The right Canadian medical loan can offer you extra funds if what you want or need isn’t covered by healthcare. Even though our healthcare system is quite robust, it does not cover things such as dental, eyecare, cosmetic treatments, many specialist and alternative treatments, certain medications, and more.
Regrettably, this often means that many people must find a way to manage these medical expenses. Most times, they are too expensive to pay in one shot or they could substantially add to expensive credit card debt.
Thankfully, you have another option if you want to fund medical needs – a Canadian medical loan. However, few people know about them and what’s involved. Consequently, we’ve created this guide.
A Canadian Medical Loan is Better Than a Credit Card
Credit cards can be a great option for lesser amounts or when you’re dealing with an emergency. However, they aren’t a good choice for larger amounts, due to compound interest.
If you don’t pay off your entire credit card balance, your credit card company tacks on interest. The next month you pay interest on this higher balance. Essentially, you end up paying interest on interest.
Conversely, a Canadian medical loan is an installment loan. If you’re pre-approved, the lender sets the interest rate. Should you decide to go ahead with the loan, the lender calculates interest on the total loan amount and divides it by the number of equal payments.
Every payment reduces your balance and pays a portion towards interest. Interest does not accumulate on the unpaid balance. As a result, a Canadian medical loan can save you a considerable amount of interest.
Good Option if Your Bank Turns You Down
Not everyone can qualify for a loan through their bank or credit union. They have very exacting standards regarding your credit and finances. Plus, applying through a traditional lender means you must take time out your busy day for an appointment. That’s really not necessary in today’s digital world.
Additionally, traditional lenders often place a great deal of emphasis on stability. As a result, if you’ve moved, changed jobs, or switched banks, they may automatically turn you down. Either that, or they will ask you to back the loan with collateral or a co-signer.
Fortunately, a good Canadian medical loan has less stringent requirements. For instance, you may only need to have three months of stability, rather than years. As well, they tend to place more emphasis on your income, rather than your credit.
Consequently, even new borrowers, students, or those trying to restore their credit may qualify. An added bonus when you choose an online lender is that you can apply at any time from anywhere.
Other Benefits of a Canadian Medical Loan
A Canadian medical loan offers additional benefits over other credit options. These are important considerations before you decide on a loan and lender.
Set Interest Rate
Interest rates are trending upwards, which means you will pay more if you use revolving credit such as a credit card. However, a Canadian medical loan offers a set interest rate. As a result, your payments remain fixed no matter happens with interest rates.
A good online lender lets you know what they need from you before you fill out an application. That’s certainly not the case with many lenders, but especially not traditional lenders. Instead, they expect you to fill out an application form and wait. That’s a complete waste of your valuable time.
If you have ever applied for a loan through a mainstream lender, you already know it can be a slow process. First, you fill out a complicated application form, then the lender wants proof of income, and then you wait. After all the waiting and hassle, there’s no guarantee they’ll approve you.
On the other hand, a good online Canadian medical loan offers simplicity and speed. Fill out an application form within 15-minutes, submit it, and get a decision within minutes.
There’s no need to provide proof of income either, since a good lender verifies your income electronically. You don’t even need to visit an office to sign your loan contract. They handle that digitally too.
Finally, a good Canadian medical loan gets money into your hands very quickly. If you sign your contract within business hours, you should have funds within 24 hours. Otherwise, you’ll have your money the next business day.
Even if your bank or credit union might consider you for a loan, they may reconsider if you’re using the money for medical care. Typically, they tend to lend money for buying a car or fixing a house, but not for treatments, procedures, or medication.
Luckily, a Canadian medical loan can be used for any medical application. Here are just a few of the reasons Canadians have borrowed.
In almost all cases, cosmetic surgery is not covered by healthcare. Luckily, a Canadian medical loan can cover medical, dental, and eye procedures.
Potential dentals treatments include dental veneers, bonding, invisible braces, crowns, and more. You can also use a Canadian medical loan for routine dental care such as check-ups, cleanings, and fillings.
Medical procedures such as a tummy tuck, nose job, liposuction, breast reduction or augmentation, or any other work you want to look and feel better are all available to you too.
There’s absolutely no reason to deal with eyeglasses or contact lenses anymore either. A Canadian medical loan can help you pay for laser eye surgery or another eye correction treatment. Of course, you can certainly use one to pay for eyeglasses or contacts, if you prefer.
Regional healthcare may or may not cover hearing devices and procedures. If you find you need hearing aids or another treatment or procedure, a Canadian medical loan can help.
Looking good costs money. However, there’s no reason you can’t look the way you want. A Canadian medical loan can pay for Botox and fillers, chemical peels, dermabrasion, and hair removal so you can look good now.
Depending on where you live in Canada, healthcare may or may not cover fertility treatments. If you live in a province or territory that doesn’t pay for treatments you must pay for them yourself.
Fortunately, A Canadian medical loan can cover the high cost of in vitro fertilization, intrauterine insemination, and embryo transfer.
The same thing applies to gender transition procedures. Some provinces and territories offer coverage or partial coverage, while others do not cover you at all.
Luckily, a Canadian medical loan can help you pay for what you need. Whether it is an Adam’s Apple reduction, testosterone treatments, or other work, this flexible loan can help.
Hair Loss Treatments
If hair loss is causing you grief, a Canadian medical loan can help. Get a hair transplant or another treatment to restore your locks and look good.
Weight Loss Procedures
Not everyone can diet and lose weight. Fortunately, a Canadian medical loan offers money for other weight loss methods such as a gastric bypass. Why feel bad about how you look when you can get the procedure you want now?
Regrettably, our healthcare system does not cover all medications. Some prescriptions aren’t covered at all, while others are only covered while you are in hospital.
Fortunately, a Canadian medical loan can help you pay for fertility, weight, hair, and other drugs. You’ll pay equal, affordable payments and get the medication you need.
A Canadian Medical Loan Through FlexMoney
FlexMoney makes it easy to access a Canadian medical loan. Here’s a quick summary of what we offer, as well as our basic loan requirements:
- Loan between $500 and $15,000
- Repayment terms between 6 and 60 months
- 100% online
- Canadian owned and operated
- 24/7 application
- Simple application form
- Better than credit card or payday loan
- Less stringent requirements
- Quick decision
- Simple 15-minute application form
- Pre-approval process does not lower credit score
- Digital income verification
- Digital document signing
- Quick funds release
- Toll-free number with extended Ontario business hours, email, and website support as well as an in-depth FAQ section on website
Our Basic Canadian Medical Loan Requirements
FlexMoney is happy to provide you with our basic requirements for our Canadian 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
- 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. Unfortunately, FlexMoney can’t guarantee 100% approval.