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What Are the Advantages of a Medical Loan?
Not all of us have saved enough money for emergencies. Sad reality of life is that we live from paycheck to paycheck. As such, we do not have funds on stand-by if health issues arise. This is why we want the support of financial institutions, especially if we are in a medical emergency situation.
It is also worth noting that health emergencies arise in times that we least expect it to. Below are some of the advantages of getting a credit for medicine treatment.
- Fast Cash – you can get approved in as short as 14 hours. This is crucial, as most medical credits only happen during a time of emergency. What do you think is going to happen if you have no money? You cannot buy medication, and the patient’s condition will just get aggravated.
- Easy Terms – many medical loans offer installment terms, especially so if you are applying for a loan in a bank or a private financial institution. This is important because a health problem can pull a family down financially. If a medical emergency happens to you, you will need some time to recover financially.
- Hospital security – some hospitals ask for a down payment before they perform any operation. While this is illegal, you can never be sure enough if the hospital where you brought your loved one is going to ask for a down payment. A medical loan that you secure within two days can help you pay this down payment. After you pay it, the hospital can start treating you or the patient.
These credits are important. You get money when you need it at the same time that your family members are pitching financial aid.
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5 Situations for Taking Medical Loan
Here are some situations where you may need a medical credit:
– For medical operation – this can be because of a sudden medical issue like a heart attack, or if an accident happened to you or your relative.
– For medicine procedure – sometimes, it takes several days before a doctor can assess that a surgery is needed. If this happens, you may be financially unprepared. As such, you know where you can get a money.
– For health treatment for your family– in some situations, someone you love may get sick. In this case, you want to provide financial aid, but your personal funds are not enough.
– For health expenses – some people want to take medication regularly. Sometimes, you may run out of funds, but you need money to buy pills for them. It is in this situation that a credits comes in handy.
– For your hospital bills – you may also fall ill and end up in hospital with hospital bills to pay. It is a relief that you can file for a loan online. What this means is you will have money in your bank account without having to go out.
Whatever your situation is, a medical loan application in the Philippines is useful. Explore your options, and then list down the best companies where you can apply. Save that information in your phone.
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Requirements for a Medical Loan
Here is a quick snapshot of what you prepare to apply for a loan:
- ID – you have to present a government ID to prove your identity;
- Proof of income – you can submit a Certificate of Employment or ITR document (2) from the Bureau of Internal Revenue.
Some companies may also ask for a proof of address. In this case, you will provide a photocopy of your credit card bill or utility bill.
Get a Quick Medical Loan up to PHP 25,000
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FAQ
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What is a medical loan?
A medical loan is a personal loan that is used to pay for medical expenses, such as if you need quick money for a medical procedure.
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Can I get a medical loan?
Yes, if you meet the bank's requirements.
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Are medical loans legal?
Yes, many companies in the Philippines issue medical loans legally and have a registration number in the government registry.
Disclaimer and Editor’s note
Disclaimer: This article was written based on information available to the writer at the time of publication and the article was published for promotional, reference, and educational purposes only. Nothing in the articles published in the website is intended to constitute legal or financial advice and users are advised to seek counsel from legal and financial professionals.
Likewise, rates or offers published in the websites are promotional marketing offers only and do not constitute any binding contract between the Corporation and the website users.While the writers and publishers of the articles in the website wrote the articles using credible information available to them at the time of publication, any changes or updates to the information presented in this article may not be reflected here.
Hence, users are enjoined to exercise appropriate diligence in using the data and information published in the website, and they are urged to study and compare it with other credible sources. Users understand that the writers, publisher, website owner and the Corporation are not liable for any damage or injury they sustained for their wrongful or erroneous use of the data or information written in the article and published in the website.
Note: The information presented in the tables is subject to change and borrowers are advised to contact their chosen bank/financial entity directly for the updated information.
Authors
Digido Financial Writers Team is a team of experts in the field of finance and credit, specializing in writing articles for Digido blogs.
Anna is a marketing communications professional who specializes in digital marketing strategies and long-form content.
Digido Reviews
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