Medical emergencies can hit you the least time you expect them. You can get caught financially unprepared. Even if you are financially ready, medical bills can easily pile up. They will surely put a dent on your budget.
If you need an immediate source of extra cash, you could go to a loan money lender. You can get a specific type of loan for medical purposes.
What are medical loans, and what makes them special? Here are five essential characteristics of this type of loan.
Medical loans are usually approved and released quickly
Medical emergencies can happen at any time, especially when you least expect them. You may get caught off guard by a sudden hospitalisation, surgery, or any health condition that needs treatment urgently.
If your savings or emergency fund is not enough to cover your medical bills, you may need to turn to medical loans. Most money lenders can swiftly approve your loan application and release the funds right away. For instance, you can apply today and have the funds ready before the end of the day. This way, you can pay your medical bills without delay.
They cover any medical procedure
Medical loans cover all procedures, from routine check-ups to major surgeries. Lenders do not discriminate against any particular medical procedure. They also do not favour specific treatments. Whatever procedure you require, medical loans can cover its entire cost. Even hospital stays and follow-up visits are included.
You can apply for them online
Thanks to the growing popularity of online moneylenders, you can now apply for a medical loan online as well. Many lenders have their own apps that let you apply for a loan and pay the monthly dues all online. This way, you can get constant reminders of repayment deadlines and how much you need to pay for the next instalment.
Most lenders do require you to visit their office in person to submit documents, though. This is necessary as they have to verify your credit history and financial capacity, as well as Singaporean citizenship or permanent residency status. For most lenders, you have to present these documents:
- NRIC
- Proof of income (such as CPF and bank statements)
If your documents check out, you can get the funds you need right away.
You can negotiate the loan tenure
Many lenders let you adjust the loan tenure to match your financial situation. If your budget is tight, you can opt for longer tenures, which have lower monthly instalments. But you may incur higher interest rates with long loan tenures. If your budget allows it, choose shorter tenures with higher monthly instalments. This way, you would pay less in interest overall.
No collateral is required
Medical loans are unsecured loans, which means you do not need to provide any asset as collateral. This is ideal for medical emergencies as the approval process is easier.
Also, it gives you peace of mind. You don’t need to worry about losing a valuable possession in case you have trouble paying back your loan. Still, remember that you have a legal obligation to repay your loan. Do your best to pay it back on time. This way, you can maintain a healthy credit score.
Conclusion
If a medical emergency suddenly hits you, a medical loan can give you a much needed financial helping hand. These five characteristics are common to medical loans. For best results, visit a renowned Orchard money lender or legal lenders in other areas of Singapore to get the best medical loan for your needs.