What is a Medical Loan?
A medical loan is a special variant of a personal loan. The difference is that medical loans are specifically granted for the purpose of paying medical expenses.
You may have insurance, but the chances are your policy does not cover every eventuality, and the co-pay for items that are covered can be steep.
Your Medisave account can help pick up part of the tab, but access to it is situational and limited. Serious medical expenses can quickly deplete what the account has to offer.
A UK Credit medical loan can take care of the cost that other sources leave unpaid, or replace them altogether as your soul financing option for certain procedures.
Our medical loans come in 3 main varieties: unsecured, secured, and debt consolidation.
Unsecured Medical Loans
The most common form of medical loan, an unsecured personal loan grants you the opportunity to secure funds without offering collateral. This means you don’t have to put property on the line in order to qualify.
Instead, our team will evaluate your credit history, credit score, debt-to-income ratio, and other relevant elements to determine what rates and amounts best suit your situation.
Secured Medical Loans
If the terms of an unsecured loan are not ideal, you may want to explore this option. If you have collateral that you are willing to stake, then you are welcome to request a secured personal loan.
Using your home equity, car, investments, or other possessions of verifiable value, you can achieve terms that typically include better interest rates and more favorable conditions.
Medical Debt Consolidation Loans
Often, patients choose to charge excess medical costs to their credit cards. These costly charges can quickly balloon into something beyond your means to pay, once the high credit card interest rates are applied.
Apply for our medical debt consolidation loan to address this issue. We will pay off your creditors and assume the debt, allowing you the convenience of dealing with a single creditor, and relief of a lower interest rate.
Am I Eligible for a Medical Loan?
At UK Credit we strive to provide funds to those who need them, especially those who are in the midst of a medical emergency. Anyone with medical care costs that exceed their ability to pay should apply for one of our medical loans, and we will swiftly evaluate your circumstances to determine your eligibility.
As previously mentioned, approval for a medical loan involves the careful consideration of many factors. Even secured loans do not escape this scrutiny. The list of considerations is as follows:
As with any loan, your credit history is the prime indicator of your trustworthiness a borrower. Bad credit suggests that lending to you would be a risk — and not just for us. While you or your loved ones are dealing with a crisis of health, the last thing you need is to be saddled with a debt you can’t hope to pay off.
In such cases, it would be better for you to avail yourself of government assistance, which exists specifically to help those ineligible for other forms of financing.
If your credit score is good, it is much more likely that you will be found eligible to receive a loan, though the exact terms will be decided based on more than just your credit score.
Providing proof of a consistent income source can overcome the lack of credit history. We understand that, especially among young people, it is not uncommon for credit history to be unestablished.
In such cases, you will likely be found eligible for a loan that should be easily paid off using your income.
Having a great income is less helpful to your case if your existing debt overwhelms it. As in the case of bad credit, a medical loan offered up to someone already falling behind on existing debt payments is a bad idea for all involved.
If you are in this situation, you should seek out other sources of assistance, as it is unlikely you will be found eligible for a new loan. However, if you are taking a medical loan as a method of debt consolidation, this factor will be measured differently.
We understand that you may draw upon investments, retirement, or other forms of income. If you can’t show proof of consistent employment, be prepared to offer supporting documentation explaining the source of the income you will use to pay back the loan.
When Can a Medical Loan Be Useful?
Medical loans are arguably the most versatile form of financing available for health care. Insurance policies are only as useful as the conditions they cover. Medisave accounts are limited in scope, and have caps on the amount you can withdraw.
By contrast, a UK Credit medical loan will serve you well in a wide variety of circumstances. They are useful in all of the following scenarios:
The list of maladies that require urgent medical care is long. Make no mistake, medical emergencies are not limited to obvious injuries or dramatic symptoms. They include, but are not limited to:
- Chest Pain
- Difficulty Breathing
- Broken Bones
- Unstoppable Bleeding
- Blood In Urine/Feces
- Severe Pain
- Sudden Weakness
- Sudden Confusion
Each of these conditions can be a sign of serious illness or injury, and you should visit the ER right away if you are suffering from any of them. Don’t hesitate due to cost considerations. This is what medical loans are made for.
Oral health is no less important than in any other area, though it is often left out or poorly covered by insurance plans. This can make paying for simple procedures difficult, not to mention dental surgeries.
A UK Credit medical loan can solve this problem. Whether you need cavities drilled and filled, or braces installed, you can rely on us.
