It is no exaggeration to say that the world has changed dramatically over the past month. At the beginning of March, we were hoping the coronavirus would have little impact on the United States. Now, hundreds of thousands of Americans have been infected, millions of Americans are unemployed, and the economy is under tremendous strain. Also, we’re all stuck inside for the foreseeable future.
Unfortunately, the sudden rise of COVID-19 has not negated the fact that other illnesses are still hitting people as hard as ever. In the US, medical care is expensive and insurance does not always pay. Getting the best health care today is even more difficult because of the huge demand, and the extra risk providers are taking on by seeing individuals face-to-face.
In the past, many people have turned to medical loans. But what about now? Is it still possible to get a medical loan with the economy struggling?
The good news is that lenders are still providing medical loans, and with the most reliable options you can keep yourself safe from predatory lending practices.
Here are some of the best medical loans during COVID-19.
Prosper is one of the early innovators of the peer-to-peer (P2P) loan format. Instead of borrowing directly from a lending company, Prosper pairs loanees to potential private investors. In other words, you are borrowing from individuals or companies that are not technically lenders. These investors have more to gain from lower interest-rate loans than a bank or loan company.
With Prosper, you can get a relatively low interest rate if you have a good credit record. This is even if you are taking out an unsecured loan. You can find out more about why these loans work for borrowers in this Prosper loans review. While it may take a week or so to get your loan approved, you are in good hands.
However, since Prosper is a P2P platform, it will be more difficult than usual to get a loan during this crisis, as lenders cannot afford to take risks with their money. Applying is easy, though, so give it a try if you like the terms of Prosper loans.
Upstart is a personal loans company from which you can borrow money for just about any purpose. You can get a good medical loan from Upstart if you are in need of health care that your insurance will not cover.
The biggest selling point of Upstart loans is that they offer a fixed rate. You will not end up paying more money as interest rates go up or according to personal credit circumstances. Rather, you will make the same repayments monthly, and your debt will steadily decrease.
If you are secure in your job at the moment and have good credit, Upstart is an excellent option, as you will get a low interest rate and have assurance that you will not miss payments.
Credit cards are still a popular option for millions of people who need to pay for medical treatment. Getting a credit card is easy, and paying with your credit card is incredibly enticing. Especially if you have bad credit and no guarantee of work in the near-future.
However, credit cards should not be seen as an initial option. Interest rates are very high with credit cards, and you will pay transaction fees. While repayment terms are excellent for those who can pay the money back relatively soon, those who cannot may quickly spiral into major debt.
Americans owe trillions of dollars in credit card debt. Use your credit card as one of your last resorts – a personal loan is always going to be a much more responsible option.
During this crisis, nothing is certain. Unfortunately, medical needs often cannot wait. A personal loan may just be the best way to pay for health care when your insurance falls short.