What is an Emergency Medical Loan?
Experiencing a medical emergency can be scary, to say the least. Between the hassle of visiting the doctor, waiting for test results, and fighting with your insurance company, one can be left feeling utterly depleted and overwhelmed. Amidst this stress is also the financial burden that medical emergencies can have on our lives. As the cost of healthcare rises across the country, having to deal with a medical emergency can be stressful on both your body and your wallet. According to recent data published by the United States Census Bureau, 19% of American households declared that they could not handle paying for an unforeseen medical expense upfront. If you are currently dealing with medical expenses that are not covered by insurance or you do not have proper insurance coverage, emergency medical loans can save the day.
Some of the most common reasons why an individual would need a medical loan include the following:
- Orthodontics, Veneers, Dental Implants, and Dental Surgeries
- Chemotherapy or Radiation Treatments
- Expenses Associated with Going to Urgent Care, Including Ambulance Rides
- Long-Term Physical Therapy or Cardiac Rehabilitation
- Hospice or Palliative Care
Considering the fact that the average cost of hospice is $66 per day or that the cost of treating cancer often causes significant financial hardship, you are not alone if you are searching for immediate medical financing. An emergency medical loan gives you the financial assistance you need to cover your medical expenses and stay on top of your health issues.
Personal loans, credit cards, and vehicle title loans are all options to explore if you are looking for ways to access emergency cash to deal with a medical emergency. Even bad credit loan options exist if you are a subprime borrower who needs fast cash to handle a medical issue! Keep reading to explore these different options and understand the route you need to take to deal with your health problems and obtain an urgent medical loan.
Comparing Loans for Medical Procedures
As mentioned above, you can take a few different routes to access medical financing during an emergency. Comparing loans for medical procedures can help you make an informed decision and choose an option that makes the most sense for your personal financial situation and preferences.
Ultimately, the choice is yours, but you can explore the following options during your search for loans for medical expenses:
- Personal Loans: Often marketed as medical loans, home repair loans, or debt consolidation loans, this type of multi-purpose loan can be used to handle a variety of financial issues. In the event that you are qualified for a personal loan, you will have the opportunity to use your loan proceeds to pay for a variety of medical expenses since you will have the flexibility to use your funding as you see fit once the loan has been approved by a lender. While personal loans do offer flexibility in that regard, they are tougher to obtain if you do not have a strong credit history because they are typically unsecured. Even if you are eligible for an unsecured personal loan, your loan terms will likely not be ideal if you have a poor credit score.
- Title Loans: Comparatively, since title loans are secured loans, the application process can be much more flexible – even if your credit score isn’t perfect. With title loans serviced by LoanMart, eligible borrowers can access their funds in as little as 24 hours and receive competitive interest rates. If you are searching for medical loans for bad credit, a secured loan like a title loan can be an option to explore. To obtain loan approval, you must meet the initial requirements, which include having a title to a qualifying vehicle in your name, being of legal age, and being able to provide proof of your ability to repay the loan. A title loan allows you to borrow against the value of your vehicle by using your title as collateral for the loan. Applying can be hassle-free, and by completing an online prequalification form, you can instantly find out if you are pre-approved for the financial help you need. Call 855-422-7412 to learn more about applying for title loans for medical bills or expenses!1 3
- Credit Cards: If you do not have enough available credit on an existing credit card to handle medical expenses, you can consider applying for a medical credit card like a CareCredit Card. While you can use a regular credit card at many different medical offices and stores, a CareCredit Card is a financial option that can only be used at locations that accept CareCredit. Whether you decide to use an existing credit card or a CareCredit Card to handle your medical expenses, surgeries, or procedures, remember that many financial experts recommend paying off credit card balances as soon as possible to avoid accruing interest charges.
Whether you need fast medical loans for surgery coming up or simply need cash to pay for expensive medications, as a borrower, it is imperative to make sure you fully understand a contract before signing on the dotted line. When comparing various loans for medical expenses, see how each loan stacks up in the following categories in order to weigh your options:
Annual Percentage Rate (APR)
Expressed as an annual rate charged on a loan balance, APR is simply the cost of borrowing money, whether you decide to go with an emergency medical loan or a credit card. Individuals with higher credit scores can qualify for loans or credit cards with lower APRs, while those with lower credit scores usually encounter higher APRs.
