There is no doubt about it — weight-loss surgery is expensive! Even with discounted rates the procedure can still be expensive. Pricing adjustments that lower costs are useful but lowered costs can still add up to many thousands of dollars. Even those who have a health insurance company that is willing to pay for weight-loss surgery may find that the co-payment is extravagent. You may need some help paying for your procedure. The good news is that medical loans for weight-loss surgery are available at low or no interest.
It is not unusual for the doctor’s office to have an existing relationship with healthcare companies who offer medical loans for weight-loss surgery.
Financing helps provide for those who cannot otherwise afford weight-loss surgery by breaking down patient costs into monthly payments. The amount of these monthly installments will depend on how much has been borrowed, the interest rate (if any), and how long the loan is for.
A Good Place to Start Investigating
Medical Loans for Weight-Loss Surgery
Your bariatric surgeon is a good resource for exploring financial options. It is not unusual for the doctor’s office to have an existing relationship with healthcare companies, such as CareCredit, who offer medical loans for weight-loss surgery at low or no interest. More than one option should be available.
Your bank or credit union should be able to provide a medical or personal loan. Options include secured loans, unsecured loans, home equity loans or lines of credit.
The internet is a good resource for finding lenders. You should be able to find enough lenders to compare options and offers. You are, of course, seeking the best terms and intertest rates possible.
The Next Step
Once the companies have been weighed against one another and you have made the choice that is best for you, you will need to fill out an application. Your credit history, income, assets and liabilities will be taken into consideration, as well as the amount of any medical loans for weight loss surgery. Medical loan applications can often be filled out online at the lender’s website. Be sure that the website is secure before giving out personal and financial information. Eligibility depends on how well you meet the criteria, which may vary by institution.
Unsecured Medical Loans: Be Careful
Unsecured medical loans are loans that do not require collateral to support the loan in case of default. The best place to start here is with a word of warning; be alert for changing interest rates with these loans. Low introductory rates can change to much higher rates once the introductory period is complete. Intertest rates can also skyrocket if you are late with even one payment. Find out all the details of the loan before committing. Default or late payment of these loans can effect your credit and the interest rate you pay on future loans.
If you are denied, some lenders permit co-signers. Regardless of how the loan is had, be alert for pitfalls. Do not fall into the habit of paying only the minimum amount. You can wind up paying much more with this strategy.
Unsecured medical loans for weight loss surgery are normally from lenders or brokers who will investigate multiple lenders and present you with the best transaction they can arrange.
If used responsibly, unsecured loans can be a good option but you must obligate to the responsibility.
Credit Cards: Think Twice
If you have a credit card with a high line of credit, you can finance weight-loss surgery using your card. The rate of interest can be quite high and financing under these terms can be risky and very expensive in the long run. You might want to rule this one out!
But if you do run into financial trouble then here’s something you should know. A common misconception people have is they will lose their property or assets if they file for bankruptcy. However, under the Bankruptcy Code there are many bankruptcy exemptions that allow people to exempt (“keep”) their home and personal property.
Living larger than ever,
My Bariatric Life