Before applying for dental work financing, it’s important to know what types are available to you. If you’re looking for how to pay for dental work, you can consider the following options:
A dental loan is a type of personal loan that is used to pay for dental surgery and other dental-related costs. Like many other loan types, loans for dental work tend to be unsecured. This means lenders rely on your credit score, income and ability to repay your loan rather than forcing you to put up collateral, such as your vehicle or home equity.
When you apply for loans for dental work, you request a specific amount to cover the cost. If you’re approved for the loan, your funds will usually be transferred directly into your bank account. Some lenders may pay the dental vendor directly instead. You can use the money right away to finance your dental work. Then, you’ll be required to start making repayments on your loan, preferably always on time and in full. Your loan contract will determine whether you pay weekly, bi-weekly or monthly.
Since dental loans are often unsecured, you can use the money for a variety of legitimate dental purposes. If you need a lot of work done and will be in and out of the dentist for a few months, your loan funds can be spread out to accommodate your needs. In this case, you might want to consider a line of credit instead of a loan. If you only require a one-time visit, you can borrow a small amount and pay it back quickly to save on interest costs.
Yes, you can get dental loans for bad credit. However, expect to receive higher interest rates and less favourable terms because of your financial situation. In addition, maintain patience while looking for financing solutions because it can take some time to find the right lender. Compare loans for bad credit.
Before applying for dental financing with bad credit, do what you can to improve your credit and financial position. This can increase your odds of approval.
In Canada, most lenders will check your credit report and score, even if they’re a bad or no credit lender. For this reason, you may struggle to find a lender that won’t perform a credit check at all. No credit check lenders do exist but expect to see higher interest and less favourable terms because of the additional risk the lender is incurring.
Before financing dental work, it’s important to identify what you’re looking for in order to find the right loan for your needs. Here are some questions to ask yourself when comparing loans for dental work:
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Apply online in less than 10 minutes. If approved, receive funds in as little as 24 hours. Pay off your loan at any time.
If you’d like to apply for a personal loan to finance your dental bills, you should begin by comparing your loan options. Once you find a suitable lender, you should confirm that you meet the eligibility criteria. Criteria vary from lender to lender, but you usually need to meet the following requirements:
If you meet the requirements of the lender, you can proceed to the lender’s website to apply online for the loan. The process usually takes less than ten minutes if you have the necessary information on hand, including your contact, employment and banking details. Alternatively, you can sometimes apply over the phone or in person if the lender has physical branch locations.
Susan was eating a rather tough piece of steak and upon biting into it, realized she had lost a tooth. The tooth had been rotting for some time, so this came as no surprise to Susan. But with no insurance coverage, Susan was slightly worried about footing the bill for a new tooth. She headed to her local dentist and discovered that the new tooth would cost her $2,700. She realized she would need a loan for dental work as she didn’t want to be toothless for a prolonged period of time. Heading to her local bank, Susan was offered a $2,700 personal loan with a competitive interest rate and a 2 year loan term. Below are the details of Susan’s dental financing offer:
| Cost of tooth implant | $2,700.00 |
| Loan type | Personal loan |
| Loan amount | $2,700.00 |
| Interest rate (APR) | 4.50% |
| Loan term | 1 year |
| Additional fees | Origination fee of 3% ($81.00) |
| Monthly payment | $230.52 |
| Total loan cost | $2,847.26 |
*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.
The cost of a procedure or surgery will depend on whether you have insurance coverage and what your policy covers in terms of dental work. If you don’t have dental insurance, you’ll have to pay out-of-pocket for the entire cost of the procedure. However, some dentists will give you a discount if you don’t have insurance and you are a return customer. Be sure to ask your dentist about pricing and discounts before you have the procedure done.
Is the dental procedure you need not listed above? Ask your dentist, or multiple dentists, for a quote. This is a normal process in dentistry because procedures can be expensive. Once you have a quote for the dental procedure you need, you can determine how you will finance it. Dental quotes can also be sent to your insurance company. They will tell you what portion is covered so that you can figure out how to pay the remaining balance.
Financing dental work is often necessary for Canadians because of the high cost. With financing options available to people with all types of credit, be sure to compare your loan options and choose a lender that offers you competitive interest rates and favourable loan terms. This way, you can keep your mouth healthy and your budget on track.
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