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Medical Procedure Loans Bad Credit

If you’re considering a medical procedure, you’re naturally concerned with your recovery and other aspects of your treatment. But you may also worry about the cost, especially if the procedure is not covered by insurance.  Many insurance policies refuse to cover medical treatments that are viewed as non medically necessary.  Cosmetic procedures are often considered to be non medically necessary, but insurance providers sometimes refuse to cover treatments that have been recommended by physicians. In such cases patients are left to finance the cost of t treatment out of pocket, or go without treatment altogether.

For many patients borrowing is the only option for financing the cost of procedures not covered by insurance. But when seeking medical procedure loans bad credit can present a significant obstacle.  With LoanNow medical procedure loans bad credit may not mean automatic refusal. Why not give us a try today?

financingBanks Say No 

When seeking medical procedure loans bad credit often results in outright denials by banks. That’s because banks rely heavily, if not almost exclusively on credit reports and FICO scores in making lending decisions.  Applicants with poor credit who cannot provide collateral or creditworthy co-signers are pretty much out of luck. 

Pawn Shops and Payday Loans 

Many desperate borrowers turn to sub-prime sources for the funds they need.  They find that when pursuing medical procedure loans bad credit is not an obstacle for pawn shops or payday lenders.  But such lenders are often little more than financial traps.

Pawn shops conduct no credit checks at all when extending credit. Instead, they demand collateral in exchange for their loans, which are extended for amounts far below the value of the property they retain. Pawn shops also require payment in full, with interest, within 30 to 60 days. Otherwise, the expensive jewelry, electronics or other valuable goods borrowers offer as collateral are forfeited permanently.

Payday loans do not require collateral, and they also frequently do not conduct conventional credit checks. But payday loans carry extremely high interest rates and have repayment periods even shorter than those for pawn shops. For borrowers who are paid weekly, payday loans are often due in full within a week or 10 days. If borrowers are unable to repay their payday loans in full, they are drawn into a cycle of rollovers and partial payments, with each rollover generating a fresh set of interest payments and administrative charges.

Why Not Consider LoanNow? 

With LoanNow medical procedure loans bad credit does not necessarily disqualify borrowers. We look beyond FICO scores to consider the broader financial picture. For borrowers whose credit problems are in the past, LoanNow is often able to say yes even after banks say no. And our repayment plans feature manageable monthly installments. Instead of risking your financial future or your personal property, why not consider a real installment loan with LoanNow?

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* Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. Subject to underwriting approval.

** Subject to online availability and underwriting may request additional items prior to final approval.

† Loan approvals are subject to underwriting criteria and the approval process may take longer if required items are not able to be verified online or additional items are requested.

‡ Funds will be distributed via ACH. Most banks will post the funds to your account by the next business day. One’s bank will determine when funds are actually available.