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Payday Loans for medical expenses: how to get it and for what expenses

Medical care is one of the primary needs that each of us faces every day. However, some of them are particularly expensive (for example, dental and dental treatments), so more and more people are choosing forms of payday loans that make it possible to divide the payment into convenient installments .

What is a payday loan for medical expenses

The payday loan for medical expenses is a financing useful to support various types of care: general and aesthetic surgery, assistance to the elderly, sick and disabled; rehabilitation and physiotherapy treatments, beauty treatments, dental and dental treatments.

The payday loan can be subscribed in two different forms, ie as a payday loan or a liquidity payday loan. Specifically, the first variant makes it possible to obtain financing quickly, as the credit institution directly dispenses the money requested to the clinic in charge and the customer can return the payment in easy installments according to his own amortization plan. The second variant, on the other hand, offers the user the possibility of requesting a higher sum of money from the actual amount of medical expenses, in order to cope with any additional unforeseen costs.

Required guarantees and characteristics of the payday loan contract

Generally everyone can apply for a payday loan for medical expenses, the important thing is that they prove to have a working income or a pension, combined with a good credit rating. In addition to these, no other specific requirements are required.

In order for a payday loan contract for medical expenses to be legally valid, it must have the following characteristics: the rate of interest charged, the amount and method of financing, the number, the amounts and the maturity of the individual installments, the rate total annual effective (APR), the conditions under which the APR may undergo variations, the charges that are not included in the calculation of the APR, any guarantees required, insurance coverage not included in the calculation of the APR , any other price and condition applied , including higher charges in the event of default.

A look at the market

Market surveys show that the average amount of requests is 6,600 euros, with a repayment term that is around 5 years. The average age of people requiring a payday loan for medical expenses is 44 years, with an average salary of around 1,500 euros. These data almost entirely coincide with the statistical analyzes conducted on other types of financial payday loans. The national average of payday loans for medical expenses is around 4% of the total payday loans requested on the market, confirming the real economic difficulties currently faced by Italians, forced to spread the costs also due to contingent problems of health and psychological well-being -physical.

In this regard, to promote better orientation among the various offers available today, we report some of the most advantageous offers, such as:

  • the payday loan of Bank repayable in 5 years, which for a payday loan of 7 thousand euro offers a monthly payment of 140.77 euros with a taeg of 8.04%;
  • the payday loan which proposes a monthly payment of 146.9 euros for 5 years with a taeg of 9.87%;

These solutions are very valid as long as you constantly monitor your financial resources and your personal debt threshold