any form of collateral. You will not be required to put up your home, car or any other large asset as security for the loan.
• No pressure from insurance companies: As we noted in part one, many insurance companies will attempt to dictate what treatment options you have access to based on their own financial interests. With a medical loan, you have full control over your treatment options and can choose what’s best for you.

Important Considerations

While there are clear benefits to using a medical loan, it’s important to keep some potential considerations in mind as well:

• Interest rates: As with any loan, medical loans come with interest rates that will affect the overall amount you pay back. It’s important to carefully consider the interest rate offered and ensure it fits within your budget.
• Medical loan scams: Unfortunately, there are some fraudulent companies out there posing as legitimate medical lenders. Be sure to do your research and only work with reputable, trusted lenders like 1st Choice Money Center.
• Impact on credit score: Taking out a medical loan will affect your credit score, so it’s important to budget for the repayment and make timely payments to avoid any negative impact.

In our next entry into this series, we’ll go over the proper steps to take when applying for a medical loan to ensure you are well-informed and prepared. At 1st Choice Money Center, we strive to make the lending process as simple and transparent as possible, so be sure to check back next month for part three!