Undergoing cosmetic, corrective or bariatric surgery, can be a stressful and complicated time. Because of this it is best to get your financials in order long before the process begins. Whether you are having cosmetic, bariatric or corrective surgery the recovery time needs to be as relaxing as possible and is definitely not a time to be worrying about how it will be financed! Finding the right medical loan can be a straightforward process and can relieve some of the financial strains that a surgery like this can bring about. Taking out a loan means you can pay it back in smaller instalments at a later date instead of a lump sum before the surgery.
A loan for medical expenses is to finance dentistry procedures or cosmetic and weight-loss surgery. A loan for medical purposes can be either secured, which is tied to an asset like a house that can be seized if you do not repay, or unsecured, based on your credit rating. Medical loans are normally taken out for values between £200 and £12,000.
This type of loan – personal or unsecured, is based purely on an individual’s credit score, and ability to repay each month. If you have a proven history of paying back debts on time for an extended period of time, then you could be eligible for this type of loan. The higher your credit score, the lower your interest payments will be over the duration of the loan. This is because you are more likely to repay your loan than someone with a low rating.
Credit cards are a second option to pay off medical debt. Because you don’t have to pay off the lump sum at one time you can spread the repayments over a long period. You need to be aware of the high interest rates that credit cards charge – it is definitely worth looking around to try and find a low, or zero percent interest rate card.
Another option you have is to take a second mortgage out against your home to pay for your medical surgery. This can be a cheaper option because it is backed by an asset, and the payments are spread out over a longer time frame. The danger of a secured second mortgage loan to fund a surgery is that if you do not keep up with monthly repayments your home can be repossessed.