Going to the dentist can be incredibly expensive. In fact, dental implants can cost over $1,000 for a single tooth. Due to these high costs, we are going to review some of the top dental financing options for bad credit.
One reason for such high cost of dental implants is that not all insurance providers cover them. Some insurance providers consider this an “elective” service and not one that is essential.
Every case is going to be slightly different, but if you find yourself needing an expensive dental procedure and insurance is not being very helpful, you might turn to loans as an option.
In some cases, using a credit card might be the best option. However, not everyone uses credit cards or has the credit to obtain one. If you have bad credit, you may think you don’t have many options when it comes to personal loans. While it’s true your options might be somewhat limited, there are still several lenders that may still work with you.
Best Installment Loans for Dental Procedures
In most cases, installment loans are likely one of your best options if you encounter a large expense you can’t otherwise cover. You repay these loans monthly rather than having to pay them all at once. That means the interest rate should be (relatively) low, and therefore less costly in the long run.
Installment loans are typically capped at 35.99% APR, but there are state laws that change that rate in some states. If you have a poor credit history, your interest rate will likely be on the high end. Regardless, it’s best to check all of your options for the lowest rate available.
Depending on the size of the loan, just a few percent difference in your interest rate can mean paying thousands of dollars less over the lifetime of the loan. Fortunately, we have several lending networks that can help you find the best rate possible.
Loan terms can also vary widely. With some lenders, you can borrow up to $5,000, while others offer up to $35,000. In addition, loan terms can span anywhere from 90 days to 72 months.
With so much variation, it’s important to weigh all of your options in order to determine which one works best for your financial situation.
$500 - $10,000
3 to 72 months
As low as 5.99%
CashUSA.com is a lending network offering personal loans ranging from $500 to $10,000. They direct you to a group of lenders based on the information you provide during the application process.
One of the most attractive aspects of lending networks is how quickly you can receive your funds. You will receive a response to your application within minutes and, if approved, you could have your money as soon as the next day.
That is assuming you meet the eligibility requirements. You must be at least 18 years of age, have $1,000 of monthly income, and have a checking account.
In addition to those requirements, each lender has their own requirements to which you will be subject to after applying with CashUSA.
up to $40000
LendingClub is a peer-to-peer lending network that offers personal loans for a number of different situations. They are one of the largest peer-to-peer lending platforms with over 50 billion dollars in loans funded to date.
In the event you need a medical loan, they’ve got you covered. Their medical loans can be used for different medical needs depending on the interest rate type you choose (fixed or variable). However, all of them can be used to cover dental care costs.
They offer loans up to $40,000. Your credit score must be at least 600, and you can have your loan funded in potentially just a few days.
Best Short-Term Loans for Dental Procedures
Installment loans are likely a must for larger dental expenses due to their higher borrowing limits and lower rates. Conversely, there may be some smaller dental procedures you can’t afford at the moment but which don’t call for a payment plan.
You might need a crown replaced. These are sometimes just a three-digit expense – still pricey, but not quite several thousand dollars. In such cases, you might consider a short-term dental loan. Such loans are intended for smaller expenses that you don’t expect to be recurring.
Because the loans are smaller and the terms are shorter, the APR on these loans can also be quite high. Often the APR can be three or even four digits on these loans. That may not be an issue if the loan is repaid promptly, but it is something to keep in mind.
$100 to $999
7 days to 12 months
CashAdvance.com provides small loans that can be used to finance a small dental expense. In particular, they finance loans of $100 to $1,000.
Tooth extraction costs $75 to $300 on average. That could make a small personal loan ideal to cover this cost. Typically, this is a one-time expense, so you probably want it to be over and done with.
up to $2,500
MoneyMutual is another provider of short-term loans. The biggest difference here is that they have loans available of up to $2,500. Thus, if you a middle-of-the-road expense, this could be the route to go.
MoneyMutual can also have money in your account as soon as the next day, so you can have your bill covered almost immediately. Despite the high APR these loans carry, having money immediately always makes them an attractive option.
In-House Financing Plans
Many costs of dental care can be partly or totally covered by dental insurance. However, if you’ve made it this far, there is a possibility you are underinsured or uninsured. Not to worry, though, as you still have options.
Depending on your situation, an in-house payment plan might be another option to consider.
The biggest benefit is that these plans often have low or no interest. When financing in house, lower interest rates are typically offered on shorter payoff periods. You might be able to finance over 48 or even 60 months, but these plans typically come with higher rates.
It is also worth noting that not all dental offices will offer dental financing. And as with most payment plans, there may be penalties if you don’t make your monthly payments on time. Be sure to pay on time to avoid any such penalties.
Financing a Healthy Smile
No one likes having an unsightly smile. And dental work can be expensive, which might give you a real toothache. Fortunately, there are several ways to keep your teeth healthy and strong. A low credit score certainly doesn’t have to get in the way.
Whether it’s an installment loan, short-term loan, credit card, or financing from your dental office, there is no reason your smile should have to suffer. Many of these lenders offer affordable, fixed-rate loans, and in some cases, the loans are specifically meant for dental procedures.
In some cases, as with dental financing in-house, you might even be able to work out an arrangement for an interest-free loan. Just be sure to make payments on time to avoid incurring penalties.
There are plenty of ways to finance your dental costs, even if your insurance doesn’t cover it. And knowing that should really make you smile.