How A Payday Loan Can Help Pay For Expensive Medical Bills
Medical bills can be overwhelming, especially when they’re due right away. Even with insurance, you may face high co-payments, deductibles, or uncovered treatments. If you’re wondering how to pay expensive medical bills when you don’t have the cash, a payday loan could provide the quick help you need.
Why Medical Bills Are So Expensive
Today, most people pay some more for health care. According to the latest statistics, around 20 percent have expenses more than $1,000 and another 8.2 percent had expenses that exceeded $2,000.
The average cost of out-of-pocket expenses for children is $283 while senior citizens had to bear the cost of approximately $1,215 a year in co-payments and out-of-pocket expenses.
Some people who opt for a cheaper insurance premium will find their deductible is higher so that is a cost. Others may find that insurance doesn't pay for certain drugs or necessary procedures. An emergency room bill could cost $3,000 or more depending on the severity. An ambulance can cost $1,000 or more.
A lot of dental work isn't covered under many insurance plans. An emergency dental bill can amount to several hundred dollars or more if you don't have insurance.
One reason for higher medical costs is that doctors and dentists are using newer, more expensive technology. It's great for diagnosing and treating an illness but it costs more money to buy and operate.
Another reason for additional costs is liability insurance. All medical professionals and hospitals must have medical insurance that covers them in the high-dollar figures because of the risk. They then pass that cost onto their patients.
Another reason out-of-pocket expenses are higher is because sicker, poorer people were put into the insurance system under the Affordable Health Care Act. These are people who never sought medical treatment and have numerous health problems. Their insurance premiums are lower because the government offers subsidies. Yet, someone has to pay for the cost of their subsidies and medical care and that is wrapped up in overall cost.
- Higher deductibles for lower monthly premiums
- Certain procedures, medications, or dental work not being covered
- Emergency services like ambulance rides ($1,000+) and ER visits ($3,000+)
- Rising healthcare costs due to new technology and liability insurance
- Shifts in insurance pools under the Affordable Care Act
The result? More people are facing unexpected costs they can’t cover from savings.
What Happens If You Don’t Pay Medical Bills
One way to offset a surprise medical bill or trip to the emergency room is with a payday loan. These are short-term loans that are repaid on your next payday. They can, in certain situations, cover the cost of a co-payment, a dental bill, or prescription medication.
The borrowing amount you get from a payday loan depends on your earnings and ability to repay. One advantage of these loans is that even those with bad or no credit can seek them. That's because they are offered by private lenders and most welcome all credit types.
How a Payday Loan Can Help
The only thing that may be holding you back from seeking a payday loan to finance medical bills is finding a reputable one in your area. That's where Title and Payday Loans come into play. They have a list of recognized, legal, licensed vendors all over the U.S. There is probably one licensed in your state.
Some private lenders on TitleAndPaydayLoans.com offer up to $1,200 in a payday loan. They have fast decisions and a simple process to seek a loan.
Those wanting a payday loan will need three primary things. You need a job and evidence that you have a regular paycheck by showing your most recent pay stub. You will also need a driver's license or state-issued ID to prove you are who you say you are. Finally, you need a checking account that's active and lists you as an account holder. You will need to provide the private lender you choose a blank check from that account.
Benefits:
- Fast approval, even with bad credit
- Covers emergency medical expenses without long waits
- Simple documentation requirements
Basic Requirements:
- Proof of income (pay stub)
- Valid ID
- Active checking account
How to Pay Expensive Medical Bills with a Payday Loan
It's easy to find a private lender for payday loans on the TitleAndPaydayLoans.com website. All you need to do is fill out the online inquiry form. They do the rest. By submitting the form your information will be sent to a qualified lender in your area.
You will then receive a phone call from a loan representative who will talk to you about your needs, the requirements, and whether or not you may qualify. The next step is to take your documents to the store and talk with a loan representative.
When you arrive, they will validate your documents and guide you through some simple paperwork. You will wait in the office for a decision which is usually reached within 30 minutes. Those approved will receive their money either the same day or the following business day.
FAQ – Payday Loans for Medical Bills
Can I get a payday loan with bad credit?
Yes. Payday loans are based on your income, not your credit score.
How fast can I get the money?
Many lenders approve and fund within the same day.
What happens if I don’t pay my payday loan back?
You may face late fees, additional interest, and possible collection activity. Always contact your lender if repayment will be an issue.
Take Action Today
To get started, send in the inquiry form and see the lender that Title and Payday Loans has for you. By doing so, you can find a payday loan that helps to pay your medical bills when they are due. It may just be the option you've been waiting for.
Start your payday loan application now and take the first step toward relief.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.
