Medical Loans: A Guide to Financing Medical Expenses

Medical emergencies are unpredictable and can be stressful, particularly if you don’t have enough money to cover unexpected expenses. Fortunately, there are medical loans available in Australia to help cover these costs. In this blog, we will discuss everything you need to know about medical loans, including what they are, how they work, and how to get one.

 

What Are Medical Loans?

A medical loan is a type of personal loan that is designed to help people cover the costs associated with medical treatment. Medical costs can include expenses related to a visit to a general practitioner or specialist such as a dentist, hospital stays, ambulance transportation, scans, medicines, procedures, surgery including weightloss surgery, and equipment designed to aid in healing or to assist with day-to-day activities before or after treatment.

Can You Borrow Money for Medical Bills?

Yes, you can. Many providers offer loans to cover the costs of medical treatment. If you are concerned about bad credit, Fundo may be able to help. Fundo can approve loans up to $5000, and has a different attitude towards your credit score. Fundo believes that every individual has a unique set of circumstances, and mistakes from the past shouldn’t always dictate the future.

How Do You Finance Medical Costs?

In Australia, we have access to Medicare, which can help with the costs of treating a number of illnesses and injuries. However, not all medical costs are covered wholly or at all by Medicare. Some medical procedures that aren’t complete covered under Medicare may be subsidised, which means that you may be able to receive a rebate. Speak with your medical practitioner’s office or Medicare directly to confirm rebates and how they may apply to you.
If you have private health insurance, check with your insurance provider to see if they cover the procedure you require and that your level of cover is appropriate for the procedure you need. In some cases, you may need to pay a difference to cover the balance between the cost of the procedure and the amount your insurance or Medicare will cover.

TIP! While in contact with your insurer, it’s also a good time to ask if there are any other associated item codes that may be covered – you might be surprised to learn that some medications and treatment aids can be covered, depending on your insurer and level of cover.

Confirm how billing operates for any rebates or insurance with the office of your chosen medical professional to ensure you’re prepared when you arrive and for the final bill.
If the medical costs will be ongoing or are not affordable, your medical provider may be able to direct you to government or non-profit groups designed to support people in your situation with the costs of treatment. If the costs are short term, you might consider health insurance if your required procedure isn’t affected by waiting periods. However, if it’s an emergency, you might consider an emergency loan to help with the costs.

How Do Medical Loans Work?

A medical loan can be provided by a bank or other finance provider. Fundo offers medical loans up to $5000, and can approve the loan fast, with cash in your account in under an hour if you have supplied all your required information. When you take out a medical loan, there will usually be fees and interest on top of the amount that you have borrowed that will need to be repaid, this makes up the balance that you must repay. Different providers offer different interest, payment methods and terms. You can view a current loan example for a loan with Fundo on our home page fundo.com.au

Why Should I Apply for a Medical Loan with Fundo?

Fundo offers a simple, easy, and accessible application process for medical loans. Our experts can provide you with an answer and cash funding all on the same day. Additionally, if you have bad credit, you may still be eligible for a medical loan from Fundo, as we believe that your credit score should not impact your ability to receive medical care loans.

How Much Are Repayments on Medical Loans?

When you take out a medical loan, there will typically be fees and interest added to the amount you have borrowed that will need to be repaid. The repayment amount will depend on the amount you have borrowed, how frequently payments are to be made, and the term of the loan. Many providers, including Fundo, offer a loan example on their website homepage so you are able to get an idea of what the loan might look like over time.

In conclusion, medical loans can be a useful tool for those who need help paying for medical expenses. Fundo offers medical loans up to $5000, with fast approval times and a simple application process. Whether you have bad credit or just need help covering unexpected medical costs, Fundo can help. Reach out to us today to learn more about medical loans and how we can assist you.

 

FAQ

What are the requirements for a medical emergency loan with Fundo?

All of our loans at Fundo have the same minimum requirements in that you must be at least 18 years of age with an income of at least $500 a week. Also, your income should not rely on Centrelink or Government benefits only (but having them on top of a regular income is fine). You can always check out the Fundo website for the most up to date information!

 

How can I contact Fundo if I have any questions about their medical emergency loans?

Our friendly team are here to help you with any questions you might have. Give us a call on 1800 161 391 or send us an email to hello@fundo.com.au so we can talk you through the process of applying for a medical emergency loan.

What is the application and approval process like for a Fundo medical emergency loan?

We keep it simple by offering a 100% online process. Once you’ve got all of your information ready for your application, it takes around three minutes to apply and we can give you an answer almost immediately.

Do I have to wait long for a small loan for low income earners with Fundo?

Once approval has been accepted, we can transfer your funds to you within 5 minutes.

 

Disclaimer: The opinions expressed in the Blog are for general informational and entertainment purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific product. It is only intended to provide general education about the financial industry, and not medical advice.  The views reflected in the commentary are subject to change at any time without notice.