Of all the debt you can have, medical debt is probably the worst. This decision is one of the main reasons, so many people choose to take out medical loans – bills can add up at an exponential rate!
Pros of medical loans
Like most debt, medical debt can ruin your credit rating. The difference is that people who incur medical debt have in most cases been prudent in every area of their financial lives. They don’t rack up credit card debt, always pay their bills on time, save for their retirement and even have emergency savings.
When all else is well, sickness comes to call. Like with death, the time is never right for a medical event. You may have been conscientious in that area too – going for regular checkups, leading a healthy lifestyle, eating healthy and so on. And still, disaster strikes. Your depleted savings. Your credit card bills are insurmountable.
You might not have any luck getting a conventional loan from a bank. If you do, the interest will be high. Your medical debt may even be in collections without you knowing it – that’s the case with most people. They have no idea until the collectors start calling or see their credit report. Your credit score drops and you become less likely to qualify for a mortgage, car loan or home loan. You are even less likely to get a job!
This reason is very unfair. Studies show people with medical debt are more likely to pay it off than people with other dues, which means they're a lower credit risk.
If you have other debts apart from medical debt – a car loan, a student loan or credit card debt – you could easily go bankrupt. One option would be consolidating your debt to avoid this. You can pay it back over a given period as agreed with your creditors. This credit rating would help keep you from plummeting, as you would for a medical loan. We recommend getting one from a direct lender, because it will save you time, among other advantages. More on this later.
Defective Medical Device Loans
Medical technology can save and improve lives, but it can do damage, too, despite everyone’s best interests. Some medical devices have caused injuries, even fatal ones. Why does such damage occur? Sometimes manufacturers don’t take the time to test their products sufficiently, rushing to get them out on the market, and there are issues with them. If you want a loan, try a direct lender. Call them or apply online.
They’ll contact your attorney to learn more about your case. In some cases, it takes less than 24 hours to obtain approval, and you get your loan via wire transfer, check or direct deposit. You can use this loan to cover medical, court and personal fees.
Disability, scarring, nerve damage, infection or loss of function can also help you qualify for a medical loan.