Learn More About Dental Lenders Financing
If you’ve ever experienced a dental emergency, you’ll know just how intense the pain can be – and in that situation there’s no time to waste. Financing your dental treatment as fast as possible can be challenging if you have weaker credit, but it’s definitely possible if you are familiar with your available lending options.
In this article, we’ll take a broad look at dental lenders and what you’ll want to look out for before you sign on the dotted line of a loan agreement.
What To Look Out For When Shopping For A Loan
Knowing which loan to select in a sea of alternatives becomes easier when you know what factors to compare between lenders. You’ll want to focus on the following aspects when you apply for your loan.
The interest rate on your loan isn’t the only expense associated with borrowing money. There are a number of additional fees that many lenders charge on their loans. These are some of the most common assessments you’ll encounter:
- Application and administrative fees
- Document processing fees
- Late payment penalties
- Early settlement fees
It may not be possible to find a lender that doesn’t charge at least some of these fees, but you’ll want to ensure that your dental lender is transparent about their associated costs and how much you can expect to pay.
The annual percentage rate (APR) on a loan is a figure that combines the cost of interest and associated fees of the loan.
- This number – which you can think of as expressing the yearly cost of borrowing - is a convenient way to compare lenders and their various rates
- However, it’s important to note that lenders aren’t required to include absolutely all of the charges in the APR figure they provide. Once you narrow down your choices, you’ll want to contact each lender or check their website to find out exactly what fees they charge and whether the interest rate is fixed or variable
One of the things that sets medical financing apart from other types of lending is the time sensitive nature of the application - and a painful dental condition will need to be addressed immediately.
- When you search for dental financing, you’ll want to select a lender that offers quick application turnaround times
- Many online lenders promise same day or next day funding and you’ll usually know the outcome of your application within 48 hours
Prequalification: Do You Tick All The Boxes?
One of the frustrating things about applying for medical loans is knowing whether you’ll be approved or not.
- Applying for multiple lending products within a short space of time can cause your credit score to drop. An ideal strategy would be to identify lenders that are likely to approve you before applying to them first
- Pre-qualifying for a personal loan doesn’t require a hard credit check and won’t cause your FICO score to drop. An additional benefit is that you’ll have a fairly good idea of your chances of success with a given lender
- It’s worth remembering that pre-approval isn’t a guarantee of final approval. You’ll still need to meet certain other criteria regarding your income and debt-to-income ratio before your loan can be finalized
Alternative Funding Sources
Despite your best efforts, it may not be possible to qualify for a dental loan. Nevertheless, you’ll still need to make your health a priority and get the treatment or surgery you require. Fortunately, there are several alternative ways to achieve this.
- Ask your dentist for a repayment plan. Provider financing allows you to repay the cost of the treatment over several months - and these installments are usually interest free. However, if you skip payments or default your account may be handed over for collection
- Approach your local dental school. Senior dental students, supervised by their professors, can perform surgery and provide treatments at a fraction of the cost of established dental surgeons
- Consider a bad credit loan or credit card. You don’t need to apply for a specialized dental loan in order to pay for your procedure. You may qualify for a bad credit personal loan or medical credit card that can be used to finance your treatment
Dental surgery is an essential procedure that shouldn't be put off for the sake of saving money. The suggestions in this article should put you in a good position to select the ideal medical financing product that meets your needs - even if you have less than stellar credit.