Medical Loans

How do I qualify for a medical loan?

If you need to borrow money for a medical procedure loan, then you will need to meet some minimum criteria to be eligible. The first of the requirements to qualify for medical loans is that you are over 18. The second is that you are a resident of Australia. Of course, we will also have to ascertain if you can afford to take out any medical loans, so we do also require that you are employed. While these are the minimum criteria, it’s also important that you look into how much you can afford to borrow. Our advice is to check out an online personal loan calculator to find out how much repayments would be on your loan to work out the amount.

Once you have seen how much the repayments would be on the amount you want to borrow, you can sort out your finances. This means budgeting to ensure that there will be enough money in your account when the repayments are withdrawn. It also means making sure this leaves enough money for you to get through the rest of the month and cover any other expenses and debts. Don’t forget to include any fees or charges that are attached to the loan. At Ozzie Loans, we have competitive rates and low fees, which can help lower your repayments.

Do medical loans impact my credit score?

There are a number of things that can affect your credit score. One of the main ones is issues with repayments on the loan. This can include making late repayments or defaulting on the loan entirely. That’s why we recommend making sure you only borrow what you can realistically afford to pay back monthly over the term of the loan. Also, applying for credit or having a number of credit debts or loans concurrently is going to affect your credit score as well. However, keep in mind that credit scores are flexible, and you can work to improve your credit score over time. When you pay off any debts or loans you have, then your credit score will improve, for example. That’s definitely going to be an advantage if you need to apply for further credit.

How can I apply for a medical loan?

Applying for medical loans is super easy with Ozzie Loans. All our loan applications are done online so that you can do it from your phone or other devices. As we are low documentation money lenders, there is not a huge amount of paperwork to fill out. All you need to do to apply is to hop onto our website and fill out the online application form. In fact, our application process is so quick, and it should be done in five minutes. 

We understand that you are looking to access money quickly, but before your loan can be approved and before we can send you the loan offer with the terms and conditions, we will need to look at a few pieces of information. These will include some identification, so have two pieces of ID such as your Medicare card or your passport on hand when you apply. We’ll also take a look at your latest bank statements to see how much you earn and how much of your income is going out already for other commitments such as a mortgage or any other debts or loans that you may have.

Another thing that we will be checking out is your credit file. We do look at the overall picture and can access the last 24 months, so if it’s not as great as it should be, we will carefully look at how you have addressed any issues before making any decisions. However, once that is all done and subject to approval, the money you need can be in your bank account on the same day.

You shouldn’t need to put up with poor health or worry about how you will afford to get your health back. Apply for medical loans with Ozzie Loans and get cash today..