Look at Your Budget and Make Sure You Can’t Afford It
Before you apply for a loan, it’s worth checking to see if you’re absolutely sure you can’t afford it otherwise. You may have already gone through all your checkbooks and tallied up all your budgets, but if you haven’t done this yet, it’s worth seeing if there’s anywhere you can tighten your pocketbook. If you can, categorize your expenses into wants and needs. Using a budgeting tool such as Mint or You Need a Budget can be helpful if you feel overwhelmed going through your expenses by yourself. Then, it’s as simple as eliminating the non-necessities from your budget. For instance, could you cut out all your entertainment costs for the month to help pay for your dental care? Even if you aren’t able to cover the entire cost of the procedure, you can at least limit the amount of money you need to borrow.
Check if Your Clinic Offers Repayment Plans
Your dental clinic might not expect you to pay the entire lump sum for your procedure right out of pocket. You should check with your dentist to see if there might be a repayment plan that would make paying for your procedure a lot easier. In addition, many dental practices accept government-based aid programs such as Medicaid or the Children’s Health Insurance Program; if you haven’t looked into these programs already, see if you are eligible. It’s worth noting that a repayment plan set up through your clinic probably won’t be reported to a credit union, so while you should make every effort to pay on time each month, you might get a little more leeway than financing through a loan or credit card. Even if you are eligible for aid and you’re able to work out a repayment plan with your dental clinic, there might still be some expenses that aren’t covered. While you might need to take out a loan to cover the rest of the costs, at least they will be made a little manageable when spaced out on a monthly basis. In addition, if you share your financial limitations with your clinic, they may be able to suggest lower-cost procedures or prescribe you less expensive medications. In cases such as these, every penny counts, and getting put on a cheaper prescription will help in the long run.
Finance With Your Credit Card or Dental Financing
If you have a credit card, you might be able to get away with putting your dental procedure on the card. Keep in mind that every credit card is different, so you should check your card’s terms and conditions to make sure this is possible, and if so, what the repayment stipulations are. In many cases, credit card companies will offer a 0% APR for the first year or so after signing up for a new card. As long as you’re able to pay off the balance within this time frame, you won’t have to worry about interest, but once you do slip out of this period, you can expect interest rates as high as 20% – or worse. If you don’t plan on using a credit card outside of financing your dental work, or you don’t want to get a credit card regardless, there are similar financing options that cater to helping patients pay for their health care. CareCredit is one such financing service, and they offer multiple repayment plans over different time frames. Of course, there are other similar financing service options out there, but if you’re having trouble finding the right one for your needs, talk with your clinic to see if they have partnered with any of these services.
Apply for a Payday Loan
If money is tight and you’re out of time, you can usually turn to a payday loan company for help. Nowadays, you don’t even need to leave your home to get one, as there are many online payday loans you can apply for. The appeal of this option is that it can be one of the quickest ways to get a loan with the fewest hoops you must jump through. Oftentimes, these companies require you to be over the age of 18 and working at a job earning at least $1000 every month. Once you can prove that, you’ll be in the clear for a loan. Many payday loans require no credit checks, meaning that you can rest assured that you’ll be able to pay off your expenses no matter where you are financially. Remember, though, that if you can’t afford to pay back the loan, you’ll rack up huge bills of interest and your credit score will be damaged. That said, if you’re confident that you’ll be able to afford the repayments of a payday loan, it might be the option for you. When it comes to health, you don’t want to leave things any later than need be. Featured photo credit: 6 Ways to Make Sure You Get the Loan You Need via lifehack.org
