Any type of situation that requires medical care can prove to be stressful, whether it’s an emergency situation or not. Despite the fact that Australia has Medicare and many private health insurance companies you can join, medical attention doesn’t come free and often Medicare or a private health fund won’t cover all associated costs anyway. There will almost always still be something extra you have to pay.
Having money worries thrown into the mix when you need surgery or some other form of medical attention only adds to the stress of the situation. Extra stress and tension won’t help with your recovery either. In order to fully recuperate, you need your life to be as stress-free and relaxed as possible.
If you have mounting hospital and healthcare bills and you simply don’t have the money on hand to cover them, what options do you have to get those bills paid so you can start breathing easier again?
One good option that can get the cash in your hands quickly is a Medical Loan.
How a Medical Loan Can Really Help
When it comes to Medical Loans, Australia gives you loads of options, which is great news. You can apply with one of the big banks, smaller banks, credit unions, building societies and the private lending sector. With most lenders, you can even apply for Medical Loans online, which saves you time and gives you a very convenient option if you’re recovering from medical treatment, an accident or a surgical procedure. The last thing you’ll want to have to do is visit a branch in person.
Another way you can save valuable time, which may be very important in the case of medical treatment, is to apply for a Medical Loan with a private lender. Many private lenders have rapid turnaround times from the moment you submit your loan application through to loan approval. Banks can often be a little sluggish when it comes to processing loan applications, so if you need the money quickly, try a private lender instead. They strive to gain a competitive advantage by offering speedy service.
If those medical bills are mounting up and you haven’t got the money in the bank to cover them, it’s going to increase your stress levels, as spoken about earlier. Just knowing that you can cover your costs with a loan will lift a great weight off your shoulders. You want to be able to focus on treatment and recovery without having to stress about how you’re going to pay for it and where the money is going to come from.
Depending on the lender’s criteria for Medical Loans and Personal Loans, you may be able to borrow as much as $50,000 if you need that amount. Most loans start at around the $2k mark as a minimum. It really just depends on your individual circumstances, how much money you need and how long you will require to repay the debt. Therefore, take some time to shop around for a lender and a Medical Loan that’s just right for you. If you are unable to do the research yourself, ask someone to help you.
Points To Consider When Making a Loan Application
Some things to consider with a Medical Loan or Personal Loan are:
- What are the repayment terms?
- Is there a loan application/establishment fee?
- How much is the interest and is it fixed or variable?
- Can you borrow the amount you need from that lender?
- What is the turnaround time from application to approval?
- Can you apply for the loan online, including uploading digital copies of supporting documentation?
- Does the lender actually loan for medical expenses such as a surgical procedure?
- Do you meet the lender’s eligibility criteria?
- Can you repay the loan early and is there an additional fee if you do?
- Does the lender pay your healthcare provider directly?
- Is the lender a trusted Australian owned business?
The Wrap
If you have medical expenses that are starting to pile up, it’s definitely worth considering applying for a Medical Loan to cover those expenses and to give yourself peace of mind.