Dental Loans With No Credit Check

For most people, visiting the dentist isn’t a favorite activity. However, an astronomical price tag may make the process even more uncomfortable. If you’re finding it difficult to pay for necessary (but costly) dental care, you’re not alone. According to a report by the US Department of Health & Human Services Agency for Healthcare Research and Quality, the average yearly cost of dental care increased by approximately 23% from 1996-2015.

To complicate things even further, almost 30% of Americans lacked dental coverage in 2015, and private insurance paid only 43% of the cost for those who did have coverage. If you cannot afford to pay the cost of treatment upfront, you may consider dental loans or other forms of financing. Unfortunately, bad credit may make it tough to get a favorable interest rate and terms, and in some cases, it makes it impossible to get approved at all. Here, we will examine some dental financing options for those with poor credit.

Just What Is Dental Financing?

If you are finding it hard to pay the entire cost of dental care, financing is a worthy consideration. This might mean getting a loan to pay for treatment and making regular payments until the balance is paid off. With most financing options, even those with bad credit, you’ll pay interest and fees on the money borrowed. Below are a few common choices for those looking for dental financing.

• A medical credit card: These cards are sometimes available to pay for care, including dental treatments. Medical credit cards are similar to conventional cards, but they can only be used to pay for healthcare services within a narrow network. If you gain approval for such a card, you may use it to reimburse a qualified dentist for the care they provide. Following that, you’ll make monthly payments to the card issuer.

Some of these cards come with a deferred interest period, which may work to your advantage. If it’s possible to pay the entire balance within that period, you’ll avoid high interest payments. However, if you can’t pay it, or you’re late with a payment, you’ll be on the hook for all the interest that accumulated from the date of the loan. In such a scenario, the accrued interest may mean that the treatment costs more than expected—so be sure it’s the right choice before applying. Though it’s rare, it’s possible to get a medical credit card without a credit check.

• Personal loans: These loans may be used to pay for a variety of expenses, including necessary dental work. These loans are usually unsecured, which means that the lender requires no collateral to back the loan. Because of this, a lender may consider multiple factors to determine your repayment ability. Though you may be able to get a personal loan without a credit check, if you have truly bad credit, you’ll probably end up paying more interest.
• A low introductory APR card: As opposed to a medical credit card, you may want to pay for dental care with a conventional credit card. Some cards, even those for bad credit, offer low introductory APRs (annual percentage rates) for balance transfers and purchases. After this period ends, though, the card’s APR will be based on a range of factors.

If you manage to pay the entire balance within the introductory period, which is usually 12-21 months, your dental care may be interest-free. If you don’t pay the entire balance before time is up, you may lose the low APR. As with medical credit cards and bad credit personal loans, your history does play a role in determining eligibility.

• In-house loans: Some dental practices offer patients the chance to apply for in-house loans and payment plans. Though some are great options for those with bad credit, details and terms vary by provider. While some lenders offer low- and no-deposit loans, and others offer loans with no credit check, it’s important to look out for high fees and annual percentage rates.