A good Vaughan medical loan is a great way to pay for medical expenses that OHIP won’t cover. Our healthcare system is quite extensive, but it does not cover everything.
For instance, OHIP does not cover cosmetic treatments, most ear and eyecare, and until recently no dental unless deemed “necessary”. Additionally, specialists treatments and some medications simply do not qualify. This means that if you want or need some medical procedures or treatments, you need to pay for them yourself. The catch is that anything medical is almost always expensive.
As a result, it can be almost impossible to pay for these expenses in one shot. Even if you can pay all at once, you may not want to. Fortunately, a Vaughan medical loan can provide you with the money you need, but repay over time. There are also 7 additional ways a Vaughan medical loan can benefit you.
1. No Compound Interest
It’s not surprising that many people turn to credit cards to cover many expenses. You can charge and pay off the balance before the end of the grace period, without interest.
However, credit cards aren’t a good option if you intend to carry a balance, which is often the case when you charge a large amount. Credit cards use compound, not simple interest. Interest accumulates on the unpaid balance and it is tacked onto the unpaid amount. This means you pay interest on the new higher balance next month.
Compare that to a Vaughan medical loan that uses simple interest. Simple interest is a flat amount calculated on your loan amount and your loan’s interest rate. The lender divides this amount equally between the number of payments. Interest does not accumulate on the unpaid balance and every payment reduces the outstanding balance. Consequently, a Vaughan medical loan can save you a considerable amount of money when compared to a credit card.
2. Set Interest Rate & Payments
Another important reason you should choose a Vaughan medical loan over a credit card is the interest rate it itself. Yes, you may be able to find a credit card with a lower rate, but it is not fixed. In other words, if the prime rate rises your credit card interest rate can rise too.
Even though interest rates have been relatively low for a long time, they are trending upwards. However, you needn’t worry about that when you choose a Vaughan medical loan. Your interest rate is locked in throughout the length of your loan.
Furthermore, a set interest rate means fixed payments. You never pay more, because of an unexpected jump in the prime rate. Just budget your payments and rest easy. Everything remains the same.
3. Easier to Qualify Than Through Traditional Lenders
Not everyone has pristine credit. Sometimes people have one small problem on their credit file. Other times, people haven’t been able to establish credit. Still others only have a short credit history since they’re new to borrowing.
Whatever the case, this can make it almost impossible to qualify through a traditional lender such as a bank or credit union, since they place heavy emphasis on your credit score.
Applying for a loan through a mainstream lender is also time-consuming and complicated. You’ll probably need to make an appointment, visit the lender, and fill out a long application form. They may want to see years of employment, banking, and residence stability too. Then they will want proof of income such as paystubs or a letter from your employer.
After all that, you will still need to wait a significant time for their decision. However, there’s no guarantee you’ll be approved.
Fortunately, you don’t need to go through all that when you apply for a Vaughan medical loan through FlexMoney. We only require three-months stability and you do not need to supply proof of income. We verify your income digitally.
Our application form only takes around 15-minutes to complete and we accept applications 24/7. We also invite all credit scores to apply since our decision depends more on your income. We do not require collateral or a co-signer either.
4. Transparent Requirements
FlexMoney is happy to provide you with what we need from you before you fill out an application form. We know your life is busy and making things clear saves both you and our company time.
Here are our basic requirements for a Vaughan medical loan:
- Canadian citizen
- At least 20 years old
- Actively receiving a net monthly income of at least $2000 per month from the same source for at least the last three months & paid by direct deposit (we consider employment, self-employment, pensions, and other sources of steady recurring income)
- Have an open and active bank account with a Canadian financial institution with at least three months of transaction and banking history
- Valid email address and mobile phone number
- Not currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program
Please note that we can’t consider your application if your income source is Employment Insurance or government benefits related to COVID-19.
5. Use for Any Medical Purpose
Yes, you can find medical loans through some banks and some healthcare professionals. However, they are usually for very specific purposes.
For instance, you may be able to get a loan through a dentist for veneers. However, they may not lend you money for routine dental procedures such as cleanings, fillings, x-rays, etc. Traditional lenders tend to be even more restrictive since medical loans aren’t usually within their normal scope of lending.
Luckily, you don’t need to worry about any of that when you choose a Vaughan medical loan through FlexMoney. Choose the amount you want to borrow and the length of your loan. You can use the money in whatever way you choose. We do not impose restrictions.
By far, this is the most common reason people choose to borrow for medical purposes. Very little cosmetic surgery is covered by OHIP and only when it is deemed necessary for health.
Fortunately, a Vaughan medical loan can help you pay for any cosmetic treatment you desire. This includes medical, dental, ear, and eye procedures as well as dermatological and gender transition treatments.
Generally, OHIP does cover fertility treatments. However, it does not cover fertility drugs, genetic testing, or storing sperm, eggs, or embryos. Consequently, those wanting to conceive must pay out-of-pocket and it is expensive.
Luckily, you can use a Vaughan medical loan to cover whatever OHIP will not cover. Spread the cost out over time and pay affordable payments.
If you were prescribed medication while in hospital, you might be in for a big shock once you’re home. Medications aren’t usually covered outside the hospital.
Many medications such as hair or weight loss drugs aren’t covered either. As well, some drugs haven’t worked their way through the healthcare system, so OHIP won’t cover them.
Fortunately, a Vaughan medical loan can help you pay for any medications you might need, without emptying your savings account.
6. Speedy Process
No one wants to sit and wait to hear from a lender. You’ve already filled out the forms and supplied them with the paperwork, why should it take so long? The answer is that it shouldn’t.
A good Vaughan medical loan provides a decision within minutes. If you’re pre-approved, it is just a matter of reviewing and accepting the terms. This sets the loan process in motion.
FlexMoney will prepare your loan contract immediately and send it to you for signature. You can do so digitally, knowing all data is heavily encrypted to ensure your personal security.
Once we receive your signed contract, you should have funds within 24 hours. Otherwise, you can expect your money the next business day.
7. Strengthen Your Credit
A Vaughan medical loan offers a great way to strengthen your credit. Since you have set installments, your payments are reported to Canada’s credit reporting agencies.
Your payment history makes up the largest portion of your credit score (35%), so timely payments can contribute to a stronger credit score. The length of your payment history accounts for around 15% too, so making payments over time can also improve your credit. Additionally, choosing an installment loan rather than a credit card improves your credit mix, which accounts for a further 15% of your credit score.
FlexMoney’s Vaughan Medical Loan
FlexMoney’s Vaughan medical loan makes it easy to get money for medical expenses. Here’s a quick summary of what we offer:
- Loan between $500 and $15,000
- Repayment terms between 6 and 60 months
- 100% online process – we accept applications 24/7
- 15-minute application form
- Emphasis on income, not credit
- Digital income verification
- Digital document signing
- Quick decision & funds release
- Canadian owned and operated
- Toll-free number with extended Ontario business hours, email, and website support as well as an in-depth FAQ section on website.