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Loans for Medical Expenses

There are several reasons why you might find yourself needing emergency cash to cover expenses for medical or health-related bills. Below are some of the reasons you might find yourself needing extra cash that is paid quickly in order to cover unexpected expenses.

What are medical loans?

Loans for medical expenses are a type of short-term loan that can help you pay your medical bills. This type of loan is typically used to cover unexpected or emergency medical expenses.

They can be used to pay for hospital stays, doctor visits, prescription medications, and other medical expenses. These loans are typically repaid within a few weeks or months, and you will be required to make regular repayments.

When considering taking out a medical bill loan, it is important to compare interest rates, fees, and terms from multiple lenders. This will help you find the loan that best suits your needs.

Loans for medical procedures

Medical procedures may include IVF, cosmetic surgery, elective surgery, or other procedures outside the Australian public health care system. For example, if a procedure has long wait times, you might opt to pay for this in the private healthcare system. This may result in out-of-pocket expenses that your private health insurance doesn’t fully cover. If you haven’t taken out private health insurance, you may be paying more for these procedures.

In some cases, your medical practitioner may suggest options for available medical loans. You may also wish to do your own research and compare different loans based on your individual circumstances to help decide on a loan that is right for you.

A short-term loan or payday loan may be one option to consider if the interest rates or fees on medical loans are high and you’ve exhausted other alternatives.

You may also consider a Cash Today payday loan if the medical expenses are for smaller amounts, between $100 and $2000. For more costly procedures, you may wish to explore alternative lending options.

Unexpected medical expenses

If you’re in a bind and need money for emergency medical expenses, you may be able to take out an emergency medical loan. These loans are designed to help cover unexpected medical bills and can typically be used for any type of medical expense. 

An emergency medical loan could help you pay for a trip to the dentist, a specialist appointment, physiotherapy treatments or sessions, prescription medications, or costs of treatments.

Why would you apply for an emergency payday loan for medical expenses

Emergency loans are intended as a last resort after all other options have been exhausted. Borrowers should be aware of the potential risks involved with taking out an emergency loan, including interest rates, fees, and the possibility of being unable to repay the loan.

Before taking out an emergency loan, borrowers should always exhaust all other options, such as using emergency savings or asking friends or family for financial assistance. Emergency loans should only be considered for genuine emergencies and not as a way to cover regular expenses.

Find out more about taking out an emergency medical loan through Cash Today here. 

At a glance

Simple loan rates & fees

 

See our simple rates and fees below, and then view more information about rates & fees to work out repayments and total costs for different amounts and terms .

*Please note that the figures shown are indicative only and may not include all fees and charges. All applications are subject to assessment. 

Applying

Find out how likely you are to qualify for our lower rate loans.

Healthier financial history = access to lower loan rates

  • Our competitive personal loan rates are between 7.24% – 19.99% p.a. and our urgent loans are between 19% and 48% p.a.
  • The loan rate that you are offered will be dependent on your individual circumstances, loan amount, and the type of loan
    • For example, a secured car loan is likely to have lower rates than an unsecured loan with a vague purpose

Am I eligible for a loan?

If you want to understand whether you are able to be approved for a loan, there are a few things to consider.

Loan requirements

  • Proof of Australian residency (utility bill) and regular income
  • Driver’s license or other identification (over 18 years of age)
  • A read-only 90-day bank statement (via online bank verification)
  • Credit check
  • Repayment affordability can be established
  • No direct debit dishonour transactions in bank statements

Credit check

Credit history

A history of responsible borrowing shows that you’ve paid your bills on time and haven’t maxed out any credit cards.

Credit score

A good credit score is a strong indicator of your creditworthiness and could mean that you are eligible for loans with lower interest rates than another applicant with a less favourable credit score.

Debt-to-income ratio (DTI)

If you have a low debt-to-income ratio (DTI) this is the best position to be in for getting approved for a loan. A great debt-to-income ratio is 3.6 (36%) or less.

The higher your debt-to-income ratio, the less likely you are to be approved. That’s because you will be making repayments on your existing debt, and have less available funds to comfortably make repayments on a new loan. A debt-to-income ratio of 6.0 (60%) or higher is considered risky for lenders.

How to calculate your debt-to-income ratio 

Debt-to-income ratio = Total debt divided by total annual gross income

This can be expressed as a number or a percentage.

Resource:

Debt-to-income ratio calculator

 

Loan amount and purpose

The amount you’re borrowing and what you’ll be using it for can also affect your approval odds.

Generally, smaller loans for specific purposes (like a car repair) are easier to get approved for than large loans with a vague purpose.

Collateral

Some loans, especially larger loans such as home renovation loans or car loans, require collateral. This is an asset the lender can seize if you default on the loan.

Having collateral can improve your chances of getting approved, especially if your credit score isn’t perfect. In some cases it can also qualify you for lower loan rates.

Income and employment

If you have stable full time employemt with income that would allow you to comfortably repay a loan, this makes you most likely to be approved for a loan.

It is still possible to be approved for a loan with part-time employment if your regular expenses are lower and affordability can be established.

Other forms of supplementary income are also considered such as government benefits.

Your total income amount, your employment history, and any other sources of income will be taken into consideration when making an approval decision on a loan application.

Responsible lending

Understanding your individual circumstances

At Cash Today, we understand that unexpected expenses can arise. While we’re here to help you access the cash you need quickly, we’re committed to responsible lending practices.  This means we take the time to assess your individual circumstances before offering a loan. 

Prioritising your financial well-being

We prioritise your financial well-being and want to ensure you can comfortably manage repayments. We also offer clear and transparent loan terms so you understand the full cost upfront. If alternative solutions like payment extensions or budgeting tools can better address your situation, we’ll be happy to point you in those directions.

Lower rates reward good track records

If you can demonstrate a strong financial track record you are more likely to get approved for personal loans and qualify for lower loan rates. If your income compared to your ongoing expenses shows that you have the ability to comfortably afford higher loan repayments you may be able to get approved for higher loan amounts. 

Preventing financial stress 

In the event that your financial history reflects more unstable income, a poor credit rating, or a high debt-to-income ratio, your application may be declined if it is determined that repaying the loan would not be affordable and result in further financial hardship for you. 

You may only be approved for smaller loan amounts with lower repayments, and you may not qualify for lower rate loans and need to carefully decide whether you are willing and able to accept paying higher rates for the loan.

Protecting your future 

It’s important to note that even if you can comfortably afford repayments, your application might not be approved. This is because we assess your financial history to ensure responsible lending. We want to avoid situations where the loan could negatively impact your long-term financial health. This includes missed payments that could damage your credit score and make it harder to access future loans.

Disqualifying conditions

If you display one or more of the following loan disqualifying conditions you are not currently eligible for a Cash Today loan. 

  • Opened a personal loan in the last 90 days
  • Already has two or more payday loans under $2000
  • Bank statements in the last 90 days display transactions for online gambling
  • Bank statements show payments made to collection companies, payment arrears, or dishonours in the last 90 days
  • Bank statements show wage advances such as Wagetap, Wagepay, MyPayFast, Beforepay, in the last 90 days
  • Bankruptcy

You should consider seeking alternative options for financial assistance, or delay applying until your 90 day financial history reflects that you are eligible to apply as well as able to comfortably afford repayments.

It’s two simple steps to connect you to the right lender.