jjemergencyvehicles jjemergencyvehicles
  Serving the needs of Emergency Medical Services since 1975


NEW Ambulances

Medical Loan

Tips From The Doctor

Used Ambulances




J. T. Straface
Jeremy Bodkin & Jerry Jeffries
951 Point Marion Road
Morgantown, WV 26508
(304) 296-9741
(800) 270-8581
Fax (304) 296-9616

Gene Spangler
1331 South Seventh Street
Chambersburg, PA 17201
(717) 860-0359
Fax (717) 264-0050

Jeremy Bodkin
Cell: (304) 376-7285


Medical Loan: What It Is And Who It Can Help

Our health is urgent. It is always better to start treatment when the disease is just beginning and when there are no complications. Advanced cases are always more difficult to treat, longer, and, no doubt, more expensive.

In addition, sometimes medical care is needed urgently, but it does not endure "until the next paycheck."

In these and other situations where you need medical care but don't have enough money, medical loans can help.

What is a medical loan?

In essence, a medical loan is a personal loan that is obtained specifically to pay for medical care. Medical expenses such as emergency treatments, IVF treatments, and elective surgery can all be covered by medical loans.

Medical loans can be either unsecured or secured. Unsecured medical loans are good because they do not require collateral. This means that you do not have to risk your property, such as a car or apartment, for the sake of your health. Secured medical loans are suitable for those who have a bad credit history. In this case, such borrowers will be able to receive lower interest rates, which will significantly save money.

How does a medical loan work?

To obtain a medical loan, you can turn to traditional lenders - banks or credit unions. Private lenders also provide medical loans. In addition, you can get a loan during a personal visit to a financial institution or online using the application form on the websites.

You can prequalify. This will give you an idea of what loan terms you can expect based on your credit history, income, and other basic financial information.

When applying for a medical loan, you must go through a credit check. The better your credit history, the more favorable loan terms a lender can offer you. Conversely, people with bad credit should be prepared for higher interest rates.

Depending on the lender, it could take anywhere from a few days to a week to get the money following approval. After you receive the money, you will have to pay back the loan in full by making certain monthly payments.

Medical loans for people with bad credit

Medical assistance, as well as a loan later, may be required by everyone, including people whose credit history has suffered before. At the same time, ignoring medical bills is a bad strategy since you will simply multiply the amount of payment due to fines, and, as a result, collectors or the court will force you to pay.

There are loans for those with bad credit that can be used to pay off medical debt. However, interest rates will be higher if your credit score is low because the lender is taking on more risk. However, this does not mean that people with bad credit cannot get a loan to pay their medical bills.

To obtain such a loan, you will have to show the bank or any other lender that you are creditworthy. It will also be a plus if you can show that you lived in the same place and worked at the same job for several years, as this indicates stability. In addition, tax returns for at least the last two years, details of your work history, a list of assets and how you intend to pay them will come in handy.

Steps before applying for a medical loan

If you have weighed the pros and cons and decided that you need a medical loan, there are a few steps to help you choose the best loan offer.

Determine how much money you need. You need to not only look at the medical bill and voice the amount. It is also worth understanding how much money you can afford so that you can then be able to make loan payments for some time. Determine how much money you need, how much you have, and how much of the monthly payment is within your budget.

Check your credit score. You need to understand what kind of loan you can count on. Also, if you have time, you can try to improve it in order to get lower interest rates on loans. It doesn't hurt to check your credit history for errors because this happens.

Explore and compare offers. No need to be content with what the bank closest to you has to offer. It's worth spending a little time researching the available medical loans in your city because their conditions may differ from lender to lender. You can also prequalify for the loans that are most suitable for you without compromising your credit history. This way, you will know if your loan will be approved and under what conditions.