Yes, dental loans do exist, and we are going to provide you information on what you need to know before getting the loan. Understanding fully the whole concept of dental loan is important not just to know the process, but also to know when it’s ideal to get one for yourself.
If you are an American or you live in America, you probably know how expensive dental care can be.
Unfortunately, according to Kaiser Family Foundation, Medicare, which refers to the “national health insurance program for about 60 million older adults and younger beneficiaries with disabilities, does not cover dental care or any dental work for that matter.” More so, majority of the people on Medicare (65% or nearly 37 million people to be exact) do not have a dental coverage at all.
To be honest, this is quite disturbing knowing that like any other “care” related to health, dental care is also vital. Having a rotten tooth can, in fact, cause a lot of complications in the body.
To add up to the information from KFF, in a study they conducted, they found out that “almost half of all Medicare beneficiaries did not have a dental visit within the past year (49%), with higher rates among those who are black (71%) or Hispanic (65%), have low incomes (70%), and are living in rural areas (59%), as of 2016.”
Furthermore, “almost one in five Medicare beneficiaries (19%) who used dental services spent more than $1,000 out-of-pocket on dental care in 2016.”
While this data is dated 2016, the problem hasn’t changed up to this day. Dental works in the United States are still expensive.
Yes, even if you have dental insurance, the insurance company only covers certain costs, which means, you might have to pay some procedures out of your own pocket.
According to the American Dental Association, dental care has the highest level of cost barrier as compared to other medical services available out there.
But the good thing is, there are options to get help when it comes to paying dental costs. One of the options available is through a dental loan.
Having said that, we are going to tackle what you need to know before getting a dental loan. Specifically, we are focusing on the following essential details:
- What is a dental loan?
- What are average costs for dental work?
- How do dental loans work?
- What are the pros and cons of a dental loan?
- How to get a dental loan?
- What are the qualifying procedures for a dental loan?
- How to compare loan options?
- What are the questions to ask yourself before applying for a dental loan?
- What are the other options you have apart from dental loans?
WHAT IS A DENTAL LOAN?
Generally speaking, dental loans refers to personal loans that are designed specifically to pay for dental work.
Usually, dental loans have mixed amounts and rates. Although, in some cases, they can have fluctuating interests and/or terms as well.
To avail a dental loan, all you got to do is apply for it through lenders (which could be banks, credit unions, online lenders, etc.). The terms vary and usually depends on the borrower’s overall credit records.
Moreover, a dental loan can also be used not just for medically necessary work, but also for cosmetic dental work, too.
Overall, dental loans are not secured loans, which means a borrower does not need to have collateral to get approved of a dental loan. However, as mentioned, you got to have a good credit history, and must have the ability to pay as lenders will surely look into that.
A dental loan is like an essential medical-related loan, and you should avail it anytime you need dental work.
Just so you know, avoiding the dentist because its pricey could lead you to an even more serious health problem that may require even bigger funds. So, you better choose to get a dental loan now, fix the problem before it leads to serious long-term problems.
In the video below by Tamisha Denis, she discusses about the ways on how to pay for your dental work. Click the play button below if you are interested to know more about it:
WHAT ARE THE AVERAGE COSTS FOR DENTAL WORK?
Dental work costs vary depending on the procedure or procedures that need to be done.
While some are willing to pay for insurance coverage for dental care, most Americans are not into it. Well, one of the factors that shy people away from dental work is cost.
To give you an idea, in a lot of places, an average check-up, which covers an exam, dental x-rays, as well as cleaning would cost around $288.
For fillings, which basically fixes and protect your mouth from future problems, the cost varies depending on the type of filling procedure.
For a single silver amalgam filling, it costs around $50 to $150; for a single tooth-colored composite filling, the cost is around $90 to $250; and for a single cast-gold or porcelain filling, it costs between $250 and $4,500. More so, expect prices to increase if a filling is “hard to reach”.