Loan Terms
When taking out an emergency medical loan, you should be fully aware of the terms of the loan you’re signing, including how long you’ll have to repay the money you intend to borrow. While having more time to repay a loan can potentially lower your monthly payments and help you create more room in your budget, remember that longer loan terms can increase the amount of interest you will repay over time.
Loan Amount
Before you make a decision, review your situation and have a solid understanding of exactly how much money you’ll need to borrow in order to handle your medical emergency. The total amount you need to solve a medical issue can affect the route you take to obtain medical financing. With a credit card, you are only able to spend up to your available credit limit, which is set by your credit card provider. With personal loans, your loan amount is primarily determined by your credit score and your financial history, so you may not receive a high loan amount if you don’t have a strong financial background and a prime credit score. With a car title loan, the amount you can borrow is largely based on your vehicle’s value and your ability to repay the loan, not just your credit history. Depending on your state of residence, your vehicle’s value, and your income, you could potentially access up to $15,000 through a title loan if you are eligible.1
At the end of the day, you should choose the medical financing path that works best for your current situation. If you feel like a title loan is a practical option to help you cover those unexpected medical expenses, call 855-422-7412 to speak with a LoanMart title loan agent!
How to Apply for Medical Financing
When you have an existing credit card that you intend to use to handle your medical expenses, submitting an application isn’t necessary. But if you are exploring the CareCredit Card route, you can expect to submit an online inquiry form and provide your personal information, like your income, address, Social Security Number (SSN), and other important details about yourself.
If an emergency medical loan sounds like the right option instead of a credit card to solve your current situation, then you will typically need to apply online, at a storefront location, or over the phone and have the following documents on hand:
- Proof of Income, Typically Through Bank Statements or Pay Stubs
- Proof of Address, Such as a Recent Utility Bill or Credit Card Statement
- Valid, Government-Issued Identification Card, Like a Driver’s License
Depending on the type of emergency medical loan you are applying for, other documents besides the ones listed above will be required to obtain loan approval. If you are interested in applying for a title loan, the following documents will also need to be submitted during your online loan request:1
- Vehicle Title (Must be in Your Name)
- Recent Photos of the Vehicle to Complete a Virtual Car Inspection
- State-Specific Documents May be Required
Although you should keep your car title in a safe place to ensure that you don’t lose it, life happens! You must have the vehicle title in your name and possession at the time of your application, so obtaining a duplicate title will be necessary if you lose your original copy. Regarding the state-specific documents, for example, if you are applying from Tennessee, Michigan, or Texas, you will be asked to provide additional documents to complete your title loan application. With LoanMart, applicants have the freedom to choose between submitting their documents through an online portal or sending everything through email or text message.1
If you are in need of an urgent medical loan, start gathering the required documentation that you need for your preferred loan in advance! Getting started can be as simple as submitting an inquiry form online. With LoanMart, you can choose to complete a pre-approval form online or even get started over the phone with a title loan agent!1
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What are the Pros and Cons of Emergency Medical Loans?
Regardless of whether you pursue a car title loan or a personal loan to finance your medical expenses, you will run into pros and cons, as listed below:
| ✅Pros | ❌Cons |
|---|---|
| Whether you choose a personal loan or a title loan, you can use your loan proceeds to pay for almost any medical issue.1 | You will only be able to spend as much as you are approved for through whichever loan option you choose. |
| Through an emergency title loan serviced by LoanMart, you can often get funding in as little as one business day. In some cases, qualified borrowers can access funds the same day they apply!1 | If you have bad credit, you may not be able to qualify for a personal loan. |
| Personal loans and title loans can often be repaid in equal installments over a set period of time, which can help you plan your monthly budget accordingly.1 | You must have a vehicle with a sufficient amount of positive equity to apply for a car title loan.1 |
Where Can I Find No Credit Check Medical Financing?
Your credit score doesn’t care if your health is suffering and you need a pricey medical procedure. If you are currently searching for loans for medical expenses and you have bad credit, you may feel as though you have no options. This may not be the case! As mentioned above, medical loans for bad credit exist. While personal loans may not cater to individuals with bad credit scores, a title loan can be a different experience.1
If you have a rocky financial history, you may have faced a lot of rejection in the past when applying for new credit. While you typically won’t be able to find a lender who offers no credit check medical financing, there are still options for you to consider to secure a loan to help you pay for emergency medical expenses. Call 855-422-7412 to speak with a LoanMart title agent today and learn more about bad credit loan options for medical expenses!1
