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Compare dental loans

A loan can cover the cost of your dental bills. Now there’s no excuse for skipping your next dentist appointment.

Dental work can be costly, whether its something as minor as a checkup or as major as a root canal. Even with dental insurance, important procedures and cosmetic surgery often come with hefty price tags.

If dental costs have stopped you from visiting the dentist, don’t worry: there are options to finance your dental procedures upfront so you can have any necessary work done now and pay it back later. Learn more in our guide below.

Motusbank Personal Loan

Motusbank Personal Loan

From

5.15 % p.a.

rate

  • Borrow from $5,000
  • Free online loan quote
  • Quick application process

Motusbank Personal Loan

Apply today to get approved for a personal loan up to $35,000.

  • Max. loan amount: $35,000
  • Loan term: 1-5 years
  • Turnaround time: N/A
  • APR: From 5.15%
  • Fees: None
  • Fixed or variable interest rates
  • Available for all Canadian residents excluding Quebec
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What is a dental loan?

A dental loan is a type of personal loan that is used to pay for dental surgery and other dental costs. Like many other loan types, they 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 like your vehicle or home equity.

You will usually need to provide the following to apply for a dental loan:

  • Your contact information. Your full name, address, email, phone number and Social Insurance Number (SIN).
  • Your employment information. Details of your employer and your income.
  • Your bank information. Your bank’s name, address, transit number and your personal account number.

How do dental loans work?

Dental loans work like any other loan. It may vary from lender to lender, but the general process goes something like this:

  1. When you apply for a loan, you request a specific amount to cover the cost of your dental work.
  2. If you’re approved for the loan, your funds will usually be transferred directly into your bank account, unless the lender has physical locations and you pick it up in person.
  3. You can use the money right away to finance your dental work, and you’ll need to make repayments on your loan as soon as they are due. Your loan contract will determine whether you pay weekly, bi-weekly or monthly.

Since dental loans are usually unsecured loans, you can use the money for a variety of legitimate 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. If you just need a one-off visit, you can borrow a small amount and pay it back quickly to save on interest payments.

Compare lenders that offer loans to pay for dental work

Name Product Min. Loan Amount Max. Loan Amount APR Fees Loan Term Min. Credit Score
$500
$20,000
26.99% - 39.99%. Varies by loan type and province
Varies by province
6 months - 5 years
550
Fairstone offers small to medium personal loans up to $20,000.
$5000
$30,000
19.99% - 23.99%. Varies by loan type and province
Varies by province
3 - 10 years
550
Fairstone offers secured personal loans up to $30,000.
$2000
$35,000
5.9% - 45.9%
NSF fee - $20 to $48
2-5 years
540
Mogo offers loans up to $35,000 on flexible terms.
$2000
$10,000
18.9% - 54.9%
None
1-5 years
550
An established online lender with loans up to $10,000. Now accepting applicants on El and Social Assistance.
$5,000
$35,000
From 5.15%
None
1-5 years
N/A
Motusbank offers personal loans up to $35,000 for all Canadian residents excluding Quebec.
$5,000
$35,000
From 5.65%
None
N/A
N/A
Motusbank offers line of credit loans up to your approved limit for Canadian residents excluding Quebec.
$1,000
$15,000
46.93%
None
Term of loan will vary by product
N/A
Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
$2000
$10,000
43% (British Columbia and Ontario) and 34.9% (Quebec)
None
1-5 years
N/A
LendingMate offers loans to Canadians with poor credit with no credit checks.
$1,600
$25,000
9.47% - 20.07%. Varies by loan size (excluding Quebec)
Origination fee: $250 - $1,000 depending on loan size
3-5 years
N/A
A loan that you repay before gettּing access to the funds. Enjoy no upfront fees and a low interest rate.
$100 (in store), $500 (online)
$10,000
46.93%
Vary across provinces/territories
6 months - 5 years
N/A
Cash Money offers installment loans up to $10,000 for BC, AB, SK, ON and NS residents.
$100 (in store), $500 (online)
$10,000
46.93%
Vary across provinces/territories
6 months - 5 years
N/A
Cash Money offers line of credit loans up to $10,000 for BC, AB, SK, ON and NS residents.

