There will come a time. Sooner or later, you will need money fast. Car repairs, broken down appliance, or a medical emergency with mounting bills, you don’t have the cash at hand—or the credit record to get a slow process loan.
That’s the day you reach for a “signature loan.” Investopedia.com defines it as “a type of unsecured term loan… as a good faith loan or character loan.” You put up no collateral, and your promise makes it all good.
5 Things You Need to Do
US News warns, “Unpaid medical bills often end up scarring your credit report, which can then impact your finances down the road. “
It starts a depressing circle where the medical bills hurt your credit and you, then, find it difficult to get a mortgage, credit card, or automobile financing.
- Get a fix. Things may not be as pad as they seem at first. Once you are past the shock of the bill, you should take some time to cool off. With a worksheet, you can better assess your assets, obligations, and budget.
With a plan on the table, you can lay out possible approaches to paying off the debt You might move other payments around or educe a payment here or there.
- Talk to the biller. Medical billing is often inaccurate. Sometimes, you first bill does not reflect ongoing insurance solutions. So, contact the creditor to review the billing accuracy and detail. The Fair Credit Practices Act (FCPA) entitles you to current and accurate accounting.
If you foresee difficulty paying the bill, you should communicate that and discuss any breaks available and clarify the timeline on the payable.
- Request an payment plan. If you know their timeline and your financial plan, you can request a payment plan. Some providers may be willing to work out an interest-free payment plan to fulfill the obligation within their timeframe and your budget.
The medical office has no obligation to cooperate, but they usually have the flexibility to work things out to your mutual advantage.
- Freeze your spending. Once you prioritize the payments that must be paid and those you can shave some cost off the top, you get a better grasp of the hole you are in.
If you share your personal problems, your budget situation, and your willingness to cooperate, medical billers will usually find the way to set you up.
- Borrow the money. A lender like Milwaukee’s kingofkash.com stands ready to lend you the money quickly without your providing collateral. It’s the Easy Loan Store putting cash in your hands without undue process and delay.
You complete an online application, and they call you to discuss the loan, terms, and details. Once the loan is approved, you pick up the cash at the local King of Kash store or have them deposit it your bank account.
Saving for your health costs
A signature loans beats a payday loan or title loan. It’s not tied to your payday or your auto title. You get immediate funding and fixed monthly payments that help you budget your future. And, you can borrow up to $3,000!