5 Reasons why you should Take a Personal Loan to Cover Medical Emergencies

31 August, 2018

Unfortunately, there is no way of knowing when a medical emergency may strike you or a loved one, we can only plan for one. Health and medical insurance do offer cover for long-term medical expenditure but you may have to fend for yourself in the short-run in case of a sudden medical emergency. If you do not have ready cash in such a situation, then it may hamper the timely and proper treatment, which can be life threatening at times.

Personal loans are quick and easy way to finance medical bills because of the discretionary nature of the funds. You can use personal loan funds for any purpose you may think of, which in the case we are discussing is a medical emergency or expenditure.

Now let’s have a look at the top 5 reasons which make personal loans a good option of finance for urgent medical treatments.

• Quick finance: If you apply for a personal loan on the right platform, you can get the loan funds within a day or less. Where banks offer personal loan approvals in 7-10 days, online lending platforms like Monexo can facilitate loan approval and funding within 24 to 48 hours because of their peer-to-peer financing model.

• Hassle-free application and approvals: P2P loan applications are totally online and offer real-time tracking of your loan application, approval and funding. Moreover, the funds are transferred directly into your bank account so no more waiting in queues for depositing the loan demand drafts.

• Repay in flexible EMIs: Another good thing about online personal loans from alternate source of finances like Monexo is that it allows you to tweak your EMIs and keep the monthly repayment amount low and manageable according to your income. On the other hand banks and non-banking financial companies are generally restrictive in allowing you to decide the loan tenure, which increases the EMI amount. So, if you are a salaried person, looking for a medical loan, P2P is the best option for you.

• Prepayment without additional charges: Probably the best thing about getting a personal loan for medical emergencies from a peer-to-peer lending platform like Monexo is that they charge no prepayment charges. So, you can easily pre-close the loan when your medical claims are cleared by your insurance provider.

• Cover other expenses: A personal loan not only helps you in covering the medical expenses but also makes up for the loss of income during the period you are receiving treatment. Pay for rent and board with the loan funds and utilise them for other sundry expenses, there are no limits on how you spend a personal loan.

Looking for a quick personal loan to settle your medical bills or a loan for emergency medical treatment? Apply for a personal loan with Monexo now to get the funds without delays or hassles and recover from a medical emergency without financial worries.