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A dental loan can be an excellent option to cover a needed dental procedure without draining your savings or piling on credit card debt. However, lenders typically perform a hard credit check when you apply for personal loans and medical cards, which can negatively affect your credit score.
Luckily, you can find lenders that offer dental loans for bad credit, and there are several alternative borrowing methods you can explore.
1. Personal Loans
While a personal loan is typically used for larger medical expenses, some lenders consider dental work to be an acceptable expense and are willing to finance it even with bad credit. However, it’s important to shop around and review a variety of lenders’ rates and terms before selecting one. You may find that some offer lower rates for applicants with better credit scores. Be sure to choose a lender with flexible payment options and that doesn’t charge a prepayment penalty, which can increase your total cost of the loan.
In addition, some lenders accept alternative forms of documentation and are willing to lend to borrowers who don’t have a cash loans traditional credit score or income. For example, a third-party lender such as LendingUSA can offer loans to borrowers with a variety of different credit profiles. This lender offers loans ranging from $500 to $1,500.
If you have fair or bad credit, you might be able to qualify for a personal loan from a lender such as OneMain Financial. This lender has a number of branches for in-person service and also offers a revolving credit line, which lets you borrow more than once. However, its starting interest rates are higher than many other lenders’ rates. Depending on how urgent your dental care needs are, you might want to wait and improve your credit before shopping for a loan.
2. Credit Cards
If you have bad credit, it may be difficult to get a loan for dental procedures. However, you shouldn’t stop trying because there are several methods available for financing dental care despite your poor credit history. You can find lenders that specialize in lending to borrowers with bad credit or you can use alternative methods that don’t require a credit check.
You can also take out a personal loan for dental expenses. These loans typically offer fixed interest rates and a payment schedule. They can be easier to manage than paying for dental treatment on a credit card, which comes with an array of fees and high interest rates.
Medical credit cards are another financing option for dental work. These cards are similar to traditional credit cards but they are specifically designed for healthcare expenses, including dental procedures. These credit cards are branded by specific medical providers and only work with their networks, so it’s important to check with your dentist before getting one.
Some credit card companies have specialized cards for dental care that offer 0% APR for up to six months or more. This allows borrowers to receive the treatment they need without spending all of their savings or going into debt. Those with bad credit can also take out a personal loan with a lower APR to finance their dental procedures.
3. Alternative Borrowing Methods
If you don’t have a high credit score, you may be able to qualify for a personal loan from a lender like Upstart. This lender uses AI and machine learning to assess borrower applications, providing credit access to a wider range of people without increasing their risk. Upstart also offers a free pre-approval service that runs a soft credit check and doesn’t affect your score, giving you peace of mind as you shop for dental financing.
A personal loan is an installment loan that borrowers can use to finance almost any expense, including dental care. It’s a great alternative to using credit cards because it offers lower interest rates and manageable monthly payments. The minimum credit score and income requirements vary by lender, so it’s important to research several lenders before applying. LendingUSA, for example, is an unsecured personal loan provider that works with a variety of credit scores and can offer up to 6-months of 0% APR on dental procedures.
You may also be able to find dental loans for bad credit through your local dentist’s office. This option can be easier because you can apply directly through the office and it typically requires a smaller down payment. However, keep in mind that it’s often harder to be approved and receive favorable rates for this type of financing if you have bad credit. If possible, try to improve your credit before shopping for dental loans for bad credit so that you can be approved more easily and enjoy competitive rates.
4. Asking a Cosigner
The good news is that you don’t have to go it alone if you need dental work. Many lenders will allow you to add a cosigner, who agrees to pay back the loan if you fail to do so. Cosigners can be particularly helpful if you have poor credit. They can help you secure financing that you may otherwise have difficulty qualifying for and can help you lower your borrowing costs by lowering your credit score requirements.
Some types of personal loans (and some dental credit cards) are intended for borrowers with bad credit and are typically unsecured, meaning that you don’t need to put up collateral like your home or car to receive the funding. However, you’ll still need to meet a minimum credit score requirement.
To get started with finding dental loans for bad credit, it’s important to research all your options. You can do this by using a service that compares rates and offers custom loan quotes based on your unique financial situation. Some services will even prequalify you for various lenders’ financing options, so you can get an idea of what your lending potential might be. You can also consider asking a trusted friend or family member to cosign on a personal loan or credit card to improve your chances of being approved for the funds you need.
