Personal loan for medical expenses
If you don’t have enough money to pay for the treatment bills, pay attention to medical loans. This is the choice for low-income families in need of financial assistance.
What is a medical loan?
Medical personal loan is a loan, which is used to pay the bills for the services of a doctor or the purchase of medical products. It means that funds are used to finance the treatment: operations, expensive procedures. Not all residents of the Philippines can afford to spend such money.
Online loan calculator
What expenses are taken into account
You can protect yourself from most of the innate “killer diseases” if you spend enough time and money on them. You can prevent:
- Cardiovascular diseases. More than 170,000 Filipinos die each year due to heart problems. Disease can manifest itself because of sports neglecting, improper nutrition and medicines non-use.
- Diabetes. This disease is often found both among children and adults. Medicines for his treatment are too expensive.
- Tuberculosis. According to the results of 2014, 63 people per year die from this disease. Despite this, the development of tuberculosis can be stopped at the early stage.
- Lung cancer and kidney disease can be stopped by surgery.
Both private lenders and state banks are ready to provide you with a special type of loans, which are the medical personal loans. They are aimed at paying for diagnostics, treatment and surgical interventions. For example, companies like PCSCO and SSS will help you find a lender with optimal conditions.
If you need to pay for hospitalization, you can contact PCSO. This is the most relevant option for families with medium and low income. Having received a loan for medical expenses, you can contact the most popular and proven specialists to get rid of the disease quickly and safely.
Advantages of personal loans for medical expenses
You don’t have to pay for expensive procedures using a credit card. This is due to the fact that personal loans have a much smaller interest rate than credit cards. You are exposed to the a risk of not to have time for the loans repayment and to increase your loan at the expense of interest rate. You can easily repay a small cash loan (for example, to buy medicines) using the next salary.
This is an up-to-date service for those who own a limited health insurance. Of course, it does not include all services. So sometimes you have to turn to financial organizations for help. Medical personal loans in the Philippines is a common practice, and they are available to almost everyone.
Conditions for a loan obtaining
Before applying for a personal loan for medical expenses, you should read the basic requirements. In most banks they are standard:
- age from 21 up to 65 years;
- presence of a stable income source;
- absent or good credit history;
- presence of a car or a real estate in the property (as a guarantee of your solvency).
These requirements are optional, so you should see the full list on the official site of the creditor chosen by you. For example, there is a separate category of medical loans for unemployed people.
In order to obtain a personal loan for medical expenses, you need to prepare:
- certificates from the attending doctor;
- checks confirming the fact of payments for medical services;
- identity proving document;
- any other certificates that prove your income level.
It is possible to apply for medical bill loans with a bad credit history or in the absence of permanent earnings. The main thing is that you are able to confirm the fact of treatment and to indicate the exact amount spent on it.
The best offers in the market
The choice of a financial institution is not easy, but in order not to be mistaken, it is enough to study the list of the most popular lenders. The most complete list of organizations offering loans for treatment payments is presented on our website. You can get easy medical loans in:
- Chinatrust. The maximum loan amount is 750 thousand pesos. The rate will be 14.27%. Personal loans are available for people between the ages of 25 and 65 (included). The minimum monthly income is from 20 thousand pesos. Let’s note that for the formalization of a loan you need to have a valid phone number.
- Security Bank also offers an amount of up to 750 thousand pesos. The service is available to citizens of the Philippines aged from 21 up to 65 years. The interest rate is lower by 0.01%, so it is 14.26%. This option is more profitable, since it is available to students, and the interest rate is lower. The obvious disadvantage is that your income should be from 20 thousand pesos per month.
The above companies are popular in the financial market of the Philippines. Applying to them, you will be sure of your own safety. You can check out a full list of organizations involved in medical lending on our website.
Example of calculating interest and loan payments
|TERM||10 days||20 days||30 days|
|LOAN AMOUNT||11000 PHP||11000 PHP||11000 PHP|
|INTEREST AMOUNT||1100 PHP||2200 PHP||3300 PHP|
|TOTAL REPAYMENT||11100 PHP||12200 PHP||13300 PHP|