When you’re sick, dealing with bills and other medical expenses can be overwhelming. But you’re not alone. According to a recent study, over 500,000 people who file for bankruptcy annually cite medical bills as the reason why they can’t manage their finances. You can get payday loans for medical bills, but this unsecured loan option is not the only way you can borrow money for medical expenses. As a consumer, it’s important to be as informed as possible and understand all of your options.
How Do I Borrow Money for Medical Expenses?
Whether you’re dealing with an unexpected surgery or a bill from the Emergency Room, it can be tough to manage the costs on your own. You can borrow money for different kinds of medical expenses by applying for a payday loan or other type of fast loan option, such as a title loan. Check out some of your options to borrow money for medical bills:5
Personal Loans
Personal loans can be secured or unsecured. If they are unsecured, your eligibility is based on factors like your credit score and ability to make payments on your loan. Personal loans tend to have longer loan terms than payday loans. But, they also have more strict credit requirements. It isn’t as difficult to get a payday loan for medical bills with bad credit as it is to get a personal loan.1 5
Credit Cards
A credit card is another way to pay for medical bills. CareCredit cards are some of the most common ways to pay for medical expenses. But, keep in mind that purchases with your credit card have high interest rates, and you may not meet the requirements for the card. If you are eligible for a new card, your available credit could be lower than what you need. If you can’t pay off the bill within the billing cycle, it may lead to a cycle of debt that is difficult to escape from.
Title Loans
A title loan is a secured loan. You can borrow against your car or truck’s value and access funds in as little as one business day.1 2 5 Since the loan requires a car title as collateral, the credit requirements aren’t as strict. That being said, you will need a vehicle with positive equity to get approved for fast funding. You can typically access up to half or more of your car’s value!1 5
Payday Loans
Payday loans are unsecured loans that are typically expected to be repaid on your next payday. If a medical bill has eaten up a large part of your paycheck, you can essentially “dip” into your next paycheck, with interest. The average payday loan amount is around $500, but it can be more or less depending on your eligibility and your state of residence.1 5
If any of these financing options are on your radar, Max Cash? can help – and the process is as hassle-free as possible. We’ve done the research for you! Submit an inquiry today for a payday loan and get connected to a network of lenders to find your match. If you have any questions, just call 833-207-9052!2 5
How Can You Get a Payday Loan to Pay for a Medical Procedure?
Getting a payday loan is not complicated. To qualify for this type of unsecured loan, you will need to meet a few requirements. That includes having a valid, government-issued photo ID.5 In some cases, you may need to have a bank account. This is because the lender will ask you to pre-authorize an electronic debit from your account on your next payday in order to pay the loan back.
Here’s what the process to get a payday loan to pay for a medical bill looks like:
- Choose the Best Payday Loan Company to Work With: This is where Max Cash can step in on your behalf. We’ve already done the research for you! You can start your loan inquiry online or over the phone with a loan agent today.2 5
- Get Connected: If you are prequalified, you can get matched with a lender and provide the right documents if you want to proceed and are eligible.
- Get Your Funds5: You can often receive your money via direct deposit or a check! Choose the available option from your lender that makes the most sense for you. One of the many perks of getting payday loans for medical expenses is that the process is fast. And getting your funds can be streamlined!5
What Credit Score Do You Need for a Medical Loan?
It depends. If you want to get a personal loan to deal with medical expenses, you may need a credit score that is above “fair” on the FICO scale. But, keep in mind that the requirements for credit scores tend to vary by lender. It is possible to get a personal loan with bad credit!5
For payday loans and title loans, you typically don’t need to have good credit to be approved.
These types of loans are often easier to qualify for. But they also tend to have different interest rates than personal loans. It is important to carefully consider the terms and conditions of any loan before you apply.
If you are struggling to pay medical bills, there may be other options available to you. In some cases, there are medical bill assistance programs or payment plans. It is important to explore all of your options before taking out a loan.
Common Reasons to Need Loans for Medical Bills
Many Americans are struggling with medical debt. One unexpected visit to the doctor could leave you with a $300 bill that throws your budget off. Whichever loan you decide to apply for, a medical loan is often used to handle the following procedures and treatments:
- Dental Surgeries or Root Canals
- Urgent Care Bills (Ambulance Rides, Visits, etc.)
- Chemotherapy and Dialysis Treatments
- Unexpected Surgeries or Procedures
Can You Get a Payday Loan with a 500 Credit Score?
Yes, it is possible. As mentioned above, some title lenders and payday loan lenders are willing to work with you even if you have poor credit. While traditional lenders may hesitate to approve loans for those with imperfect, payday and title loans often have more flexible eligibility requirements. During the loan inquiries, the lenders will focus on the borrower’s ability to pay the loan rather than solely on their credit score. This means that even if you have a poor credit history due to medical bills or other financial difficulties, you may still be able to qualify for a payday loan to cover your medical expenses.5
Find Payday Loans for Medical Bills
If a payday loan seems like the right fit for you, Max Cash can help you get connected to your options with zero hassle. Ready to get started? Call us at 833-207-9052 or simply fill out a short questionnaire to begin! You can fill out the form or call us 24/7 for your convenience.2 5
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