Your health is the most cherished possession you could ever have. Even if your family members are met with sudden medical hardships, you might be completely unprepared to meet the expenses that come along. Such situations would be unusually challenging if you don’t have a health insurance plan to cover the medical costs.
But worry not. There are several methods you can use to raise funds in order to meet such unforeseen expenses. Here are some ways you can raise money for medical costs without causing irreparable damages to your finances.
1. Take A Personal Loan
If you have a steady income, you can apply for a personal loan. The bank will approve your loan within a few days, considering your credit score and repayment capabilities. Also, several banks offer pre-approved personal loans, which will be sanctioned with minimum or no documentation.
However, if you choose an unsecured personal loan, the interest rates will be significantly higher as compared to secured loans. Since some banks might offer personal loans almost instantly, it is worth giving a try in cases of medical emergencies.
2. Take a Loan Against Property
With a good credit score and a reliable source of income, you will be able to take a loan against property without much struggle. Because this type of loan is secured with collateral, the mortgage loan interest rates will be significantly lower, making monthly payments more manageable for you.
As a mortgage loan is not a pre-approved loan, unlike a personal loan, you will have to contact a trusted loan provider and submit the required documents. If you have a stable credit score and the condition of your property fits the criteria, you will soon be able to avail a loan for the same.
Loan against property is a better choice as you can avail larger amounts to meet the medical expenses by pledging your property. Depending on the value, age and condition of your property, the mortgage loan interest rates will vary.
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3. Take A Gold Loan
When faced with unprecedented medical expenses, physical gold placed at lockers or at your home can be used as a collateral to avail gold loans. With an interest rate ranging from 12% to 16%, you can avail gold loans amounting to a maximum of 80% of the gold’s value.
In cases of emergencies, gold loans are a great choice as you can avail funds within a very short time. You can avail gold loans even if your credit score is low or you don’t have a stable source of income.
Along with these methods, you can also try to liquidate your assets, take a payday loan, or take a loan on your credit card.
As unfortunate as the event of medical hardship is, raising money as fast as possible matters a lot. It is best advised to contact a trusted loan provider to analyze whether you have additional options to raise money and meet the expenses. Always try to maintain a savings fund and a stable credit score, so that you will be better equipped to face unforeseen expenses.
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