Compare up to 4 providers

What can I use a dental loan for?

  • Root canals
  • Gum surgery
  • Wisdom tooth removal
  • Tooth whitening
  • Dentures
  • Braces or retainers
  • Veneers
  • Cavity filling
  • Crowns
  • Bridges
  • Teeth cleaning
  • Periodical check-ups

How much does dental work cost?

The cost of a procedure or surgery will depend on whether or not 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 percentage off if you don’t have insurance and you are a return customer. Be sure to ask your dentist before you have the procedure done.

Here’s what you can expect to pay for some dental procedures without insurance coverage:

  • Teeth cleaning: around $125
  • Cavity filling: between $100 and $300
  • Wisdom tooth removal: between $300 and $800
  • Dental crown: between $500 and $2,500 per tooth
  • Root canal: between $750 and $2,500 per tooth

How can I pay for dental work?

Before applying for a loan, it’s important to know what types of financing are available to you. If you’re looking to apply for a dental loan, you can usually consider the following:

  • In-house payment plan. Some dentists offer interest-free payment plans, especially for dental work that involves return visits. Orthodontists often provide financing for braces. However, not all dental practices offer payment plans, and some procedures may not be eligible. Consider comparing local dentists to find one that is willing to work with your budget.
  • Specialist dental loan. There are some lenders that offer loans specifically designed to cover dentistry that can help you finance a range of procedures.
  • Personal loan. Many personal loans can be used to cover medical costs, including dental work. You can typically borrow between $1,000 and $35,000 with rates ranging from 6% to 36%.
  • Line of credit. A line of credit functions similarly to a personal loan. Instead of receiving your funds as one lump sum, you’ll be able to take money out as you need it and will only pay interest on what you borrow.
  • Overdraft. An overdraft is where the bank allows you to overdraw your account up to a certain limit. You’re able to withdraw anywhere up to and including this limit and then repay it over time at a fixed interest rate.
  • Credit card. Depending on the limit of your card, you may be able to cover the costs of your dental visit. Just keep in mind that the rate of interest on your credit card is likely to be higher than a personal loan.
  • Bad credit personal loan. These loans, also called short-term or payday loans, are usually for amounts between $100 and $5,000 and are designed for people with bad or no credit history. This type of loan may be an option if you require financing for emergency dental surgery. With excruciatingly high interest rates, this type of loan should be a last resort.

How can I find the right dental loan for my needs?

Before taking out a loan, it’s important to identify what you’re looking for in order to find the right loan for you. Here are some questions to ask yourself when comparing lenders and loans:

  • What is my credit like? Check the eligibility criteria offered by lenders and make sure your credit score is above their minimum. Some lenders will require you to have a good to excellent credit score, which is usually over 650, while others will cater to those with fair to poor credit.
  • What repayments can I afford? You should be able to work out a rough idea of what your repayments will be based on the loan’s interest rate and ongoing fees. See if this repayment schedule will work with your monthly budget. If you don’t think you can make the loan repayments, don’t apply for the loan.
  • How much do I need to borrow? Lenders sometimes set minimum and maximum restrictions on how much you can borrow with certain loans, so check to see these limits before you apply. Keep in mind you may not be approved for the full amount you want, regardless of whether it’s below their maximum amount offered, as this will depend on your income and credit history. Only borrow exactly what you need since you’ll be paying interest on the borrowed amount.
  • When do I need the money? Some lenders will be able to give you the funds on the same day you apply or usually by the next business day. However, other lenders may take between five to seven days to disburse your funds. If you need the money in a rush, be sure to compare lenders who offer quick turnaround times.

How to apply

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 will need to make sure you meet the eligibility requirements. You will usually need to meet the following requirements, however keep in mind requirements may vary between lenders:

  • Be 18 years of age, or the age of majority in your province or territory
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Have a working bank account
  • Have a steady source of income

If you meet the requirements of the lender, you can proceed to their 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.

Bottom line

Dental work can often be expensive, but it doesn’t mean that you have to skip the dentist altogether. 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. You can keep your mouth healthy and your budget on track.

Frequently asked questions

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