Loans for Medical Expenses
You’re at the doctor, and he tells you that you’re going to need heart surgery. You go to the hospital, have the procedure, and then it’s time to pay. The only problem? Your medical aid doesn’t cover the surgery. You elect to pay the bill later, deciding you’ll take out a loan for medical expenses.
Who do you turn to? What loan company can you trust to give you lower interest rates, support you in your time of need, and have low fees?
Loan Wave offers loans for medical expenses with low fees and lower interest rates. Loans for medical expenses are personal loans meant to pay off medical expenses, such as procedures, elective surgeries (such as rhinoplasties), medication, and more. Since they’re personal loans – instalment loans – instead of revolving credit – such as a credit card – the loan has lower interest rates, making it affordable in the long run. In a situation like this, a Loan Wave loan for medical expenses only makes sense.
With our loan, you can pay your medical bills with peace of mind, knowing that we’ve shouldered the upfront bill and you only have small monthly instalments to make.
How Do Loans for Medical Expenses Work?
When you request a loan for medical expenses, we’ll send you the amount you’ve asked for, which is called the principal. We charge a fee for lending the money, which is called interest. Every month, interest gets added to your principal, and it becomes part of your initial amount. The month after that, interest is added to that amount, and so on. This is called compound interest.
Since we believe loans for medical expenses should be affordable for everyone, Loan Wave charges lower interest rates to minimise your compound interest, reducing the overall amount you’ll pay in the long term.
Besides interest, lending institutions also charge initiation fees (a fee for initiating your credit facility) and a monthly admin fee (the fee for doing your loan paperwork). Loan Wave keeps these fees minimal to ensure you get the best out of your loan experience.
Example of How a Loan for Medical Expenses Works
Anna crashes her motorbike when she hits a curb and breaks her arm. Her friend takes her to the hospital, where the medical team takes X-rays, dresses her wounds, and ensures she’s well enough to go home. She doesn’t have medical aid, so she takes out a loan for medical expenses from Loan Wave.
Anna pays Loan Wave back in monthly instalments. After a few months, she’s fully paid off the debt and doesn’t owe the hospital or Loan Wave anything.
How to Apply for a Loan for Medical Expenses
Fill out the form on our loan for medical expenses application page. Here, we’ll ask for your contact details, whether you have any other debt, your income and expenses, and a copy of your credit record. This is so we can conduct an affordability assessment.
When we know you can afford the loan, we’ll send you an agreement. When everyone has signed the agreement, we’ll transfer the money for your medical expenses, and you’ll start making monthly repayments.
If you need a loan for medical expenses, apply today. We would love to assist you in your time of need.