Medical emergencies can arise at any time. Whether it is a whole body check-up or an urgent surgery, hospitalization due to an accident or some other unprecedented health issue, the need for emergency funds can arise due to such health crisis. While there are health insurances and other health care policies to cover your costs, they do not offer end-to-end coverage. For example, the cost of your flight tickets, the expenses of the attendant, and such other charges are not covered. Also, the health insurance policies come with a long list of terms and conditions. In some cases, you may not get the cashless facility and though you can claim the amount, you have to bear the costs initially. In all such situations, there rises a pressing need for liquid cash. An instant loan app can help you source the needed funds in just a few simple clicks.
Choosing an online loan for a medical emergency
You can get personal loan from conventional lenders as well as modern fintech companies that operate through a loan app. Choosing a loan app for such emergency funds has many perks. Some of the best benefits of opting for a loan app are –
- Fast Processing of your Loan
With a personal loan app the process of loan application and approval is much faster. The entire process can be done in a matter of minutes and you will receive funds in your bank account instantly. Medical emergencies mean that you have to deposit money as fast as you can so that they can start the treatment. With a personal loan app you don’t have to wait for days to get the loan processed.
- It’s simple to apply
When you are in distress due to a medical emergency, the last thing you need is piles of paperwork and complex documents. With a personal loan app, applying for the loan becomes very easy. You just have to download the app, fill the application, and provide the digital copies of your documents. Since, these apps are powered by AI, the verification of your documents happens within minutes.
- Get the best interest rates
A personal loan app can be a good source for a medical emergency loan because it will get you best interest rates. Unlike conventional lenders, the app based lenders have very low operational costs. They work mostly online and have limited staff and physical presence which means that they forward their cost savings to customers in the form of lower interest rates.
- There is no restriction to end-use
A loan app will allow you to cover any kind of medical expense. While most people consider medical cover plans as a way to fund medical emergencies, more often than not, these plans are severely restrictive and will either deny claims or only cover a smaller amount of your overall bill. A medical loan on the other hand will not restrict you in any way. You can pay for all kinds of emergencies and you can get treatment from wherever you prefer.
- Less processing fees and charges
Getting a medical loan from a loan app will also be cheaper in terms of processing and other fees. Many conventional lenders tend to deduct large amount of money from the loan they give because they charge exorbitant processing and other fees. In a medical emergency, you need all the money you can get. An app will only charge a nominal amount as a loan processing fee which makes it a better choice.
Important considerations for a medical loan
A medical loan can be a very useful way to fund your medical emergency but you have to be a bit careful about different aspects of the loan.
- First of all, make sure that you are taking the loan from a reputed app. The internet is filled with many unscrupulous apps which only steal your data or in worst cases, even ask you to pay fees in advance and then never provide the loan at all. A well reputed firm should be chosen over any other attractive offer.
- Second, when availing a medical loan, you have to be careful about the period of the loan. Do not take a very long duration loan because you will end up paying back too much. Do not take a very short duration loan either because you might find it very difficult to pay the loan EMIs on monthly basis. Try to find the right balance.
- Third, you may want to keep some cushion in the amount you plan to borrow. If you are planning to get a medical loan, check with the healthcare providers about expected expenses and see if you can get slightly more money than what they quote so as to ensure that you have some funds left over should the need for more money arise. It is important to strike a balance between what you need and how much extra can you manage in case of further urgent needs.
Conclusion
Medical emergencies can happen anytime and even if you have an emergency fund, it may not suffice your needs at the time of crisis. So, being abreast with this financial instrument that you can use at the time of need will help you be better prepared for the uncertainties of life
