Saturday, 27 September 2014

Points to Consider while Applying for Patient Loans

Patient loans are a very convenient method to pay the hospital bills when unfortunately you or your near and dear ones fall prey to a grave ailment. In spite of being an easy option some points should be kept in mind to prevent running from pillar to post later on.

A good medical treatment is a luxury nowadays as the hefty hospital bills are enough to burn hole in one’s pockets. Patient loans are the next generation financial aids that are now being offered by corporates and financial firms to put a full stop to the patient sufferings and avail the best medical facilities in every circumstance. There are some points to keep a check on while opting for a patient loan, they are as follows:

Your credit score:

Credit score is basically the capacity of the person to repay the patient loans. It is a vital statistic that will let you know if you are eligible for the loan or not. Credit score is calculation is based on numerous factors like your income, your job status, designation etc. The higher the score more are your chances for getting a patient loan.



Desirable credit factors are:

  • No delayed disbursements or history of unpaid accounts.
  • Time-honored credit account
  • Several open accounts in a decent position
  • Very less utilization of the credit.

Undesirable credit factors are:
  • History of several payable accounts.
  • Extensive use of the credit.
  • Plentiful fresh requests for credit.

Interest rates:

Interest rates can be inversely proportional to your credit scores as a low credit score signifies lesser chance of loan repayment. Rate if interest for a patient loan may also vary from lender to lender. Confirm the interest rates so that you end up paying the lowest ones.

Corporate tie-ups:

The corporate linkups are also an imperative parameter to keep an eye on while considering applying for a patient loan. Your hospital or healthcare provider may have some   professional connections with loan providers that can offer you the best assistance and service customized according to the norms of your hospital.

Patient loans should be such that its repayment is convenient and does not lead you to a situation like from frying pan to fire. So it’s very essential to be on the ball with the options available today. To know more, you can also visit Fortivafinancial.com

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