At Bamboo, we think the NHS is a thing of wonder. You’ve only got to look at the size of medical bills of people across the pond to realise that – aside from making us healthier, better and stronger – the NHS also makes us better off financially.
According to the most recent data from the Centers for Medicare and Medicaid Services, the average American citizen spent $9,596 on healthcare in 2012.
That’s around £7365, give or take – a pretty hefty sum.
Luckily, in the UK, most of our medical procedures are covered by the NHS, and we don’t have to put our hands in our pockets every time we are under the weather.
However, there are some things that aren’t covered by the NHS.
Dentistry work for example, as well as weight-loss surgery, cosmetic surgery or other aesthetic surgeries, aren’t covered by the NHS and have to be paid for privately.
But if you’ve got bad credit and no savings, it can be hard to think of a way to afford the procedures at all.
But, whether you’re looking to fix that slight squint you’ve had since you were a child, make your vision how it was 20 years ago or remove that embarrassing tattoo of your ex’s name, there are ways to afford it. You just need to know where to find bad credit loans for a medical procedure.
Funding a medical procedure: the options
This is the option you’ve probably already considered. Many surgeries offer a finance package that spreads the cost of the surgery over monthly repayments, usually with an oh-so-tempting offer of 0% interest.
And, if you’re sure that you can repay the amount in full by the end of the 0% offer, then this is the deal for you. You can spread the cost of your surgery without having to pay an extra penny – winner!
However, these finance opportunities are often subject to credit checks. If you don’t qualify, don’t despair – there are lots of other options available.
Using a credit card
If you’ve got a decent credit limit, then sticking the bill on your credit card is certainly the quickest way of paying for your medical procedure.
However, it might not be the smartest.
Over time, credit cards can end up costing you a lot of money. Minimum payments are far too tempting when times are tough, which just stretches out your debt and ramps up the total you have to repay.
But if credit cards and finance are flawed, what are the alternatives?
Bad Credit Loans for A Medical Procedure
First things first, there’s technically no such thing as a medical procedure loan. Some companies package their loans up as medical loans, but they’re just your everyday loans given a marketing makeover.
Instead, there are two types of bad credit loans for a medical procedure: unsecured and guarantor loans.
Using an unsecured loan
If your credit score qualifies you for an unsecured loan, then they’re probably the best option for you. You don’t have to be a homeowner and you can spread the cost of the surgery out over regular, pre-agreed payments. Before you sign on the dotted line, you’ll know how much you’re borrowing, how much you’ll repay in total and how much you need to pay back every month.
Usually, they work out cheaper than credit cards and finance (if you miss the end of the 0% introductory offer).
(At Bamboo, you can borrow up to £5,000 with an unsecured loan. Representative APR: 49.7%)
This is probably the best of the bad credit loans for a medical procedure. Not only do guarantor loans allow people with bad credit access to preferable repayment terms, but they allow them to borrow more money than they would be able to otherwise.
That’s because guarantor loans have been designed for people in your exact situation. They’re tailored to help people with bad credit get quick access to money with fair repayment terms, so that they can live the life they want to lead (and repair their credit score in the process).
The best bit? Within 24 hours, the money could be in the bank so that you can go ahead and book the procedure you want without a second’s hesitation.
With a Bamboo guarantor loan, you can borrow up to £8,000 towards your medical procedure (and the money could be in your account within 24 hours). Representative 49.7% APR.