Going to the dentist is never easy for anyone. The visit may become even more excruciating with the steep cost of dental surgery. Dental care, in many cases, is essential, but it often turns out to be far more expensive than what most can afford. Paying for dental surgery can be problematic, especially if you have a bad credit score.
Health insurance, if you have any, will only cover a small percentage of your total dental bill. If you can’t cover the rest through your personal funds, you may need to consider dental financing.
Even though dental financing isn’t your number one option, there may be circumstances when you have no choice. When you are faced with the prospect of a dental filling, tooth extraction, cavity filling or just braces, you may find that you have no alternatives at your disposal. If you decide to forego these procedures - as painful as they may be - you may end up suffering sharp, searing pain each time you masticate. Even the simple act of eating may turn into unbearable torture. Oftentimes, you may suffer extreme pain even when you are not eating.
What is Dental Financing?
If you can’t pay for your dental care on your own, you have the option to borrow money for your treatment and pay it back in the form of monthly installments. There will be an additional interest rate on this loan, which is likely to be higher if you have a bad credit score. Some options for dental financing include:
These loans aren’t secured by collateral. Similar to the previous method, the interest rate may be determined by your credit score.
What are the Criteria for Being Eligible for Dental Financing?
To get your loan request accepted, you may need to fulfill certain criteria:
- Not having health insurance
- Have an ailment that cannot be cured by changes in lifestyle or eating/drinking habits
- Providing photo ID, credit history, and the necessary documentation for any collateral involved
Medical Credit Cards
A medical credit card operates in the same way as a regular one, with the only difference being that it can only be used to pay for healthcare. If your request for a medical credit card is approved, you can pay your bills and then return the loan to your provider over time.
Some credit cards have a deferred interest policy, which means that if you return the loan within a certain period, there will be no interest on the loan at all. On the contrary, late payment of the loan can accrue your interest, and you’ll need to pay back more than you would if you made your payments (plus interest) on time. Make sure to plan out the repayment properly so that you save up enough every month to keep making your loan payments on time.
Your credit history will be among the main things that the credit card issuer will check - this will also determine how much interest you’ll end up paying.
Dental Financing with Bad Credit
With bad credit, getting any kind of financing can be tricky. Most banks spurn your request outright even if your credit score is slightly poor. Even if the bank agrees to extend a loan to you, it will take so much time that you may not be able to afford the dental surgery soon enough. Banks often do not extend loans for dental surgery, especially for those with bad credit. There’s not much point in seeking a loan with such poor chances of approval and such long turnaround times.
You stand a much better chance of approval and a timely transfer with platforms like GetCash.
Loans for people with bad debt often include collateral. This may be anything you have complete ownership over and something that offers value, such as your house or your car. With this collateral, you can keep the interest rates low on your loan or even get the interest waived completely if you pay within a short period.
Since the loan is usually quite substantial (at least a few thousand dollars), it may be paid in monthly installments over a few years. However, short-term payment, such as within 24 months, may result in deferred interest.
Make sure the terms in the payment plan are realistic for you and that you can make the payments.
Having a toothache can cause distress in your everyday life. However, you can get rid of the stress of paying for your treatment by obtaining dental loans through platforms like GetCash, where, as long as you meet the criteria, getting a loan can be a quick and easy process. Don’t compromise on your dental health because of a lack of personal funding. It’s not just about saving your smile; it’s about being able to go about your daily life without experiencing sudden surges of pain.