Let Us Answer All of Your Questions
What Are Medical Loans?
Medical loans are personal loans that can be taken out to pay for various different medical and health purposes. With iThink Finance, you can borrow between £1,000 - £20,000, and repay the amount affordably within our flexible repayment term of 12-72 months. Getting a loan for medical bills or loans for medical procedures means you can avoid waiting around and instead, receive your medical treatment without delay.
Can the NHS Not Cover These Medical Expenses?
Although medical treatments through the NHS are free for those living in the UK and are under 18, there are certain treatments that are not covered, or are only partially covered on the NHS. For example, there are dental treatments, the majority of cosmetic surgery treatments, and other medical treatments that cannot be justified for health purposes, and a result, will not be covered through the NHS. This is why we offer loans for medical procedures that cannot be referred by your GP.
What Can You Use Medical Loans For? Example Uses of Medical Loans
Medical loans are a great option for those who are unsure whether their health insurance will cover, either partially, or fully, the costs of their medical procedure. Because health insurance rarely covers treatments that are not medically essential, you may have to find other ways to cover the costs yourself. This is where a loan for medical bills comes in handy. Let’s find out exactly what you can use medical loans for.
1. Cosmetic Surgery
Cosmetic surgery financing can be used to cover various different cosmetic surgery treatments. Because it does not contribute to the protection of your health, it is not usually covered by health insurance. You can use our loans for medical procedures to receive cosmetic surgery treatments such as weight loss treatments, breast augmentation or reduction, and even injectables. The possibilities are endless.
2. Dental Treatments
We offer an easy and affordable solution for anyone looking for dental treatment financing. Receiving dental work can be really expensive, so we take pride in offering great deals on your medical loans. Read More »
Our medical loans can be used for various different procedures such as tooth repair, implants, braces, crowns, root canals, and lots more.« Show Less
3. Fertility Treatments
Receiving fertility treatments can mean a great deal to a lot of people. If you are struggling to start or grow your family then we want to help. Fertility treatments can be costly and since health insurance is unlikely to cover the costs to fund it, medical loans are a great option. Read More »
Fertility treatments come in different forms medicines, surgical procedures, and assisted conception such as IVF.« Show Less
4. Debt Consolidation
Debt consolidation loans are great for anyone looking to downsize their debt, regardless of what it may be for. Debt consolidation allows you to pay off your existing debt but with lower interest rates, better repayment terms, and even perhaps, smaller payments. Read More »
If you are looking to reduce your medical debt, why not consider medical loans for debt consolidation and apply for our loan for medical bills today?« Show Less
5. Emergency Medical Treatments
As much as we don’t want them to, medical emergencies frequently happen. There was a record number of A&E visitors, at 24 million in England in 2017/18 alone. Read More »
And sometimes we need some quick money to cater to these unfortunate circumstances. So, if you are looking to acquire £1,000 or more for this purpose, then we can help.« Show Less
The Advantages and Disadvantages of Loans for Medical Procedures Benefits And Drawbacks
If you’re deciding whether to take out loans for medical procedures but still need to know a little bit more, then you’re in the right place. Medical loans come with their own set of pros and cons, so, it is important to consider both sides of the coin before you make any rash decisions. We’ve compiled the advantages and disadvantages of medical loans, so you can make an informed and educated decision.
What are the Advantages of Medical Loans?
- You don’t have to experience delays
If you go through treatments with the NHS, then you are likely to experience delays, and could be waiting up to 18 weeks for a non-urgent consultant-led treatment. With medical loans, however, you can afford to go private and receive your medical treatment right away.
- You don’t have to provide collateral
Medical loans with iThink Finance are unsecured, which means you don’t have to provide collateral to secure your loan. This means there is less risk involved for you, and you don’t have to worry about losing something of significant value to you.
- They act as a quick and easy solution in a medical emergency
Medical emergencies can happen, and when they do, you may feel that you need to go private, and receive sufficient medical support for the injured party. In this case, loans for medical procedures seem like the ideal solution. Read More »
You may also find that you have urgent medical bills that need paying, and medical loans can also help with that.« Show Less
What are the Disadvantages of Medical Loans?
- You may not qualify if you have bad credit
Good credit is the main thing that lenders look for when processing a loan application as it indicates that you are trustworthy and pose less risk for the lender. Because of this, lenders are unlikely to accept you if your credit does not fit their standards. Read More »
So, if you don’t have great credit then you should take steps to improving it, otherwise it may be difficult for you to receive medical loans.« Show Less
- Personal loans for medical treatments usually have high interest rates
Some lenders will charge really high interest rates, particularly when it comes to financing medical treatments. This is why it is important to do your research and find loans that offer you the lowest rate possible.
4 Tips on Getting the Best Loan for Medical Expenses How to Get the Best Loan for Medical Expenses
When applying for medical financing, you want to make sure that you are getting the best loan for medical expenses, and sometimes it can be difficult to ensure that you are. Lucky for you – we have a few pieces of expert advice that can help you with that. Simply follow these 4 tips to make sure that you receive the best deal on your medical loans.
