There’s a common misconception that Canadians don’t accrue any medical debt thanks to our publicly funded healthcare system. The reality, however, is that not all medical expenses are covered by public insurance. Pharmaceuticals, in particular, have become a major source of Canadian medical debt. When medical emergencies occur, it can leave your family in a difficult financial position. How can you pay off your bills when you don’t have enough funds in the bank? One option is to secure online loans. Before you do, there are a few things that you should know.
Read on to learn everything you need to know about getting an online loan for emergency medical expenses.
Do Medical Loans Differ from Other Personal Loans?
There are many reasons to apply for online loans. Canadian citizens often use online loans to finance home renovations, car purchases, and other large expenses. Are there differences between these online loans and loans used to cover emergency medical expenses?
The short answer is no. A lender that provides personal loans is going to charge the same interest rates and offer the same payment options regardless of what the loan is for. This can make the search for a loan to cover medical expenses simpler because you don’t have to find a specific lender to get the financing you need.
Can You Get a Medical Loan With Poor Credit?
Many Canadians worry that they won’t qualify for a loan with a poor credit score or no credit. The truth is that having no or poor credit can limit your loan options, but it doesn’t diminish them entirely.
At Kingcash, we believe that everyone deserves financial assistance regardless of their credit score. We also don’t believe that you should have to jump through hoops or wait for a long application process in order to receive your loan. That’s why we provide no credit check loans that hit your bank account within 24 hours of receiving your application.
How Long Do You Have to Pay Off Your Online Loans?
When you’re dealing with medical debt, you can feel a lot of pressure to pay it off immediately. Unpaid medical bills can result in wage garnishment and/or liens placed on your private property. Taking out online loans will allow you to cover that medical debt right away, but how long do online loans defer your obligation to pay?
At Kingcash.ca, we offer flexible payback options, allowing you to pay back your loan in 3, 6, or 12 installments. If you run into a financial struggle that makes loan repayment difficult, you can also renew your loan to extend your payback period.
Why Consider Online Loans for Medical Debt?
It’s not easy to decide what to do about medical debt after an emergency. In some cases, it may make sense to stay indebted to the hospital or pharmacy for a short period of time rather than taking out a loan. However, there are circumstances to consider that may warrant getting a fast loan in Canada to cover those costs and defer your own payments.
Lost Income
After a medical emergency, you may accrue lost income in addition to medical debt. Some medical conditions require a forced leave of absence or reduction of work until you recover. Deferring payments until you resume working full-time can reduce the strain on your savings and prevent you from ending up with additional debt.
Rehabilitation
When you’re dealing with a medical emergency, you may end up paying more medical costs than originally expected. Your emergency funds may cover a portion of your emergency medical care while not covering the rehabilitative care that you need in the aftermath. An online loan can stretch your savings further so that you can continue to get the care needed for a full recovery.
Reduced Stress
Not knowing how you’re going to pay off medical debt ASAP can lead to serious stress. Not only can this kind of stress put a strain on your familial relationships, but it can also take a serious toll on the body. Stress can have a negative impact on your recovery and online loans can keep that stress at bay.
What to Remember Before Applying for Online Loans
Taking out online loans isn’t the best choice for everyone and there are important things to consider. Transparency is our top priority. Let’s take a look at the two things to keep in mind before you apply for a Kingcash loan.
Interest Rates
All loans are going to come with interest rates, meaning that what you pay back is higher than your original medical bill. It is important to borrow responsibly and make sure that you’re prepared to take on those interest rates. Because we offer quick loans without credit checks, our interest rates are higher than many local bank loans that require high credit scores and strict qualifiers.
Loan Qualifications
We don’t check credit scores, but we do have some qualifications that you’ll have to meet in order to qualify for a Kingcash loan. For example, you must make a minimum of $1200 per month and receive payment via check or direct deposit. Make sure to review our loan qualifications before applying to ensure that you are eligible.
Come to Kingcash for Online Loans
No one expects to go into debt from emergency medical expenses. Unfortunately, it happens to Canadian citizens more often than you might think. When you’re facing a difficult financial position, Kingcash is here to help.
Online loans can make paying off unexpected expenses easier. To get started, take a look at our online loan application, which you can complete in a matter of minutes. Once we approve your application, you’ll get a direct deposit within 24 hours.
