Today, it’s not rare to find somebody who is not battling any chronic and potentially fatal illness. It could be cancer, a coronary disease, a gastrointestinal syndrome, or a medical emergency – you name it. Chronic illnesses are infamous for their prolonged treatment procedures that require multiple appointments with health professionals who suggest numerous treatment options to tackle the ailment. Such medical intricacies can be detrimental to your and your family’s mental well-being and your financial well-being.
Usually, such situations would bring along periodic expenditures for medicines or medical procedures. Unluckily, a large portion of the global population combats some financial difficulty during a health crisis. In such instances, borrowing money from the bank, in the form of a flexi loan, or some other private lender is the only option people are left with.
However, no matter how big an emergency must be, it’s vital to stay mindful while deciding to borrow money. A quick loan can act as a lifeboat when savings fall short of paying the medical bills. Below are three borrowing options you can avail of if you find it challenging to fund your expenses or if your health insurance exempts any unique situation.
- A medical loan: a medical loan, as the name implies, is a type of loan that is intended to fund medical expenses. The limit usually depends on your circumstances and ability to pay back. The criteria, such as the loan amount, interest rate, tenure, and eligibility, will vary from lender to lender. Nonetheless, it’s essential to consider that, like any other type of loan, your credit score will play a significant role in determining the likelihood of you qualifying for the loan. You may take a medical loan if:
- You want to fund a medical procedure that requires significant expenditure, such as coronary bypass surgery, bone marrow transplant, cancer surgery, etc.
- You are sure you would require a large amount of money to fund your or the patient’s treatment.
- You will be able to pay the installments with interest on time.
- A personal loan: A personal loan is slightly different from a medical loan on the grounds that it has no specifications on how you can use the loan amount. Thanks to internet technology, it is possible to avail of instant loans online through lending platforms. You may take a personal loan if:
- You’re sure that the medical expenses are enormous enough to cause disruptions to your life, but they’re nominal if paid in installments.
- You’re sure about how much money you would need exactly.
- An excellent credit score can get you lower interest rates than a medical loan.
- You want to fund minor surgeries that don’t require much expenditure or wish to pay for a routine procedure that costs the same amount each time you go for an appointment.
- A line of credit: A line of credit can be considered a mix of credit borrowed through a credit card and a personal loan taken from a lender or banking institution. A line of credit usually has a fixed credit limit below which you can keep borrowing money when needed. What differentiates it from a personal loan is that interest is only calculated on the amount you end up using instead of the total amount you borrowed. They can be chosen as an alternative to an instant loan online. You may take a line of credit if:
- You’re yet to figure out the exact expenditure.
- You want to fund minor procedures or periodic medications.
- You are comfortable with varying interest rates.
The bottom line:
All three borrowing options are subjective. Your income, credit score, and mortgage play a significant role while determining your eligibility for these quick loans. Depending on your circumstances, you can choose the loan that perfectly meets your needs. It’s important to stay mindful of the tenure period and interest rate before taking any loan.