Facing any medical emergency? Here are 5 quick loan options
Last updated: Dec 16, 2021, 02:01 AM ISTMedical emergencies can be dealt with health insurance policies, but what if you don’t have any. How will you cope up with urgent medical expenses? Even though most of us are vaccinated now, the risk still lingers. If precautions are not followed, it can trigger a medical emergency expense where medical insurance may not suffice. Therefore, keep yourself updated with ways you can raise emergency medical funds.
One of them is availing of instant personal loans for medical emergencies. The procedure of use is simple that starting with downloading the personal loan app from Google Play Store. Further, you can check the features, eligibility criteria, interest rate, tenure, and customer reviews to check the credibility of the loan app.
Very few are prepared for unexpected circumstances and cannot handle them due to a shortage of funds. So, if you find yourself in this scenario, here are 5 quick loan options to avail during a medical emergency:
Opt for a personal loanWhen all the doors seem to get closed for financial help, opting for a personal loan is an ideal option when facing any medical crisis. A personal loan is better than a secured loan. Being an unsecured loan type, it does not require any collateral. Hence, it becomes one of the best options for the only reason of getting the loan amount quickly within a few minutes. Time should not be a constraint at the time of medical emergency, so when you apply through an instant personal loan app, the loan gets real-time approval and is disbursed directly to the borrower’s bank account. Moreover, the flexible repayment tenure allows the borrower to repay the loan amount at their convenience.
Opt for loan against goldA gold loan is one of the most requested when a medical emergency strikes out of the blue. Availing gold loan for medical reasons is also a good option. Pledging your gold jewellery is a good idea for individuals who do not match instant loan eligibility criteria. Gold loans are flexible, and minimal documents are required with flexible repayment tenure and low-interest rates.
Opt for Loan against propertyDuring a medical emergency, when other means of financial aid becomes difficult to avail, your property, like an entirely constructed home or commercial property, can be pledged for getting immediate funds. But getting a loan against a property can be pretty lengthy and frustrating as lenders check the applicant's financial background to ensure the borrower is genuine. In addition, the interest rate may differ for residential and commercial property.
However, getting a property loan can be risky because if the borrower fails to repay the loan on time, then the lender has the sole authority over the property pledged.
Opt for a credit cardNowadays, most salaried and self-employed individuals use credit cards for many purposes. For immediate cash, a credit card is a better option to use during a medical emergency but not paying it the next month will result in high interest charges.
Though high-interest rates are levied on credit cards usage, it allows a flexible loan limit based on your credit card repayment history.
Many credit card lenders offer their customers pre-approved loans, which can be an ideal option in such a scenario. It is disbursed within minutes immediately after making the application online.
Opt for FinTech loansSince the past decade, the borrowing process has entirely changed with Fintech loans bringing in new twists on financial borrowing. Fintech loans are typically financial technology, and these companies facilitate faster loan processes than traditional banks. For example, FinTech loans instantly provide online medical emergency loans without any physical process. It means the entire process starts from the online loan application form to approval and disbursal directly into your said bank within a few minutes.
These companies develop instant cash loan apps for multiple purposes and are less stringent than traditional financial companies. Hence, if you are a net-savvy person, taking a loan through FinTech companies is an ideal solution during medical emergencies. Moreover, the eligibility criteria and documentation process are minimal, and even with a low credit score, some lenders will approve the required loan amount based on your employment proof.