Canadian medical loans aren’t restricted to what the Health Act considers “medically necessary” treatments. We’ve funded many loans for everything from tooth extractions to liposuction, and more.
This is fortunate, because the gap between what’s covered and what you may want is continually growing due to a lack or resources. Plus, many treatments and drugs or considered optional. Still more were never part of our Canada’s healthcare coverage and won’t be, unless legislation changes.
If you’re in this situation, it’s natural that you might have questions. How can you possibly pay these expenses, particularly when they’re very costly? The following are answers to some commonly asked questions regarding FlexMoney’s Canadian medical loans.
Question 1: Can I Borrow to Pay for Dental Procedures?
Absolutely. Routine dental care can be very expensive, especially if you’re paying for a family. Additionally, the cost of bridges, dentures, and other orthodontics can be wallet-breaking. If you want veneers or implants, the price tag is even higher.
For those who would rather pay regular payments, Canadian medical loans through FlexMoney can be a great solution. You won’t pay compound interest and you’ll know the precise date when your loan’s paid off too. We offer more details on our dental loans here.
Question 2: What About Eye Care?
Yes, you can use FlexMoney’s Canadian medical loans for eye care. This includes paying for an optometrist, eyeglasses, contacts, and corrective eye treatments, such as laser surgery.
There’s no reason to ignore your eyes, simply because you can’t manage the entire cost out-of-pocket. Spread the expense across time and enjoy manageable payments instead. We’re more interested in your ability to repay, than your specific treatments.
Question 3: Do Canadian Medical Loans Cover Cosmetic Surgery?
Yes, it is one of the most common reasons people choose our Canadian medical loans. These procedures are notoriously costly, since our healthcare excludes them. You pay for everything and that always leads to a big price tag.
We provide funding for dental, facial, and body treatments, as well as gender transition therapies and procedures. You can find more information on cosmetic surgery procedures we’ve funded here. Plastic surgery is a definite consideration.
Question 4: I Need Regular “Alternative” Treatments. Can I Borrow?
Yes. While our provinces and territories may offer some relief from the cost of alternative treatments, the coverage is limited. However, when you need regular treatment, you’ll quickly extinguish this limit and must find the money elsewhere.
For instance, naturopathy, acupuncture, and physiotherapy qualify for limited or no coverage. Osteopathy, chiropractic care, massage therapy and midwifery usually don’t offer free treatment under our healthcare system either.
Thankfully, you can use FlexMoney’s Canadian medical loans to meet any of these expenses. Your well-being shouldn’t suffer due to financial constraints.
Question 5: I Need Hearing Care. Can I Borrow?
Certainly. FlexMoney recognizes the need for hearing care. If your regional health care won’t pay, you can use one of our Canadian medical loans to cover the cost.
Common reasons for borrowing include hearing aids, cochlear implants, and other treatments. Care for your hearing and pay affordable payments.
Question 6: What Other Medical Treatments Do You Fund?
FlexMoney Canadian medical loans can be used for so many purposes, we couldn’t mention them all here. As mentioned, we’re more interested in your ability to repay than your specific treatments or procedures.
Nonetheless, you might want to read this article on our loans. It mentions many other medical expenses we’ve helped people manage. Some of them might surprise you such as fertility treatments, weight and hair loss, and more.
Question 7: My Credit Isn’t Perfect. Can I Qualify?
At FlexMoney, we use of own scorecard to determine your creditworthiness. Yes, we check your credit, but it isn’t the only factor we consider.
If you have a steady income, manageable debt, and reasonable credit, your chances are very good that you could qualify.
Question 8: Does My Loan Application Affect My Credit Score?
No. FlexMoney uses a “soft” credit inquiry. This gives a snapshot of your financial health, but not every detail. As a result, your application does not lower your credit score.
However, many other lenders use a “hard” credit inquiry which does. Plus, a hard inquiry stays on your credit file for up to three years.
Question 9: How is Interest Calculated on Your Loans?
FlexMoney’s Canadian medical loans use simple interest. This amount is included in your payments.
Unlike credit cards, interest does not accumulate on your unpaid balance. Every payment you pay assigns a portion to what you owe (principal) and a portion towards interest.
Question 10: How Simple is the Loan Process?
Traditional lenders can be incredibly particular when you apply for a loan. It usually involves a lengthy, complex process. You need to make an appointment, visit an office or branch, and provide reams of paperwork.
If you have less than pristine credit or you’ve moved or changed jobs, there’s a very good chance they’ll refuse you credit. Either that or they will ask you to secure the loan with collateral such as your car or home.
Fortunately, FlexMoney has simplified the loan process. Everything’s handled online and our loan process is simple, fast, and efficient. Customers often receive their funds within a day, instead of weeks.
We place less emphasis on your credit and stability too. Plus, we’ll never ask you to back your loan with collateral.
Question 11: What Do I Need to Qualify?
Unfortunately, it can be very difficult to obtain a loan through a bank or credit union for many of these medical needs. They don’t consider them valid reasons to borrow.
Fortunately, our FlexMoney Canadian medical loans have less stringent requirements and we believe in transparency. Here’s what we need from you:
- Canadian citizen
- At least 20 years old
- Steady income from the same source for at least three months (we will consider applications from the self-employed, pensioners, and those receiving the Canada Child Benefit)
- Monthly net income of at least $2,000
- Home or mobile phone number for identity verification
- Valid email address for identity verification
- Open and active bank account with a Canadian financial institution with at least three months of transaction and banking history (bank details needed to verify your income).
Unfortunately, FlexMoney can’t guarantee 100% approval. Please do not apply if you are currently enrolled in an active bankruptcy, consumer proposal, or credit counselling program.
We can’t consider your application if your income is based on Employment Insurance, the Disability Tax Credit, and government benefits related to COVID-19 either. Please provide complete and accurate information in your application to avoid loan refusal.
Question 12: What Payment Options Does FlexMoney Offer?
Canadian medical loans through FlexMoney offer many options. Choose between weekly, bi-weekly, bi-monthly, and monthly payments. Generally, payment dates are best setup on the same schedule as when you receive your income.
Loan payments are automatically withdrawn from the bank account used during the application process. They follow the payment schedule laid out in your loan contract. You can also check your online account for payment details at any time.
Question 13: What About Fees?
Unlike other lenders, FlexMoney does not charge an “origination fee” just for setting up your account. This is an administrative cost you shouldn’t pay.
Rest assured, you won’t be penalized if you want to pay extra payments, a lump sum, or even pay your loan off in-full either.
The only fees you might face are a late fee if you miss your payment and an NSF charge if you don’t have enough money in your account. If you make timely payments, you’ll avoid these fees.
Question 14: Is My Data Safe?
Absolutely. FlexMoney encrypts all personal data, uses best practices, and follows consumer data laws.
Question 15: Why FlexMoney?
FlexMoney is a licensed lender with a proven track record of serving Canadians well. We were founded in Canada and are still 100% Canadian owned and operated.
We offer an online process from application to funds release. Apply from any device at any time of the day. Our income verification method means you never need to send us pay stubs, an income statement, or a letter from your employer.
Once you submit your application, you’ll know whether you’re pre-approved within minutes. If you agree with the interest rate and the terms, you can sign your loan documents digitally.
Our Canadian medical loans offer money in your bank account quickly. If you sign your contract during business hours, you can expect funds within 24 hours. If you sign in the evening or on a weekend or holiday, money’s released the next business day.
Have questions for us? FlexMoney offers telephone, email, and online support. Visit our website for more information or to start the application process now. Our simple, affordable Canadian medical loans allow you to get the care you need now, without all the fuss.