Our Burlington medical loan can provide you with money to pay for any medical need. While the Ontario Health Insurance Plan is quite robust, it certainly doesn’t cover everything.
Exclusions include prescription drugs outside of a hospital, dental services, eyeglasses, contact lenses, laser eye surgery, cosmetic surgery, and some specialized, non-routine tests. Consequently, anything outside of OHIP’s scope must be paid out-of-pocket.
However, many treatments, procedures, and drugs are very expensive. Alternatively, you may incur ongoing costs that accumulate over time. Either way, these medical expenses can be too costly to pay all at once. Fortunately, a Burlington medical loan allows you to spread these costs out over time.
Better Option Than a Credit Card
Many people choose to put medical expenses on a credit card, because it is convenient. However, this is a very costly choice due to compound interest.
Unless you pay off the entire balance within the grace period of your card (usually 28-days) the credit card company tacks interest onto what you owe. What most people don’t realize is that these companies charge daily interest. The moment you put an amount on your credit card, interest starts to accumulate.
If you use your credit card for other purchases, of course your balance and the interest charged increases. In turn, this interest increases your balance, leading to higher interest. Essentially, you pay interest on the balance and interest on the interest from past statements. This can cause your debt to grow quickly.
Luckily, our Burlington medical loan charges simple interest. When you’re pre-approved, we calculate the interest amount based on the rate and the amount of your loan. Then we divide that equally between your payments.
Every payment you make pays down your balance and pays a portion towards interest. Interest does not accumulate on the unpaid balance. As a result, our Burlington medical loan can save you a bundle when compared to a credit card.
Better Option Than a Payday Loan
If you’re looking for quick cash to deal with medical needs, you may be tempted to choose a payday loan. After all, you can find payday loan lenders everywhere.
However, the interest rates and finance fees on payday loans are very high. Additionally, the maximum amount you can borrow is only $1,500. However, many times you can’t even borrow that much since the maximum relies on a percentage of your income and the lender’s discretion.
Furthermore, payday loans must be repaid very quickly. Typically, you have less than two weeks to pay one back, plus the added charges. Consequently, many people find these loans add to their worries since they worsen their financial position. At best, payday loans can only be very costly short-term solutions.
Fortunately, our Burlington medical loan offers more time to repay, a higher maximum loan amount, and much lower interest rates. Since we operate online, you can also get your funds very quickly.
An Installment Loan is Your Best Choice
Our Burlington medical loan is an “open” installment loan. As the name suggests, you repay your loan through installments, or payments. Your payments and your loan’s interest rate remain the same throughout the length of your loan.
You choose how long you want to take to repay, but every payment you make pays a portion towards interest and pays down part of the outstanding principal. We offer terms of between 6 and 60-months, so you can customize our Burlington medical loan to your needs. Plus, you will have a precise loan end date, which makes it easier to manage your finances..
As mentioned, a Burlington medical loan through FlexMoney is an open loan. If you want to pay extra to get out of debt sooner you can, without penalty. This is not the case with all loans.
Some loans include pre-payment penalties. These penalties are meant to compensate the lender for lost interest when you accelerate repayment, but for you they negate any benefit of paying more sooner. Clearly, it makes sense to choose a Burlington medical loan to avoid this situation completely.
Use for Any Need
We mentioned that our Burlington medical loan can be used for any medical need, and we mean it. You needn’t worry about OHIP restrictions or the limitations imposed by many other lenders. Regrettably, some lenders don’t issue medical loans at all, or if they do it is only for certain purposes.
As an example, some lenders will grant loans for dental treatments, but not cosmetic surgery. Others will only fund treatments and procedures, but not medications.
Finally, some lenders charge very high interest rates for what they consider high-risk loans. Luckily, at FlexMoney we’re not concerned with how you use your funds. We’re interested in your ability to repay.
Less Stringent Qualification Requirements
FlexMoney’s loan requirements are less stringent than those of mainstream lenders. We use artificial intelligence to review your current position and the process considers many factors.
Consequently, new borrowers, students, pensioners, and those with less than pristine credit may qualify. If you are earn a steady recurring income paid by direct deposit and can demonstrate at least three-months stability, you have a good chance of getting a Burlington medical loan. We don’t ask for collateral or a co-signer either.
FlexMoney is a transparent lender. Consequently, we want you to have the information you need before you apply and throughout the loan process.
The following are our basic requirements for our Burlington medical loan. Please check that you can meet them before you complete an application form:
- 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 (we consider various sources including employment, self-employment, pensions, and other recurring steady income)
- 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.
Our Burlington Medical Loan is Online
The best lenders have embraced the digital world, instead of trying to squeeze their old procedures into online lending. They conduct the entire lending process remotely and utilize the best tools available in the industry to make things happen quickly and safely.
For instance, FlexMoney offers a simplified application form that you can complete in less than 15-minutes. We also accept applications 24/7 for your convenience.
Additionally, we do not require proof of income. We do not ask you dig up old pay stubs so you can scan them and upload them to our website either. Instead, we utilize digital income verification which occurs near instantaneously. You don’t need to do a thing.
Our artificial intelligence assessment provides a decision in minutes too. If pre-approved, you immediately see our terms, without obligation and without affecting your credit score. Should you like what you see, it is fast and easy to move forward.
Money in Your Hands Quickly
Our Burlington medical loan offers money in your hands quickly. Should you agree with our terms, we’ll prepare your loan contract for digital signature. There’s no need to scan and fax your paperwork. It’s all handled electronically.
Your signature triggers the funds release process. Our Burlington medical loan could provide you with money in under 24 hours, if you sign your contract during business hours. Otherwise, you can expect funds the next business day.
FlexMoney’s Burlington Medical Loan
FlexMoney is your best option for a Burlington medical loan. If you’re still undecided, here’s a quick recap and a few more reasons why we’re the better choice over our competitors:
- We’re 100% Canadian – our customer service team lives and works here
- FlexMoney has issued loans to Ontarians since 2012
- FlexMoney offers a 100% online process
- Apply at any time
- Loans of between $500 and $15,000
- No usage restrictions
- Repayments terms of between 6 and 60 months
- Super simple application form – complete it in less than 15-minutes
- No proof of income required
- No collateral
- No co-signer
- All credit scores welcome
- Artificial intelligence assessment considers many factors
- Decision in minutes
- Pre-approval process does not lower credit score
- Regular payments and set interest rate
- No compound interest
- Digital loan contract signing
- Quick funds release
- Excellent customer service including a toll-free number with extended Burlington business hours, email, and website support as well as an in-depth FAQ section on website
FlexMoney really does offer the best Burlington medical loan. If you are ready to start the application process or want more information, please visit our website. You can also find specific information on how you might use one of our medical loans here