A fixed rate remains the same throughout the term of the loan, meaning your repayments will stay the same every month. It’s important to understand the difference between fixed and variable interest rates and how they will affect your medical loan.Ī variable interest rate rises and falls based on market values, meaning your repayments could differ greatly from month to month. Medical, dental and cosmetic procedures can sometimes carry their own specialised loans however, they often have unattractive terms such as high interest rates, long loan terms and the requirement for assets as security. Where these loans differ from personal medical loans is that they only cover medical bills, the loan cannot be used to cover other costs such as equipment, or everyday expenses if you are forced to take time off work. They involve payments made at regular intervals until the debt is settled. Medical payment plans are offered by many health providers as an alternative to upfront payment of medical bills. We do not offer secured loans at Harmoney. If you are unable to make the repayments on a secured loan your assets are repossessed and sold to cover the cost of your loan. A secured loan requires an asset to be offered up as collateral, such as a computer or jewellery. Secured loans often have lower interest rates than unsecured loans, but they carry a higher risk. Medical expenses loans from Harmoney are always unsecured. This means if you default on the loan you don’t risk losing your asset. Unsecured medical loanĪn unsecured loan does not require an asset, such as property or a vehicle, to be put forward as security. Before applying, it’s important to understand the various features of a medical expenses loan and how they will affect you.
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