Unsecured medical loans are the opposite of secured medical loans. There is no collateral that the medical loan involves. Since lenders take a higher perceived risk, the interest rates in this case can be higher. A credit card payment is a type of unsecured loan.
The lenders (Banks) usually check the credit worthiness of the borrower before handing over an unsecured medical loan.
Most medical loans are unsecured.
In case the unsecured medical loan is not paid as per the medical loan agreement, additional fees may be assessed and the account may be sent to collections. In case the borrower is unable to pay back the medical loan because of a significant reduction in financial well being, claiming bankruptcy may stop collection.
Medical Tourism Corporation has a leading medical loan processing company as affiliate to provide secured & unsecured loans. The medical loan application is confidential & secure. With one medical loan application the patient gets their application processed by multiple lenders.
The application usually takes about two hours to process. Loans with twelve (12) month interest, zero down with low monthly payments are available. Also, there is no prepayment penalty.
Click here for Bariatric Surgery Loans for Canadians.
We hope this page will assist you in finding the medical loan you are looking for. Popular medical tourism procedures that are financed are weight loss surgery, cosmetic & dental procedures.