There may come a time in life when you’re hit with unexpected hospital bills or you may have to travel overseas to for health care to save money. In this instance, a medical personal loan could be a possible solution to ensure your health remains a priority.

A medical loan is a type of personal loan that can help fund medical procedures and related expenses, including overseas travel, equipment, and medication. Each year, over 15,000 Australians travel for medical tourism. Most people don’t suffer serious complications. Some of the Common destinations for Australian medical tourists are  Indonesia, Philippines, Thailand, India, Singapore, Turkey Malaysia and South Korea.

What can I use my medical loan for?

The most common types of procedures Australians undergo overseas are:

  • Dental procedures
  • Cosmetic surgery
  • Elective surgery
  • IVF and fertility treatment
  • Laser eye surgery
  • Medication
  • Hospital bills
  • Radiology
  • Rehabilitation

Do you have to tell the lender what you’re using a medical loan for?

 Lenders require you to disclose your loan purpose to provide them with the information they need to make a comprehensive assessment of whether the loan can be deemed suitable for you, and thus meet the obligations of responsible lending. Lenders are responsible for assessing how much you want to borrow, why you want to borrow that amount – i.e. your loan purpose – and how it will affect your financial situation.

What features should you consider when choosing a medical personal loan?

There are many different features to consider when choosing a personal loan, and what might be suitable for one borrower may not be suitable for the next. Some of the common features to choose from are-

  • Secures Vs Unsecured
  • Interest Rate
  • Comparison Rate
  • Exit Fees
  • Upfront fees and charges
  • Extra repayments and redraw

While most lenders will promote their interest rate, this is only part of what you will have to pay. When you take out a medical loan, there are a range of additional fees that will be applied to cover everything from the setting up of your loan contract to the ongoing administration of your account. As there is no set structure or limit on fees and interest rates, they will vary from lender to lender. Some will have a lower interest rate, but higher fees; others will have no fees, but charge more interest.

Our expert team at Veracity Financial can assist you in comparing Personal Loan based on your needs and requirements and help you choose the right finance.

Apply online or contact us on 1300 721 258 or email us to to discuss your finance needs and options that’s best suited for you.

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