Now, with regards to toot extractions, again, the cost differs depending on the extent of the procedure. To give you an idea, see below pricing:
- $75 to $300 – non-surgical, gum-erupted tooth extraction
- $150 to $650 – surgical extraction utilizing anesthesia
- $185 to $600 – soft-tissue and complicated surgical extractions
- $75 to $200 – wisdom tooth extraction
- up to $600 – impacted teeth (depending on location)
Meanwhile, for crowns, here are the costing:
- An average $328 per single resin crown
- An average $821 per single porcelain-fused crown
- An average $776 per single full cast high noble metal crown
As for root canals, which is a procedure done on patients with exposed, infected, or damaged tooth roots. The costs are as follows:
- An average $120 for a single, exposed root removal procedure
- An average $185 for a single, residual tooth root removal procedure
The above-mentioned costs for each procedure were from Member Benefits, which is “a full-service insurance and financial services organization specializing in Third Party Administration of a professional affinity group and association member benefit programs.”
Just a disclaimer, we are in no way related or affiliated to the said company.
HOW DO DENTAL LOANS WORK?
You see, providing you what you need to know before getting a dental loan is not just about the loan itself, but also understanding the need for a dental loan.
As we have said earlier, dental health is very important. When something is wrong with your teeth or gums, anything within the system, you better go and see a dentist right away. Again, avoiding dental visits and not addressing dental issues could lead to a bigger health problem in the future.
Now, with that said, this time, we are going to share with you how dental loans actually work. This could help you appreciate the very essence of this loan.
First and foremost, you have to be aware that there actually two types of dental loans.
One is traditional, unsecured personal loans that can be used by a borrower for any legal purpose.
Two are unsecured loans that are tied specifically to a dental procedure.
For personal loans, its characteristics include:
- No collateral or security required
- Predetermined rates
- Lower interest rates
- Fixed interest rates
- Co-signers and co-borrowers allowed (in some cases)
A traditional or personal loan is ideal for those who need money not just to fund dental work, but also other matters.
Meanwhile, if you do not have anything else to use the money for, the other option will do.
Tip: Before you make or apply for a loan, consider contemplating first if you need money for other things. This way, you just do a single personal loan, and not make lost of loans for different purposes.
WHAT ARE THE PROS AND CONS OF A DENTAL LOAN?
Just like any forms of loans, getting a dental loan also comes with its share of pros and cons.
For one, the money that you get out of a dental loan is given directly to you, which means you manage the funds accordingly.
The downside of this is when you are not careful in handling or using the money. There may be a tendency of using it for another purpose instead of using it for dental work.
Another advantage of getting a dental loan is that usually, you will find one with a lower interest rate.
From a borrower’s point of view, a low-interest rate loan is like heaven. Imagine, you get to borrow money to be able to do dental work, and then paying it off won’t hurt so much given the fact that the interest is fair enough.
It’s definitely a win-win situation here, right?
HOW TO GET A DENTAL LOAN?
A part of what you need to know before getting a dental loan is how to actually get a dental loan!
Basically, getting or applying a dental loan is very similar to how you get other types of personal loans out there.
First, you will have to work on having a good credit score. Most, if not all lenders will look into your credit score to determine whether or not you are qualified to get a dental loan.
Second, you will need to fill out a loan application. As an integral part of you loan application, you will be asked to provide how much money you would like to borrow for your dental work. Once approved, the lender will provide you with different payment options like monthly, bi-weekly, or weekly payments. You can opt for the most convenient option for you.
By the way, make sure to keep the following details and documents handy as lenders will likely to ask these from you:
- Contact information (phone number and email address)
- Social security number (Applicable if you will authorize a credit pull)
- Employment and monthly income
- Education (degrees earned and graduation year)
- Assets including savings, retirement accounts, checking accounts and home equity
When applying for a dental loan, you can basically apply for any amount depending on the dental work that needs to be done. The loan limit will be subject to the purpose of the loan.