1. Check the APR
APR stands for ‘annual percentage rate’, which refers to the cost of borrowing over a year. It is a way of measuring the interest rate, as well as any other costs you may have accrued, over the yearly period. Therefore, the interest rate on your medical loan is going to be an extremely important factor to consider when trying to find the best rate. Read More »
It will determine how much money you will repay monthly and how much it will cost you to borrow the money, which will impact your overall capacity to repay your debt. You should aim to find the lowest interest rates on your loan for medical bills.« Show Less
2. Look for Flexible Repayment Periods
Taking out a loan is only a good idea if it is going to be affordable for you to pay it back. This is why it is important to look at the repayment periods that loan providers offer. The more flexible a repayment term is, the more affordable and stress-free the loan will be. Read More »
This is why we offer a repayment term of 12-72 months, to ensure that your lending experience is as easy, affordable, and accommodating as possible.« Show Less
3. Improve your Credit Score
To get accepted for most loans, you are expected to have a good credit score. This is why it is crucial to take necessary steps to improve your credit score and make sure that you fit the lenders requirements. To ensure this, you should do the following:
• Pay your bills on time.
• Keep a close eye on your credit report and make sure there are no mistakes or fraudulent activity.
• Look to repay existing or high levels of debt.
• Register on the electoral roll.
• Disassociate with other anyone else’s credit rating, as it could potentially damage your individual rating. For example, if you have a joint account with your partner and they have a poor credit rating, it can also reflect badly on you and limit any financially-related opportunities.
4. Look Out for Early Repayment Charges
Early repayment charges are applied when you have chosen to repay your debt sooner than your contracted end date. In these circumstances, lenders usually require that you pay this fee along with your existing debt. However, not all lenders charge for this. Read More »
Therefore, if you feel that you may potentially pay off your debt earlier than you are contractually supposed to, you may want to check that the lender you choose to go with does not uphold this charge so that you don’t end up paying more than you need to.« Show Less
The Alternatives of Medical Loans What are the Alternatives to Loans for Medical Procedures?
Feeling good about applying for medical loans but need to know all of your options? Let’s take a look at some of the alternatives to medical loans so you can decide on which option is the best for you and your needs.
• Medical Credit Cards
Medical credit cards are a type of credit card that is used to cover medical expenses exclusively. Some medical credit cards can be used only for specific services though, so it is important to check that it can be used for your medical expenses before you apply.
• 0% Credit Cards
You can always apply for a credit card to pay for your medical loans and spread the cost over a long repayment term to make the debt more affordable to manage. Read More »
Nevertheless, it is important to consider that the interest rates on a credit card may be considerably higher than a personal loan, so you should first try to find a 0% credit card and repay your debt before the interest free period ends.« Show Less
• Healthcare Cash Plans
Healthcare cash plans are beneficial to those who are looking to save on routine healthcare such as dentistry, physio, and optometry-related medical expenses. Some people often confuse healthcare plans with private medical insurance, but they are two separate things. Whilst cash plans give you money back on routine healthcare expenses such as the above, private medical insurance provides cover for actual medical conditions and offers consultations, diagnosis, and surgery. Read More »
Healthcare cash plans are a better option for those who are looking to save money on their medical expenses, alternatively to those looking to cover the whole sum of the expenses. What’s more, you don’t need a medical referral to access a cash plan.« Show Less
Frequently Asked Questions Medical Loans FAQS
When considering applying for medical loans, you are likely to accumulate an endless list of questions regarding the topic. And if we haven’t answered all your questions already, then take a look at some of the most frequently asked questions below.
Can I take out a loan for a private operation?
Yes, of course. We take pride in offering loans for any purpose, so whatever you need the loan for, we are happy to accommodate.
I need a loan for medical bills. How much can I borrow?
You can borrow anywhere between £1,000-£20,000.
What type of medical treatments are covered by the NHS?
Whilst the NHS is free at the point of delivery, the care expenses are not offered for all treatments and circumstances. There are several factors that go into deciding whether the treatment you are looking to receive will be available to you and your individual circumstances.
For example, some procedures and treatments are only available to specific groups, or only for those who it is considered a medical necessity and who have been referred by their GP. It is important, therefore, to consult with your GP beforehand to see if your particular treatment is covered by the NHS.
I need to find the best loan for medical expenses, but I don’t have good credit. Can someone co-sign on my loan?
Yes. If you don’t have the best credit rating then it may be a good idea to get someone, with good credit, to co-sign on your loan. However, just be aware that it may be difficult to get find someone willing to take on that responsibility. When you co-sign a loan, the co-signer also takes on full financial responsibility for the management of it. Therefore, they will also be liable if the debt is not repaid.
Do you charge any other fees with your medical loans?
No. iThink Finance does not charge any other fees for our service.
What information is required for me to apply for loans for medical procedures?
You will be required to provide a few personal details to apply for a loan online. This information includes contact details, first and last name, date of birth, and your marital status.
Are health and medical insurance the same?
Despite having two different names, health and medical insurance are usually classified as the same thing. They both cover events that require surgery, treatment, or hospitalisation if someone is ill or falls ill.
How do I get the best loan for medical expenses?
To receive the best loan for medical expenses, you should ensure that your credit rating is in great shape by: paying bills on time, keeping a close eye on your credit score, and by not applying for a huge amount of loan or credit card applications. You should also look out for low APR; no fee deals on your loan to make sure you are getting the best rate on the market.