Medical emergencies choose no time and no person. Sudden life-threatening conditions can happen to you at any time. If you’re caught unprepared, you might find yourself scrambling for money to pay your medical bills.
Thankfully, there are medical loans you can get from a moneylender Singapore. These loans give you an immediate helping hand of extra cash to pay for unexpected medical expenses.
Before deciding to take out a medical loan, here are five things you should be aware of.
They are unsecured loans
This means you do not have to provide a collateral for your medical loan. Still, not everyone will qualify for a medical loan. Lenders will take a look at your credit score, credit history, and income before approving your loan.
The minimum income requirement in Singapore to qualify for a medical loan is $1,500 per month if you’re a Singaporean citizen or permanent resident (PR); or $2,000 a month if you are a foreigner.
On top of that, a higher credit score will open you up to better interest rates and loan terms.
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They cover costs not covered by MediShield or your private medical insurance
All Singaporean citizens and PRs are covered by a MediShield Life scheme, but this does not cover all associated medical costs. You may still have to pay out of pocket if you don’t have private medical insurance. And even if you do, you may find some medical expenses that are not covered.
A medical loan can help if you don’t have enough money to pay for your out-of-pocket medical bills. This is particularly useful for intricate procedures that are expensive, like heart surgeries and appendectomies.
You can get them for emergencies
Medical loans are usually approved quickly, and you can get the funds right away. With that, medical loans are helpful for health emergencies requiring high upfront costs. These include heart surgeries, chemotherapy, eye surgeries, and MRI scans.
If you have the money you need immediately from a medical loan, you do not have to wait to get lifesaving procedures. No need to bother friends and family, either.
They can also cover medications
Medications can be another huge expense for your health. Medical loans again prove helpful if you cannot afford all of your medications out of pocket. This way, you don’t have to forgo medications that will improve your health.
They have lower interest rates than personal loans
The best part about medical loans is they have lower interest rates than personal loans. With that, you would not have to spend too much of your hard-earned money to pay back the loan. Thing is, be prepared to present evidence of your medical condition or of the procedures to be performed in case your lender asks for them.
Conclusion
Medical loans can be huge helping hands in health emergencies. Sudden hospitalisations often tend to drain your budget dry, so it helps to have some extra funds through a medical loan. Just make sure to borrow only what you need. Also, as much as you can, shop around for the best interest rates and terms.
