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What you need to know about medical loans
What Is A Medical Loan
A medical loan is essentially a personal loan that is taken out for the specific purpose of financing medical treatment. Medical loans can pay for a variety of medical costs, like elective surgeries, IVF treatments and emergency procedures.
Many medical loans are unsecured, meaning you won’t have to risk your home (or anything else) in the name of your health. However, unsecured personal loans for medical bills are typically best suited for those with good credit scores who can get a good interest rate
How Do They Work?
You can get a medical loan by applying online or at a brick-and-mortar financial institution. Many lenders will let you get prequalified, a process that gives you your available rates and terms based on your basic financial information. In order to officially apply for the loan, a credit check, salary verification and other information will be required.
The timeline for receiving the funds after approval will vary from lender to lender but can take as long as a week in some instances. Once you receive funds, you’ll make fixed monthly payments until the loan is paid back in full, with interest added to each payment.
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