No one ever leaves their home in the morning thinking that they’re going to get hurt. It’s definitely not something you want to have happen, but the fact of the matter is that it’s a life reality that you need to be prepared for.
Aside from the physical pain of the injuries, the financial burden often takes a toll on people – sometimes in catastrophic ways.
Paying medical bills is the cause of some 67% of bankruptcy cases. Even if your debt doesn’t get to this level, it can be stressful wondering where the money is going to come from, or choosing between your finances and your well-being. Thankfully, there are companies that offer emergency loans that can help you out with these situations.
Here’s what you need to know about how emergency loans can help you out with your pressing medical needs.
The main factor in play is the medical situation that you’re dealing with. This dictates how much money you need, your turnaround time for receiving the money and paying back, and other factors.
About 136 million patients make emergency room (ER) visits annually. This means it’s a common issue that lenders are prepared to help you with.
Before you move forward with your emergency medical situation, you need an initial diagnosis that you can rely on. This typically starts with a visit to the emergency room, urgent care, or your primary care physician (PCP). It sets the landscape for the kind of injury that you’re dealing with and will let you know what medical procedures and recovery you should expect.
Addressing this first step lets you take care of your medical injuries correctly the first time so that you don’t end up spending unnecessary mind and wasting time later.
People get hurt and injured every day, so it’s important that you understand which medical situations are most common. This lets you know which injuries are the most likely to add up and cost you a lot of money to heal from.
Nearly a quarter of the global population has some sort of chronic back pain issue. People also get hurt regularly in car accidents, which create neck, back, spinal cord, and other serious injuries.
Certain issues are more complex and costly, such as brain trauma or cranial injuries. These types of injuries are harder to properly diagnose, and will likely require you to see multiple specialists before it’s all said and done.
Once you have gone to the doctor and gotten a couple of diagnoses and recommendations, you’ll be in a position to understand your course of action moving forward. This lets you know whether your injury is a short-term or long-term issue.
For instance, some injuries will require expensive surgeries and numerous sessions of physical therapy. Understanding this aspect will let you know how much money to take out in your initial loan, and will give you a starting point for handling the most important aspect of your care.
Knowing how much medical debt you have will help you find the ideal personal loan arrangement. The best way to handle it is by having clear records of the injuries you suffered and how much they cost. This begins with your very first medical appointment.
Keep copies of your bills and note how much you had to pay out of pocket initially. If you use insurance this is typically a small co-pay, with the rest of the visit billed to your insurance and the rest to you later. Keep copies of every bill so that you can easily pay it once the loan money kicks in.
Once you have a clear idea of what kind of injuries you’re dealing with and their costs, it’s time to begin seriously weighing your loan options. There are several factors at play here.
Some of the main ideas you’ll need to think about include:
Before you start approaching loan companies you need to understand your credit score and standing. This dictates a lot about the types of loans that you’re eligible for. The better your credit, the better the terms and the more loan options you’ll have.
If you have fair or poor credit, you might have fewer options or will have to accept higher interest rates or less favorable terms. In general, you want to have a score as far above 670 as possible to get the ideal terms and rates for a loan.
A lot of things affect your credit score, such as how long you have had credit, how much credit you have, and your history of paying things back on time. Lenders will look at both your score and your entire credit history. It’s best to pull your report in advance so that you have an idea of what it says before you approach lenders.
Even if your credit isn’t the best, there are plenty of lenders who specialize in offering loans to people who have bad credit or who are rebuilding their credit.
Perhaps the most important thing is to make sure that you find the help of a loan company that you can trust. Learn how long they have been in business and their reviews and track record of providing loans to consumers.
Go with a company that is visible and recognizable so that you can trust them with your information and that you will get the money that you need on time.
Few emergencies are as pressing as medical needs. It’s for this reason that you need to get crystal clear about the loan turnaround time. Find out how long the approval process will take and what factors go into it. Make sure you understand when you can expect to get paid once your loan is approved.
Many companies specialize in next-day loan options. You might also find companies that offer instant loans. For others, it might take a couple of days. Do what’s best for your medical situation so that you’re able to make a payment for the treatment that you need without delay.
Check with your bank or financial institution as well so that you have an idea of how soon you can expect your money to arrive once it’s sent. In other situations, the lending company might have physical locations so that you can pick it up in person once the loan is processed. Do what’s best for your medical needs so that you can handle the situation without setbacks.
More than anything, you need to make sure that you’re familiar with what you sign up for. Don’t sign off on the agreement until you understand the loan timetable, the amount, and any interest and fees that will accrue.
Know the dates and deadlines for your loan so that you don’t miss one. The fees and interest will likely add up and you may have to deal with late penalties. Consider also getting another set of eyes on the contract so that you are fully aware of the situation.
You need to also make certain that you have a plan to pay the loan back once you are approved. Getting the money is the first step, but the last thing you’ll want is for your debt to keep adding up because you can’t pay back the loan.
Only sign up for a loan that has small chunk payments that you can manage without it being a huge financial encumbrance. Honor the terms of your loan so that you don’t have to worry about your credit score taking a hit or defaulting on the loan terms.
There are plenty of options available when you’re looking into loans for paying medical bills. Take the time to explore your options so that you can handle your bills in full and minimize the damage.
Fast Loan Direct is the company that you need to do business with when you need help paying back some medical bills. Our loans range from $100 to $35,000, and we would be happy to help you out. Take the time to contact us online, or call (805)429-6064 to speak to someone who can help you further.