United Medical Credit Vs. Different Types of Patient Financing Companies

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People seeking loans to cover the cost of medical procedures have a slew of options to pick from. You could either get a personal loan from your bank or apply for a credit card/medical credit card. People with enough equity on their homes can take out a second mortgage, and those with sizable retirement accounts can request a 401k loan. You may also seek out hospital payment plans or get financing from a healthcare loan provider (like United Medical Credit).

Depending on your situation, the available options thin out. If you do not have a good credit score, then it is unlikely that you will be able to secure a bank loan or a credit card. Even if you do, the bank (or credit card company) may not offer enough credit to cover your medical expenses. If you do not own a house or a retirement account, you obviously cannot take out a second mortgage or a 401k loan. Furthermore, a 401k loan can only be taken out to finance procedures that are semi-elective or nonelective.

When loans from the different patient financing companies become unavailable, one option you can always depend on is United Medical Credit. Whether you own a house or not, no matter the nature of the procedure you intend to undergo (be it elective, semi-elective, or nonelective), even if you have less-than-perfect credit, United Medical Credit has you covered.

Here is how financing from United Medical Credit compares with offerings from the other types of patient financing companies:

Approval Rates

According to a  by the Consumer Financial Protection Bureau, if you have a near-prime credit score (FICO above 660), you have a 43% chance of getting a credit card. If your score is below 650, your probability of approval drops to 19%. Unsecured personal loans from banks have similar credit score restrictions and people that do not have great credit struggle to gain approval, even when the loan is needed to finance critical medical procedures.

With United Medical Credit, your chances of approval are significantly improved. UMC partners with a vast network of healthcare lenders and as a result, are better able to help applicants secure loans to cover the cost of different medical procedures.

Given that there are multiple lenders in UMC’s network, there is a good chance that one of them will grant you financing. Individuals with near-prime credit have a better approval rate than 43%, even people with lower credit scores have been able to secure healthcare financing through United Medical Credit.

Treatments Covered

Some patient financing companies only provide loans for specific procedures. For example, some dental facility payment plans are granted mostly to patients looking to undergo long-term treatment like fixing dental implants. If your procedure can be completed in a matter of days, you may not get financed.

Conversely, some financing companies claim to provide loans to cover all treatments, but the principal they offer cannot cover the cost of specific procedures. For example, vBloc Therapy, a weight-loss procedure, costs ~$18,500. So, even if a financing company claims to offer loans for all procedures, if their maximum loan amount is too low, there is a limit to their financing power.

United Medical Credit offers financing to cover a long list of medical treatments including cosmetic surgeries, general healthcare, weight-loss procedures, dental care, fertility treatments, eye repair surgeries, hearing aids and devices, veterinary care and many others. Applicants stand to get financing of up to $35,000; enough to cover the cost of any procedure.

Loan Terms

Different types of patient financing companies have different terms, with some of them not very fair to the patient. Some providers charge exorbitantly high-interest rates while others penalize people that attempt to pay off their balance early. Some patient financing companies, e.g. medical credit cards have been known to change the terms of a loan if the beneficiary is late on just one payment.

Financing from United Medical Credit comes with excellent terms, and beneficiaries get to pay back their loans in a manner that’s most convenient for them. Monthly payments are affordable and designed to work with your financial situation, interest rates are highly competitive (even for people with less-than-perfect credit), and there is no penalty for early repayment.

Professional Guidance

When agreeing to the terms and conditions of a loan, primarily to finance a medical procedure, it is easy to get carried away. Most people make sure that the principal will cover the cost of the procedure, that the APR is fair, and that they can afford the minimum monthly payment required. Making only the minimum monthly payment is quite dangerous. In the case of an interest-free medical loan, for example, if you don’t take the time to understand the terms you agree to, you could end up paying thousands of dollars more than you expected if the principal is not paid within the promotional period.

Because UMC knows that applicants are likely to sign up for loans without understanding the fine print, UMC offers applicants professional guidance. Before you accept a loan, an experienced UMC associate explains the terms to you extensively, ensuring that you only receive the financing that is optimal for you.

Yes, there are different types of patient financing companies. However, not all of them are ideal for all kinds of patients. After 30 years in the business, United Medical Credit has fine-tuned its service delivery in a bid to offer all applicants the best in healthcare financing. Start your application today. Pre-Qualification will only take seconds.

James is a blogger who loves to explore new things. His passion for helping people in all aspects of daily things flows through in the respected industries coverage he provides.

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