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Exploring Your Options for Financing Dental Care

Not everyone has access to comprehensive dental coverage. A 2017 report released by the Canadian Dental Association compares percentages of how many people seek dental care in a number of nations. For example, $26.2% of people considered to be poor sought care in the previous year. 42.4% of those considered to be in the average or middle income bracket went to a dentist. 56.9% people considered to be rich underwent dental treatments.

While Canada’s figures were higher (  46.5%, 64.6%, and 78.5% respectively,) the fact is that people who needed dental care did not seek it because of a lack of coverage or funding.

That makes the need to explore other options for financing dental care all the more important. Here are a few that you should learn about now and be prepared to employ if the need arises.

Bank Loans or Lines of Credit

When people think about financing any type of purchase, going to the local bank is one of the first options they consider. A person with excellent credit may even apply for an unsecured loan (a loan that does not require any type of collateral.) Even those who may need to stick with secured loans can often get reasonable interest rates.

But what about those with less than perfect credit? They will either be turned down or only offered high-risk loans with exorbitant interest rates. The loan terms may be more than they can handle. If that’s the case, it makes sense to find some other approach to financing dental care.

Private Lenders

As of the end of 2014, a report prepared by the National Association of Dental Plans and Delta Dental Plans Association indicates that around 64% of US citizens had some form of dental coverage, either dental insurance or a dental discount plan. With either option, there was still the matter of covering whatever balance was left. That’s where seeking help from private lenders who extend medical loans can come in handy.

Lenders offering medical or dental loans fall into this category. Typically, they will offer dental financing for patients that come with more competitive terms than applicants would receive from banks and other traditional lenders. This is certainly true for people who have lower credit scores. Even if one lender is not willing to work with the applicant, there’s a good chance a different one will extend the coverage and work with the debtor and the dental practice to ensure all the arrangements are in order.

Personal Loans

Another approach to financing dental work involves reaching out to loved ones for help. While it’s true that people are often willing to pool resources and come up with the cash needed to cover the dental procedure, this approach is not free of risks.

In the best-case scenario, the patient repays the funds in a timely manner and everyone is happy. The worst case involves some of the loved ones using their generosity as leverage when the two parties have a disagreement. When that happens, relationships can be damaged, sometimes to the point of no recovery.

Rather than borrowing from loved ones, it pays to look into receiving a dental loan from a private lender. The terms will be competitive and there’s no opportunity for the arrangement to negatively impact personal relationships.

The decision about how to manage the cost of a dental procedure is up to you. Feel free to explore all your options and compare how they would work in your case. Pay close attention to any type of dental financing arrangement that’s offered through the dental clinic. In many instances, you will find it to be the most workable solution available.