The best Ontario medical loan is one that fills in the gaps left by our healthcare system. While the system is generally good, it falls short in many areas. For instance, it does not cover dental, eyecare, and many specialist treatments. It may also exclude certain medications and many alternative or cosmetic treatments.

As a result, if you want or need anything Canadian healthcare does not cover, you usually need to pay for it yourself. Unfortunately, in many cases this can lead to high costs that are difficult to manage.

Thankfully, an Ontario medical loan could be your solution. However, you need to understand how one works and what to look for to find the best Ontario medical loan available. Consequently, we’re providing you with basic information on why certain loans and lenders are better than others.

Better Than a Credit Card or Payday Loan

All too often, people resort to less-than-ideal solutions when they’re faced with a challenge. For instance, your first instinct might be to slap your medical costs on a credit card so you can pay off your debt gradually.

However, credit cards are definitely not a good solution when it comes to larger amounts and long-term debt. What ends up happening is that you don’t pay off the entire balance and pay cumulative compound interest on what you owe.

Why does that matter? First off, it is way too easy to charge more on your credit card than you can reasonably afford. As a result, you may end up paying minimum payments instead of large payments to reduce your balance.

Second, compound interest accumulates quickly. You may not notice it the first time your credit card company adds it to your unpaid balance, but as each month goes by, your balance increases. Before you know it, compound interest has radically increased how much you owe.

Another common financial product many people use to handle medical expenses is a payday loan. Regrettably, payday loans have very high interest rates, a very short repayment term, and a very low maximum amount. Even if you get one to tide you over, it probably won’t solve your medical financial needs. In fact, one can increase your financial woes considerably.

Luckily, the best Ontario medical loan doesn’t function like a credit card or a payday loan. It is an installment loan, that can actually save you a considerable amount of money.

Set Interest Rate

Another reason you should avoid credit cards for your medical needs is that the interest rate on your card fluctuates with the prime rate of Canada. Since interest rates are trending upwards, you could pay even more in interest if your card company raises your rate.

The interest rate on your card will also increase if you don’t make your minimum monthly payments. According to the Government of Canada, your rate could go up by as much as 5% or more, depending on the type of credit card you have and the credit card issuer.

Fortunately, the best Ontario medical loan offers a set interest rate. Your payments remain fixed, even if the prime rate rises.

Use for Any Medical Purpose

Unfortunately, even if your bank or credit union might consider you for a loan, they may change their mind if they discover it is for medical purposes. More than likely, most applications they receive are for those buying a car, renovating their home, or taking a vacation. Medical needs could set off alarm bells, since that’s outside of their traditional scope.

Fortunately, the best Ontario medical loan can be used for whatever reason you choose. Borrow to pay for cosmetic surgery, new glasses, regular dental treatments, or even for medications. The following are just a few examples of how people choose to use a loan:

  • Cosmetic surgery – pay for any cosmetic medical, dental, or eye procedure. These include a tummy tuck, face lift, liposuction, tooth veneers, invisible braces, laser eye surgery, and more.
  • Hearing devices – hearing devices cost plenty and OHIP only covers a portion of the cost. Borrow what you need for hearing aids or an FM system.
  • Dermatological treatments – get fillers, Botox, dermabrasion, chemical peels, and hair removal treatments now.
  • Hair loss – the best Ontario medical loan can help you with a hair transplant or another treatment to make you look better today.
  • Weight loss – get the weight loss procedure you want easily when you choose the best Ontario medical loan.
  • Prescription and alternative medications – the best Ontario medical loan isn’t restricted by what Health Canada has approved. Get the medications you want, quickly and easily.

Less Stringent Qualification Standards

The best Ontario medical loan has less stringent qualification requirements than a traditional loan. Consequently, many new borrowers, students, and those with less than pristine credit can still qualify.

How is this possible? A good lender places more emphasis on your income than your credit. As a result, if you earn a steady recurring income paid by direct deposit, you may qualify.

Additionally, the best Ontario medical loan does not place as much emphasis on stability as traditional lenders. In some cases, you may only need to demonstrate three-months at the same address and with the same employer and bank.

Finally, a lender that offers the best Ontario medical loan also tells you what they need from you upfront. That way, you won’t fill out an application form for a loan that you can’t possibly get.

Online Digital Experience

Luckily, you no longer need to take time out of your busy day to visit a lender in-person. Online lending has come a long way. It is safe, fast, and incredibly convenient.

Apply at any time from your favourite device. A good lender offers a simple application form that takes less than 15-minutes to complete. There’s no need to upload documents either, because in today’s business world digital income verification is commonplace.

Moreover, digital lenders are also heavily invested in online security. Consequently, they use the best available data encryption software to safeguard your sensitive information. Consequently, your best Ontario medical loan is usually found online.

Fast Funds Release

Another reason that you’ll want to avoid mainstream lenders is that they are notoriously slow. They can’t possibly rival the speed of an online lender and, as mentioned, mainstream lenders also make borrowing much harder.

If you decide to apply through an in-person lender, you should be prepared to wait. They will want paperwork to confirm how much you make and then a loan’s officer must review your application.

That’s not the case when you choose a good online lender, since they use an artificial intelligence assessment and make a decision within minutes. The lender can also verify your income electronically. There’s no need to dig up pay stubs or to ask your employer for a letter confirming your income.

A good lender also uses digital loan contract signing, making the process much easier and faster. In fact, the best Ontario medical loan gets money could have money in your hands in under 24 hours, if you sign your contract during business hours. Otherwise, you can expect funds the next business day.

FlexMoney Offers the Best Ontario Medical Loan

We don’t expect you to take our word for it, so we’re providing you with a list of reasons why we do medical loans better than the competition:

Transparent Loan Requirements

We know you’re busy and we don’t want to waste your valuable time. Consequently, we’re happy to provide you with our basic requirements for our best Ontario 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.

More Reasons to Choose FlexMoney

FlexMoney is a 100% online lender. We were founded in Canada and our entire customer service team lives and works here. Besides that, our best Ontario medical loan offers flexibility and convenience:

  • Borrow between $500 and $15,000
  • Take between 6 and 60 months to repay
  • Apply at any time – we accept applications 24/7
  • 15-minute application form
  • Set interest rate and regular payments
  • Fast artificial intelligence assessment
  • No impact on credit score
  • Digital income verification
  • Digital document signing
  • Quick decision and funds release
  • Excellent customer service including a toll-free number with extended Ontario business hours, email, and website support as well as an in-depth FAQ section on website

FlexMoney makes it easy to borrow for your medical needs. Whether you are ready to start the application process or want more information, please visit our website. We also provide more information on our medical loans here.