A Brampton medical loan can provide you with the money you need for anything the Canadian healthcare system won’t cover. When we say anything, that really is the case.
Regrettably, our healthcare system falls short in many cases. Consequently, it won’t pay for many treatments, procedures, and medications that you may want or need. This includes things such as cosmetic procedures, dental, eyecare, specialist treatments, and even medications that haven’t made it through the approval process.
Regrettably, this means you must pay out-of-pocket and in many cases the high costs are hard to manage in one shot. That’s when a Brampton medical loan could help.
Nonetheless, it is important you understand how this financial product works. You will also want to know how to identify a good loan and a good lender. Finally, you should be able to get a Brampton medical loan easily. Let’s find out how.
How a Brampton Medical Loan Works
A Brampton medical loan is an installment loan. You apply for your desired amount and the lender reviews your application to see if you meet their requirements. A good lender uses a pre-approval process for several reasons.
First, the lender obtains credit information using a soft credit inquiry. This does not lower your credit score.
Second, pre-approval allows you to see the lender’s terms, without obligation. If you want to borrow, it is easy to move forward. If you want to continue shopping, you can since the process does not affect your credit.
Should you agree to the terms, the lender prepares your loan contract with a set interest rate and regular payments. Interest does not compound on the outstanding balance. Every payment pays a portion towards interest and a portion towards the balance. As a result, you know precisely when you’ll pay off your loan through your regular scheduled payments.
However, a good Brampton medical loan is an “open” loan. Basically, this means you can pay off part or all of your loan at any time, without penalty. Additionally, a good loan is fee-free. You pay interest and the principle loan amount, but nothing more.
Better Than a Credit Card or Payday Loan
You may be tempted to put medical expenses on a credit card, because it is convenient. However, this convenience comes at a high cost.
Credit cards charge compound interest. If you do not pay off your credit card balance, the credit card company tacks interest onto what you owe every day! Basically, you end up paying interest on interest. Let’s look at an example to see how this works.
Let’s say you charge $5,000 on your credit card that has an interest rate of 17%. Interest accrued on the first day would be approximately $2.32. This increases your balance to $5,002.32. On the second day, interest accrued is $2.33, bringing your balance up to $5,004.65, and so on. You can see how your debt can increase quickly, especially since the interest rates on credit can rise when the prime rate increases.
Another product many people resort to is a payday loan. However, payday loans have very high interest rates, a low maximum amount, and a very short repayment term. In most cases, you must pay back the entire amount in a matter of weeks. That’s not ideal, especially for a costly financial product.
Luckily, a Brampton medical loan doesn’t function like a credit card or a payday loan. The interest rate is lower, you pay simple interest, and you have much longer to repay too.
Online Loans are Better
The online lending marketplace has exploded in recent years. The primary reasons for this are convenience and speed. You don’t need to visit a lender and those that operate online have streamlined the lending process.
As a result, you can apply at any time, including evenings, weekends, and holidays. A good lender also utilizes artificial intelligence for a near-instantaneous review and decision.
Additionally, a good online lender uses the benefits of digital to make the entire process quicker and simpler. As an example, you don’t need to upload documents to confirm your income. Instead, they use digital income verification to confirm your recurring direct deposits through your bank. It’s safe, fast, and does not require any effort on your part.
Digital lenders also depend on their online reputation. Consequently, they invest heavily in the best available data encryption software available to safeguard your personal data.
Should you decide you want to apply for a loan through your bank or credit union, you could be in for a big surprise. Many traditional lenders do not consider medical expenses a legitimate reason for a loan.
Fortunately, a good Brampton medical loan can be used for whatever reason you choose. You decide how long you want to take to repay the loan too. If you would like to pay it off quickly, a good lender offers terms as short as 6-months. Need more time? You can find a Brampton medical loan with a 5-year term.
As mentioned, a good Brampton medical loan can be used for any medical treatment, procedure, or medications. This includes:
- Cosmetic medical and dental treatments and procedures
- Hearing devices and care
- Dermatological treatments
- Hair loss treatments
- Weight loss procedures and programs
- Prescription and alternative medications
- Fees for alternative practitioners, and more.
Look for an Emphasis on Income
Certainly, in some cases you may be able to obtain financing through a doctor’s office for particular treatments. However, their loan qualification requirements are often very strict. Additionally, you must squeeze your finances into whatever the finance company offers, instead of being able to customize your loan to your needs.
Luckily, a good Brampton medical loan is fully-customizable. It also focuses on your income, not your credit. Consequently, new borrowers, students, and those with less than pristine credit often qualify. There’s no need for a co-signer or collateral either.
Plus, a few select lenders consider many income sources, not just regular employment income. As a result, those receiving a steady recurring income from self-employment, a pension, or another source may qualify.
Transparent Loan Information
One sign of a good lender is transparency. Do they tell you what they need from you upfront, or do you have to complete an application form and wait?
Does the website include an in-depth FAQ page that answers commonly asked questions? Does the lender provide multiple ways to connect, such as a toll-free number, email, and website support?
Always look for a lender that makes it easy to find answers. That’s an indication of an ethical lender willing to go the extra mile for your business.
Look for a Speedy Lender
Mainstream lenders and some less desirable online lenders make the borrowing process complicated, tedious, and slow. However, you can find speedy online lenders that know how to do things right.
A good online lender makes verifies your income electronically and makes a decision within minutes. They also use digital loan contract signing so you can get your money quickly. In fact, a top lender can get the money from your Brampton medical loan into your hands in under 24 hours, if you sign your contract during business hours. Otherwise, you can expect funds the next business day.
FlexMoney’s Brampton Medical Loan
If you’re considering borrowing, here’s a summary of why FlexMoney is your best choice for a Brampton medical loan:
- We’re Canadian owned and operated – our customer service team lives and works here
- 100% online process
- Loans of between $500 and $15,000
- Take between 6 and 60 months to repay
- Apply at any time – we accept applications 24/7
- Various income sources considered
- 15-minute application form
- Set interest rate and regular payments
- Pay simple, not compound interest
- 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 Brampton business hours, email, and website support as well as an in-depth FAQ section on website.
Our Basic 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 Brampton medical loan:
- Canadian citizen
- At least 20 years old
- Actively receiving a net monthly income of at least $2000 from the same source for at least the last three months (we consider various income sources)
- Paid by direct deposit
- 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.
Get your Brampton medical loan through FlexMoney quickly and easily. Please visit our website if you are ready to start the application process or want more information. You can also find in-depth information on our medical loans here.