Are you stressing about how you will pay for unexpected medical bills? Or maybe you’ve just emptied a hefty portion of your savings account on health care expenses?
While the Australian health care system is fantastic – many procedures aren’t covered by it. Medical services save lives but unfortunately come at a great cost.
Nevertheless, there is a solution to ensure that your family’s health always comes first – even if your wallet is looking bare!
Ever heard of bad credit loans?
This article will provide you with all the information you need to help manage those dreaded medical bills.
What Is A Bad Credit Loan?
A bad credit loan is a type of personal loan for people with low credit scores or little to no credit history.
They allow you to borrow a sum of money from a lender, that will need to be repaid over an agreed duration through fixed monthly instalments plus added interest.
Why choose a bad credit loan, over another type of financial assistance?
Bad credit loans are unsecured, and they allow you to borrow funds to pay for things like medical bills, financial emergencies, and even debt consolidation.
You don’t need to have a flawless credit report to be approved – which is usually the case with traditional financial institutions.
But more about the benefits below!
The Benefits Of Using Bad Credit Loans To Pay For Healthcare
Fast Application And Loan Approval
No one likes to think about potential medical emergencies, and as a result, they aren’t prepared for unexpected medical expenses – even if they have medical aid.
If you ever find yourself in the position of needing to pay for massive medical bills, it only adds to the stress.
The good news is that there is a way to receive financial assistance quickly, with little hassle. City Finance bad credit loans can be deposited into your bank account on the very same day you apply.
A Bad Credit History Won’t Get In The Way
It can be a huge challenge to receive a loan without a well-established, impeccable credit record.
Financial providers always check your credit score to determine whether they will approve your loan application.
Unfortunately, they consider those with low credit scores too much of a risk.
This is when bad credit loans can be extremely advantageous. Even if your score isn’t perfect, or you’re new to the world of credit, you stand a good chance at receiving the funds you require.
Bonus Tip: You can use your bad credit loan to improve your credit score – especially if you don’t already have an established credit history. It goes without saying that you’ll need to make sure you always make payments on time.
No Collateral Is Required
Bad credit loans are essentially unsecured personal loans. This means that lenders don’t require your assets as security before they lend you the money.
You don’t need to use your car, house or other valuables as collateral, unlike with secured loans. This makes getting approved for an unsecured loan a lot easier.
Avoid The Risks of Medical Debt
Take out a loan to avoid debt? This may sound counterintuitive, but you might find yourself drowning in huge medical bills that are due sooner than you can afford to pay for them.
These unpaid bills become higher, with steep interest rates and added late fees.
Not to mention the negative effect on your credit score from failing to pay on time. You don’t want to run into hassles later down the line – for example, when you need a mortgage or vehicle loan.
A bad credit loan can help you to avoid the consequences of medical debt.
What Can I Use A Bad Credit Loan For?
When it comes to health care costs, you can use your loan to fund dental expenses, cosmetic surgery, specialist appointments, emergency treatment, ambulance fees, and more.
Basically, any health services that aren’t covered by the free public health care scheme in Australia.
It’s also worth mentioning that you can use a personal loan to pay for other expenses such as:
- car expenses
- rental bonds
- furniture and equipment
- home renovations and repairs
- vet bills
- travel expenses
Conclusion
When it comes to your family’s health, and your wallet – you can save yourself tons of stress by making use of a bad credit loan.
You can reap the benefits if you stick to the loan term and make all of your repayments on time.