A smile can be said to be a person’s best feature and can dramatically light up one’s face. However, there are many issues that make some people reluctant to smile. Some of these issues are crooked, stained or misaligned dentition.
When one has issues with their teeth it is usually difficult to smile as often as they like. Sometimes these issues are physically painful while others cause emotional pain. Thankfully there are dental procedures that can take care of these issues but there is a catch! These procedures cost a bit of money.
Although many people have health insurance, the sad thing is that there are many dental procedures that are not covered by their insurance policy. This therefore means that the patient has to pay for the treatment themselves. Due to the cost of these procedures, some people have just decided to live with their dental issues; but that should not be the case.
In this article, we will help you explore the option of financing for fixing your dentition so stay with us.
Understanding Dental Loans
Dental loans are credit facilities taken out for the sole purpose of financing dental treatment. They most often come under personal loans and are usually unsecured. There are not many lenders that have a category of financing for treating teeth or gum issues but most have medical loans which fall under consumer loans.
If you are familiar with personal credit facilities, you know that one of the greatest advantages that it has is that you aren’t bound to state categorically what you want to use it for. You can state one purpose on your application and when the fund is disbursed, you can use it to solve more pressing issues.
This therefore means that you can apply for an amount higher than the cost of your treatment. If your application is approved, you can sort out your medical bills and use the extra cash to sort out other issues. You can learn more about this credit facility here: https://www.billigeforbrukslån.no/lån-til-tannlege/. Note that the condition is that you must meet all the criteria for qualification before you can get a credit advance; we will discuss more on that later.
Types of Financing for Dental Treatment
We have mentioned above that there are not many lenders that have financing that falls under this specific category. But as the days go by, some lenders are designing credit facilities that are targeted to financing these issues.
There are different ways through which one can get financing for treatment of teeth and gum issues and they include the following:-
- Conventional Consumer loans
- Financing plans that are specifically for dental treatments
- Medical credit facilities and Credit cards
Conventional Consumer Loans
We have touched briefly on this in our introduction by mentioning that one can take out a personal loan to take care of their teeth or gum issues. So all a consumer needs to do is apply for the facility and they will be evaluated based on the usual criteria.
The criteria for qualification for personal loans include the following:-
- A good credit history
- A high/good credit score
- A verifiable means of income
- Must be 18years or older
- Proof of residency
Once you meet the requirement set by the lender, they will approve your application and disburse funds. These credit facilities are not backed by any collateral which means that they are unsecured. Unsecured loans come with higher interest rates because they are a higher risk investment for the lender.
Financing Plans for Dental Treatments
This option is most often provided by dental clinics for patients whose insurance do not cover their treatment. These clinics partner with some financial institutions to provide financing with flexible repayment plans. There are different ways that these arrangements play out; that is why you have to discuss with specific providers for full details.
Medical Credit Facilities and Credit Cards
Medical credit facilities function just like the option discussed above. More lenders are now focusing on providing specific medical credit facilities than before. These credits can be facilitated through the public sectors (like local government authorities) or through employers or humanitarian organizations.
We all know what credit cards are and how they operate to a large extent. You can use some of these cards to sort your dentist’s bills and pay up pretty much as you would a regular credit card.
Evaluating the Pros and Cons of Dental Loans
Before you go ahead to take out a dental loan, it is imperative that you evaluate the pros and cons of this decision. We will help you by explaining some of them below:
- You get funds to access immediate treatment – This is good news for people whose health insurance does not cover their dentist’s bills and they cannot cover the cost out of pocket. So instead of enduring pain or embarrassment for as long as it takes for them to raise funds, these facilities help them get the much needed funds for treatment as at when due.
- Flexible Repayment Option – These credit facilities come with flexible payment options that make repayment of the loan as easy as possible. Just like consumer loans, repayment plans span a period of one to five years.
- Improve Oral Health – With access to funds, you are well on your way to improved oral health as many people endure some dental conditions due to lack of money for treatment. An improvement in one’s oral health has both physical and psychological effects on the person. The pain is taken care of and the person’s self-esteem is restored or boosted.
- Excessive Interest Rates and Fees– Most times some people go into a loan agreement without considering the full implication of the agreement. Imagine someone that is suffering severe tooth ache and needs treatment urgently but has no cash at hand? They are most likely to just be glad to get the funds needed for treatment.
At the end of the day, you find out that the interest rate on the loan and the fees are overwhelming. This situation can lead to some people getting entangled in a web of debts.
- Potential Impact on Credit Score – We all know that when you do not pay your debt as at when due, it reflects poorly on your credit score. The scenario painted in the foregoing point often leads to one defaulting on their loan agreement. This will undoubtedly lower their credit score.
- Risk of Over-borrowing – We mentioned earlier that one can take out an amount that is higher than what is needed for the treatment and use the excess for other things. The opportunity to borrow over and above what one needs can lead to excessive indebtedness. It takes strong discipline for one to take out just the amount needed for the treatment and also remain within the limits of their repayment ability.
Choosing the Right Financing for Your Dental Treatment
When looking for ways to finance this treatment, you need to consider a number of things; this is so that you don’t end up solving one problem and creating another. Find below steps to making the right choice in this regard:-
Asses your Oral Health Needs
You need to carefully asses the state of your oral health. Consult a dentist or appropriate medical personnel to help you determine what is absolutely necessary for your oral health and what is not.
Some dental procedures are merely cosmetic and will not impact you physically (this means you can conveniently live with it). Other procedures on the other hand are necessary for your physical wellbeing and need to be carried out as a matter of urgency.
When you objectively carry out this evaluation, you can then determine whether the situation is worth you going into debt. This will help you know whether to proceed in the process or not go further.
Research as Many Options as Possible
Just as with any loan, you need to research as many options as possible for financing your dental treatment. We have stated 3 options that you can explore to get funding for this cause and they include personal loans, targeted financing and medical credit facilities and credit cards.
Take out time to research all these options before settling on the best one for you. After that, you go on to look for lenders that offer your preferred option. This leads us to the next point…
Compare Interest Rates and Terms
When checking out financial institutions that offer your preferred option, one major thing to consider is their interest rate and the terms of the loan. This is the major factor that determines how ‘cheap’ or ‘expensive’ a loan is. Remember that we said that it wouldn’t do for you to solve one problem and create another.
Do not be in a hurry to sign off on any offer. Take your time and carry out what is known as comparison shopping. Get as many quotes as possible and consider the interest rates and all the terms and conditions of the loan.
Maintaining optimum oral health is a great goal for any individual to have. Unfortunately, a lot of health insurance covers are not adequate for some types of dental procedures. We have shared some great information that will help anyone that’s looking for financing for their dental treatment.
Check out these tips and use them to get the best possible financing to help you reach your oral health goals.