If you are suffering from some dental problem, but have no money to pay for costly dental services then medical or dental loan may become the best financial solution in your case. Such specialized loans can help a patient to cover the costs of such pricey procedures as crowns, dentures and teeth extractions.
However, these loans have some serious drawbacks. Medical services loan is the type of lending that is difficult to obtain. First, it is not that easy to find a bank, financial or medical institution, which provide dental financing plans. Secondly, you will have to agree with rather stringent terms. The loan for medical services is usually taken from banks or directly from the hospital or clinic where you want to apply for dental treatment. In this article we will try to give you the necessary guidance to help you get credit for treatment in a simple and understandable way.
Where to start? First of all, it is necessary to evaluate your needs. Do you need an expensive serious treatment or just a preventive treatment? At this stage it is necessary to pass a general examination in the selected dental clinic. After thorough examination your dentist will provide you with the estimated price of the treatment. This price must include the cost of all services from X-rays and anesthesia to equipment and medications that you may need after the treatment. Also, you should check the license of the clinic that confirms that this medical institution is authorized to provide certain dental procedures and medical certificates, which will be needed for the bank or other financial institution. All that is needed for the selection of the right dental financing plan.
The second stage – assesses the ability to pay for the debt. Calculate your average monthly earnings, consider the average personal and fixed costs (for example, public utilities, other loans, alimony and etc.) so you will be able to determine the amount of own funds, which can be used to repay the new loan.
The next step – select the right payment plan. Firstly, it is necessary to look through the proposals of banks in the selected clinic. Very often medical and financial institutions work in cooperation to provide patients with affordable loan plans. If you prefer to apply for a phased payment, it is advisable to consider credit cards and lines of credit – so you can save significantly on interest. When considering one of the dental financing plans, pay attention to all the additional fees. It is necessary to make a complete comparison of parameters and calculation of the overpayment.
Application form – the next stage. Specify the list of documents required for the loan obtaining. Try to collect all necessary documents. This will influence the speed of decision-making process.
Getting a loan – the final stage of the process. You can either pay for the treatment in cash or transfer funds on the clinic’s account. The second option is most common when you apply for a loan directly in the medical facility.
Before to choose a certain payment plan, we recommend you to study all the terms of lending very thoroughly, calculate the overpayment and then compare the loans from other banks. In such a way you will make an informed decision and choose the most beneficial financing plan.
Randy Parker in cooperation with finance expert Ben Myers for company, providing SimplePay dental financing options.