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Many lenders offer dental loans as part of their personal loan offerings. If you qualify, you can borrow up to a certain amount with fixed interest rates and payments that last the duration of your loan term.
Different lenders have different borrower requirements, but rates generally range from under 7 percent to a little over 10 percent. Check out a few lenders and compare their terms to choose the best option for you.
How to Get a Dental Loan
Many banks, credit unions, and online lenders offer personal loans for dental work. These loans have relaxed qualification standards and typically have lower interest rates than dental credit cards. Some lenders allow you to apply onsite at your dentist’s office, simplifying the application process and making it easier to receive funds within one business day of approval.
When shopping for a personal loan to fund your dental procedure, consider the terms and conditions carefully. Some lenders may charge a variety of fees, which can add up quickly and reduce the amount of money you receive at the end of the term. Make sure to find out about all of the possible fees and choose a lender that does not charge them.
Dental care is a critical part of overall health, and many people do not have enough savings to pay for necessary treatment. While it may be tempting to take out a dental loan to pay for cosmetic treatments or procedures that are not essential, try to save for the work you need before applying for financing.
Depending on the lender, you could be approved for a dental loan with a credit score as low as 689. Some lenders also have a “waterfall” approach, where they submit your application to several different lenders and evaluate the risk of each. This allows you to compare potential offers without having multiple hard inquiries on your credit report.
Prequalify for a Loan
You can apply for a dental loan at a bank, credit union or online lender. Lenders have different borrower can you apply for a capfin loan online requirements, rates and terms. It’s important to shop around and consider all of the options before selecting one. Often, a financial professional can guide you through the process and help evaluate loan alternatives to meet your goals.
When evaluating loan terms, be sure to take into account interest payments and other fees. These can significantly impact the cost of the loan. Also, consider the length of time you want to pay off your loan. Longer loan terms reduce monthly payments, but you’ll pay more in interest over the life of the loan.
Some lenders specialize in working with borrowers with less-than-perfect credit. For example, Upgrade offers personal loans starting at $1,000 that can be used for dental work. Its rates and repayment terms are competitive with other lending services. Plus, it’s easy to get prequalified for a loan without affecting your credit score.
Many dental practices partner with a consumer financing company to provide onsite loan applications for patients seeking treatment. These are usually simple and can be completed in a single office visit. Funds are deposited into the patient’s account and are typically disbursed to the provider within a few days of approval.
Shop Around
While paying for dental care with available insurance or saving money for procedures is ideal, sometimes the costs are just too high to pay up front. In this case, responsible borrowing and repayment through a dental loan or other types of financing is a good option.
A dental loan is a personal loan that can be used for dental procedures and other healthcare costs. These loans are available from banks, credit unions and online lenders. Many of them have a lower credit score minimum than conventional loans and come with competitive interest rates, such as those offered by LightStream and Prosper.
Before deciding on a lender, review the terms and conditions carefully. Read customer reviews on databases such as the Better Business Bureau and Consumer Financial Protection Bureau. Look for a lender that allows you to prequalify without impacting your credit score and has easy-to-understand rates, fees and repayment terms. You can also use online calculators to estimate your potential monthly payment based on the length of the loan and interest rate. Some lenders charge origination fees, late or returned payment fees and application fees, which can add up over the lifetime of the loan. Others charge a prepayment fee that penalizes you for paying off your loan early. You should also consider whether you want a fixed or variable rate APR.
Get Approved
If you have a good credit score (670 or higher), you should be able to qualify for an unsecured personal loan that can cover dental expenses. You should be able to get an offer within a day or two of applying online. A personal loan can also be a better option for financing dental care than a medical or dental credit card, which typically charges interest rates that are higher than other types of consumer debt.
The best way to determine which lender you should apply with depends on the type of financial help you need, your income and credit scores, and how much the procedures will cost. If you can, try to prequalify with multiple lenders before submitting an application so that you have some options to compare the terms and rates they might offer you.
If your credit isn’t great, you can focus on improving it before shopping around for a loan to finance dental work. Try paying all of your bills on time, reducing credit card balances to below 30% of your credit limit, and working to pay down existing debt to improve your credit utilization ratio before you look for a dental loan. You can check your rates for various lenders in minutes without impacting your credit score by using a personal loan calculator.