You need to know the latest dental loan policies!
There are many reasons to feel anxious about your next dental appointment, but paying the bill isn't one of them. If you don't have dental insurance (or your insurance company doesn't fully cover the cost of your visit), the good news is that there are dental loan options that can help you get the dental care you need to keep your teeth and gums healthy. .
Many of you may not know much about dental loans, but what are dental loans?
A dental loan is a personal loan used to pay for dental treatment. A personal loan is a loan that is paid in one lump sum and repaid in equal monthly installments. The interest rate on a personal loan is fixed, which means your interest rate will not change over the life of the loan. It’s also important to understand dental loans and choose the right institution.
4 Trusted Dental Financing Providers
Best for Expensive Dental Treatments: SoFi
Why SoFi Stands Out: SoFi offers loans for medical and dental expenses up to $100,000. If you need to pay for particularly expensive dental treatments, such as a full dental reconstruction, this lender is worth considering.
No Fees - SoFi claims to charge no fees. There are no origination fees, prepayment penalties, or other fees for applying for a SoFi loan.
Member-Exclusive Benefits - If your dental loan is approved and you have a financial relationship with SoFi, you will receive several benefits. These benefits include a 0.125% interest rate discount on certain loans, career coaching, and access to events such as happy hours and dinners with other members.
Best for Minor Dental Procedures: Upgrade
What Upgrade Does: Upgrade personal loans can be used to pay for dental expenses starting at $1,000. If you have a small dental expense like a filling, consider Upgrade.
• Flexible repayment terms - Choose a repayment term between 24 and 84 months. Plus, there are no prepayment penalties if you pay off your loan early.
• Fast funding - You don't have to wait long for funding. Once you accept the loan and pass all verifications, Upgrade says you'll receive your funds within a day.
Best for people with bad credit: OneMain Financial
OneMain Financial benefits: If you don't have a great credit score but still need to borrow money for dental work, a OneMain Financial loan may be an option for you. The lender says they consider more than just your credit score when reviewing your application.
• Branches with live service - Nearly 1,300 OneMain branches nationwide.
• Cancellation policy - If you get a personal loan from OneMain Financial to pay for dental expenses and decide the loan isn't right for you, you can cancel the loan within seven days and get your money back without penalty.
Best for Emergency Dental Procedures: LightStream
LightStream Advantages: Sometimes, you can’t wait too long for funds and you need to pay for dental treatment right away. In this case, a LightStream personal loan comes in handy because, in some cases, funds can be available the same day.
• Large Loans – LightStream’s loan amounts start at $5,000.
• Rate Savings Program – If you meet certain criteria, the Rate Savings Program promises a rate that’s 0.1 percentage point lower than other lenders. This is a great perk if you’re looking to lower your dental loan interest rate.
How do you compare different lenders?
Here are a few things to keep in mind when looking for a dental loan or a personal loan to pay for medical expenses:
• APR: The higher the interest rate, the more you will have to pay back over the life of the loan. However, some lenders offer lower APRs if you choose to make automatic payments.
• Fees: Application fees, origination fees, prepayment penalties, and late payment fees are common fees for personal loans. However, some lenders offer loans without these fees.
•Loan Term: The loan term is the length of time you have to repay the loan. The longer the loan term, the lower your monthly payments will be, making your financial situation easier. However, you may have to pay more interest over the loan term.
Some stories from people
I have had dental issues since my first pregnancy in 2013. When I first developed a cavity in one of my back molars, Medicaid always denied the services I needed. Since then, I have been afraid to go to the dentist for fear of being refused services. Now, I am 29 years old and my teeth are slowly decaying. My chewing teeth are basically gone. I am very scared. I feel very uncomfortable with my smile and even don’t want to smile anymore. Fortunately, my husband encouraged me to treat my teeth again and again, but the problem of money once again stumped us. Later, I was fortunate to see this article and found LightStream. Their staff is really good and explained a lot to us. Finally, I successfully received treatment and can smile again.
– Ashley M. in Seminole County
I am 34 years old and my health has suffered because I cannot chew food properly, but my insurance does not cover the type of dental work I need, so I have to live with the consequences of a poor diet. I desperately want to get my teeth fixed, but most dentists are very expensive and I am on a fixed income, which makes my life full of depression and loneliness. When my mouth and smile are not in good shape, it really does have a big impact on my overall life. Just when I was about to lose hope, I found Upgrade, which has helped me pay for treatment with a flexible payment term that does not put me under financial pressure.
– Sandra A. in Florida