Worried About Medical Bills?
Some medical expenses can be overwhelming, especially if the full cost or part of the cost of a procedure is not covered by Medicare or insurance policies. But, there are other options that can help you cover those expenses.
Medical loans are there to help those who need to get treatment safely and affordably. A medical loan, a type of personal loan, is commonly acquired to use for medical care payments. It is offered by traditional banks and lenders, and usually not tied to any collateral. It can be a good option for people who do not have private health insurance.
The same way as any other form of personal finance, borrowers of medical finance must apply for a loan first. Upon approval, you get the money upfront and make repayments over time, together with any subsequent interest and fees.
Medical loans can be used for medical expenses and living costs of recovery while taking time off of work. It can also be used to cover the cost of hospital expenses, specialist appointments, medical equipment, and even travel expenses.
What Does A Medical Loan Cover?
Cosmetic surgeries
Any elective surgeries or optional procedures performed at a private hospital or clinic.
Dental procedures
To cover excess charges or those that aren’t covered by insurance.
Medical treatments or medicines
To purchase specific medicines, treatments, or drugs.
Personal medical device costs
For recovery or treatment of specific conditions that require medical equipment or devices.
Specialist doctors appointments
To cover the cost of regular visits to a specialist.
Hospital expenses
To cover the costs if you stay in the hospital, and for specialised procedures such as X-rays or MRIs.
Travel expenses
To cover the costs of travel and accommodation for a medical treatment.
What Medical Loan Options Are There?
Unsecured personal loans
If you don’t have suitable assets (e.g. a house or a car) to secure a loan against, Cigno can still help you find an appropriate unsecured loan.
Secured personal loans
You can offer a vehicle, real estate, or other valuables as security for a secured personal loan. It could increase your chances of approval and possibly lower your rate.
Short term loan
Are you looking for a quick loan to help you pay off your medical expenses? Get the money you need and pay it off quickly with a short-term cash loan through Cigno.
How Should I Compare My Medical Loan Options?
Borrowers should consider the following before taking out a medical loan:
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- Fees — Depending on the lender you choose, most loans come with fees such as establishment fees, monthly fees, early repayment fees, redraw fees, among others.
- Interest rates — Look for a loan with a fixed or variable rate, and if it’s competitive compared to others.
- Repayments — Lenders may offer you flexibility with your repayments by giving you options to pay weekly, fortnightly, or monthly.
- Loan amount — Make sure to borrow only what you need.
- Loan terms — Make sure you can manage the repayments with the loan term set by the lender.
Why Should I Apply Online For a Loan With Cigno Loans?
5 Minute Application
Enquiring through Cigno is super-fast and should take you less than 5 minutes.
Decision in Seconds
Through our partner, you get connected instantly to a provider.
Paid Fast*
Get paid fast during standard banking hours.
*Subject to the eligibility criteria and the disbursement policy of the partner that we connect you with.
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We will strive to connect you with a partner who can help with a Medical Loan Financial Solution.
FAQ
Can I take out a medical loan for cosmetic surgery?
Some medical loans won’t approve you if you are hoping to use the funds for cosmetic surgery, however, at Cigno, we will strive to connect you with a partner who can help with a Medical Loan Financial Solution.
Can I get a medical loan with bad credit?
At Cigno we believe a person’s financial history doesn’t always reflect their current or future situation. We will strive to connect you with a partner who can help with a Medical Loan Financial Solution.
Can I get a medical loan no credit?
Some lenders may require a credit check before approving a loan, however, at Cigno, we will strive to connect you with a partner who can help with a Medical Loan Financial Solution.
Can I use medical loans for IVF?
At Cigno, we will strive to connect you with a partner who can help with a Medical Loan Financial Solution.
For more information, check out our FAQ’s.