When diets and weight loss workouts have all failed, some choose to look toward medical help.
If you need medical loans for weight loss surgery, they are a lot easier to get now than a few years ago. That's because of online lending options that make getting the financing you need quick, easy and something you can get approved for online from the comfort of your home.
It's important to know your options because many people have jumped for the first loan they thought was available to them and ended up paying nearly 35% more per year than the original cost of their bariatric surgery.
In this article we'll explain the advantages of using peer-to-peer lending to fund your weight loss surgery loans and other types of medical procedures even if you have bad credit and you'll learn how to avoid bad loan decisions that could drive you into further debt.
Overview Of Unsecured Peer-to-Peer Medical Loans For Bariatric Surgery
Peer-to-peer loans are known as "unsecured loans", but don't get confused, p2p loans are safe for the borrower. They are called unsecured loans because you are not required to put up collateral in order to back up the loan in case you can't pay back. In contrast, secured loans need to be backed up by something of value that you own, you may have to put your house up as collateral for example. If you fail to pay back your medical loans for weight loss surgery, you could lose your home. This is something you don't have to worry about when receiving p2p weight loss surgery loans.
Applying for a peer-to-peer loan takes a couple of minutes and do not affect your credit score because they are considered "soft pulls" instead of the hard pulls that do affect your credit score.
P2P medical loans for weight loss surgery in the U.S. pay out quickly, especially through companies like Prosper MarketPlace and Lending Club. Prosper pays out as fast as 4 days and Lending Club pays out as fast as 6 days. Both will send an electronic deposit directly to your account.
Here's how to improve your chances of getting medical loans for weight loss surgery through a peer-to-peer lender:
♦ Don't Apply For A Lot Of Loans: We just talked about hard and soft credit pulls, many other types of loans that you'll apply for make hard pulls. If you go to them first and get rejected you will rack up hard inquiries on your credit report and make it less likely that a p2p lender will approve your medical loans for weight loss surgery. It's wise to try for the p2p loans first because they won't affect your chances with other institutions.
♦ Live in The Right Place: Unfortunately for some, this opportunity to get quick & easy medical loans for weight loss surgery is not available. If you live in Iowa, Maine or North Dakota, your state doesn't have access yet to peer-to-peer loans from Prosper. Even more states won't allow you access to loans from Lending Club, those states are Iowa, Idaho, Indiana, Maine, Mississippi, North Dakota, Nebraska, and Tennessee. If you don't live in these states you have a chance at getting medical loans for bariatric surgery deposited to your account within days from now.
♦ Have a FICO score of 640+: Weight loss surgery loans & bad credit usually don't go together, but you can still get medical loans for weight loss surgery even if your credit score is 640 with Prosper, Lending Club makes weight loss surgery loans for people with bad credit a little more difficult because you need to have at least a 660 FICO score.
♦ Only Apply for What You Actually Need: There really is no such thing as cheap weight loss surgery and you will probably need a few thousand dollars, depending on how much you already have. In order to have a better chance at getting your medical loans for weight loss surgery approved though, try to keep your loan amount under $35,000. If you ask for more that, you will be denied. As of right now neither peer-to-peer lender loans more than that, if you are asking for less than $35,000 you will be within their lending range to cover your weight loss surgery costs.
If you match all of the criteria above, you have a very good chance of getting your bariatric surgery loan or medical loans for gastric sleeve from a p2p lender. But what if your credit is worse than you thought and you aren't approved. Well, there are other options, but you need to be careful not to take a bad loan that's going to put you seriously in the hole in the long run. Let's discuss it.
Warnings About Risky Weight Loss Surgery Loans
There are other loan options for covering the cost of weight loss surgery that will help you no to worry about how to afford weight loss surgery, but you need to protect yourself from debt traps. Here are a couple of common problems people run into when trying to finance their bariatric surgery.
♦ Falling For The Credit Card Trap: Credit card companies are notorious for offering great interest free offers with tons of dangerous fine print and enticing introductory offers that make a turn for the worst. You need to be fully aware of when the low credit card rates will expire and know what your new rate will be when that happens. Also be sure to check if the interest rate could possibly go up before the introductory term even ends, which happens a lot with medical loans for weight loss surgery from credit card companies. It is possible that if you are late on even ONE payment that the interest rates shoot up.
♦ Loans Through Your Doctor & Conflicts of Interest: Don't automatically assume that loans through your doctor's office are the best option. Doctors are not required to join with the lender that is best for you, they will often join with the lender that is paying out more to them and whether you get a good deal or not comes second. You should also ask your doctor whether any part of the financing arrangement they offer is negotiable and under their control.
Some of the major medical lenders leave some of the loan terms (i.e. additional fees) up to your surgeon, so you may be able to negotiate and get some of the costs down. If you find a surgeon that is hard-set against working with any other medical lenders, that should raise a red flag. They might have an underlying financial motive to stick with the lender they have chosen. Because remember, the surgeon gets paid up front no matter which loan provider you go with. If your doctor has a better loan option for you, awesome! But if not, they need to understand your decision to do what's best for you and your family financially. Medical loans for weight loss surgery are a huge and personal decision. This is an area where you must hold your ground.
Final Reminders About Medical Loans For Weight Loss Surgery
Any Unsecured Loan Impacts Your Credit - For better or for worse, unsecured medical loans for bariatric surgery will affect your credit. A loan default or late payments will affect the interest rates you are offered on future loans, insurance premiums or even your ability to rent an apartment or get a job. Visit the FTC’s web site for more info about credit. On the other hand, paying your medical loans for weight loss surgery on time and in full can have a positive affect on your credit score and bring your rates down in the future.
If You're Denied Medical Loans For Weight Loss Surgery - Find out if your medical lender of choice will accept co-signers. Some companies allow your family or friends to put the loan in their name while other loan companies will only allow family members to do so. So even if you are denied at first you still may have options for obtaining medical loans for weight loss surgery.
If you are interested in getting money at low rates for medical loans for weight loss surgery in 4-6 days, take 2 minutes and apply for an unsecured loan up to $35,000 right now.