We also provide loans for cosmetic dentistry, such as teeth whitening and straightening. So, now’s the time to consider that dental work you’ve always wanted, but didn’t think you could afford.
Plastic surgery is rarely covered by medical insurance. When it is, it’s often only in cases of severe disfigurement, and the amount the insurance company is willing to pay isn’t always enough to allow the surgeons to do the best possible job.
Meanwhile, elective plastic surgery for cosmetic reasons isn’t covered at all. In both cases, a medical loan can allow you to restore your appearance after an injury, or to recreate yourself using the most advanced methods.
Weight-loss surgery is often the option of last resort. Many people struggle through diet and exercise routines, upending their lives in pursuit of a healthy BMI. Yet, sometimes, due to genetics or injury, the weight just won’t come off.
If you struggle with your weight, and have reached an unhealthy state, bariatric surgery may be for you. A medical loan can pay to help you achieve the build you’ve always wanted via:
- Gastric Bypass
- Sleeve Gastrectomy
- Duodenal Switch
Attempts to conceive naturally can be thwarted by any number of obstacles, from hormonal imbalances to physical impediments. Infertility treatments exist to help diagnose and treat these issues.
Insurance coverage of such treatments is inconsistent. Sometimes in vitro fertilization is covered, but not intrauterine insemination. Pills may be approved, but not injections. There may even be a limit to how many times you can try a treatment.
At UK Credit, we believe that you should have every chance to make your family complete. Our medical loans cover all fertility related medical treatments and procedures.
LASIK Eye Surgery
As crucial as your eyesight is to your quality of life, it may surprise you to learn that laser eye surgery is rarely covered by medical insurance policies. To an insurance company, the most important thing is cost, not your comfort. They would rather you buy a pair of glasses, or simply live with poor vision, than have them pay for LASIK surgery.
At UK Credit, we can provide the funds you need to recover your sight. We offer medical loans to meet the cost of not only LASIK eye surgery, but other elective and non-elective ophthalmology procedures.
Sometimes, your insurance covers your visit to the doctor, and even the cost of your hospital stays and treatment. Yet, that is rarely the end of the story when recovering from a serious illness, or managing a chronic condition.
Aftercare costs can be significant, and none more so that the cost of prescription drugs. Your physician, in the interest of providing you the best care, may prescribe high cost drug brands that your insurance company won’t pay for.
When generic drugs are prescribed, it’s always possible that they, too, are not covered. Even when the medicine is covered, that doesn’t mean you’re off the hook — there’s still a co-pay.
Lack of coverage for these costs is the number one reason that prescriptions go unfilled, causing untold damage to patient health.
At UK Credit, we understand the mounting expense of prescription drugs, and our medical loans can be used to pay for the medicine you need. Don’t go without. Contact us today.
Health Insurance Payments
When you need assistance paying for healthcare, your first thought is health insurance. When your needs are covered by your plan, this can often be good enough. Yet, there are numerous instances where even “good” health insurance leaves you holding a bill.
Some insurance policies require you to pay your own bill before they will reimburse you for the amount. That’s hardly useful if you don’t have the money you need.
If you require serious medical treatment, a long hospital stay, expensive medication, or any combination thereof, the price of your co-pay can skyrocket as well, leaving you nearly as bad off as you would be with no insurance at all.
You can even incur charges if your treatment requires you to be seen by a doctor outside of your insurance provider’s approved network. For all the good it does, sometimes you need help paying the helper!
Fortunately, UK Credit is here for you. Paying health insurance charges is a valid reason to apply for a medical loan, so don’t stress another moment.
Should I Apply For a Medical Loan?
Nothing is more important than your health. Your ability to enjoy the pleasures of life is directly connected to your wellness. You do what you can to stay well, for your own sake, and that of your family and friends.
Yet, sickness is inevitable. Injury is unavoidable. The medical system in Singapore does an admirable job of trying to make sure health care is available, and affordable to all parties. Yet, the fact remains that treatment can quickly overwhelm your insurance, and tap out your Medisave account, leaving you unsure of where to turn to find the funds you require.
At UK Credit, we have you covered. We offer medical loans specifically to rescue you from such dire circumstances. When a medical emergency arises, no one should hesitate for a moment to seek care for fear that they won’t be able to pay. Take out a medical loan with us, and we will shoulder that burden while you focus on your health.
Contact UK Credit today to begin your medical loan application process. We are ready to assist you.