Again, just like in any other types of loan, to get approved for a dental loan, you must ensure that you have a good credit score. The higher your credit score is, the likelier and easier you will get a dental loan.
WHAT ARE THE QUALIFYING PROCEDURES FOR A DENTAL LOAN?
Another important thing that you need to know before getting a dental loan is the procedures that would qualify for a loan.
Fortunately, almost all types of dental work are likely to qualify for a dental loan. Some of the qualified dental procedures are as follows:
- Braces, retainers or dentures
- Cavity Fillings
- Crowns and Bridges
- Dental procedures following an accident
- Gum surgery
- Root Canals
- Teeth Whitening
- Wisdom tooth removal
Furthermore, amounts that are not covered by dental insurance, as well as other dental services that you may have trouble paying for upfront or would like to finance may also qualify you for a dental loan.
You see now the importance of learning about what you need to know before getting a dental loan? Information like this one serves as your guide whether you will qualify for the said loan or not. Knowing all these actually save you time and effort, right?
HOW TO COMPARE LOAN OPTIONS?
We always say that when you are getting a loan, make sure to compare amounts and rates from one lender to another — at least three lenders. By doing so, you will get to choose the best deal possible.
While it is tempting to agree on the first lender that gives you approval for the loan, it is always best to wait for the others, and then make a decision after.
Now, when comparing dental loan options, make sure that you fully understand how much you will be paying for the financing. Also, make sure to look into the terms and conditions of repayment.
After all, you do not want to pay so much more than what you actually spent for, right?
WHAT ARE THE QUESTIONS TO ASK YOURSELF BEFORE APPLYING FOR A DENTAL LOAN?
So, you already know the basics of dental loan, how to avail one, and how to compare dental loan options.
Then, what now?
Well, it’s time to know how to self-assess.
Remember that getting a loan means borrowing money, and borrowing money from a lender means you need to pay a certain amount on either a monthly, bi-weekly, or weekly basis.
A loan is a loan. It’s not donation. Once the money is with you, the next thing you do is spend it on the dental work, and then pay.
So, to help you decide whether you are capable of getting a dental loan, make sure to ask the following questions to yourself first:
1. How much money do you actually need for dental work?
2. What is the interest rate of a dental loan?
3. Are you capable of paying off the loan anytime without any penalties?
4. Does the lender provide an interest-free period? (Make sure to ask this to the lender. Some lenders do offer an either low-interest or interest-free period, which can definitely help you pay off your loan faster, at the same time, save on interest charges)
5. How long do you need to wait before the money is made accessible?
6. Does the lender have limitations when it comes to the amount of money you can borrow from them?
7. Do you have a good or an excellent credit score?
These questions will surely help you decipher whether or not dental loan is good, or you will have to consider other options, which we are going to talk about next.
WHAT ARE THE OTHER OPTIONS YOU HAVE APART FROM DENTAL LOANS?
Let’s say you did your best, but unfortunately, a dental loan was not granted. How else can you finance dental work then? Well, hang in there because there are actually a lot of options out there!
Here are some of the common ones:
- In-house Financing – Some dental offices offer special rates depending on the case. That said, make sure to inquire your dental office what in-house financing they offer particularly on expensive procedures. Usually, though, dental offices offer this in installment basis. Some with interest, while others, with none at all.
- Medical Credit Cards – There are medical credit cards out there, however, make sure to check with your health provider first if they are accepting payments using the card. Otherwise, it’s not going to be helpful.
- Dental Schools – If you are willing to wait, dental schools usually offer dental care to public at either free or reduced rate. You just got to be patient though because getting a slot is not that easy.
- Save – Of course, the last but definitely not the least option on our list is to save up for the procedure. If your dental situation can wait, if it’s not anything urgent, we highly recommend saving up for it instead. This is the most ideal of all, actually, as it saves you a lot of money because you do not need to pay for interests.
FINAL THOUGHTS ON WHAT YOU NEED TO KNOW BEFORE GETTING A DENTAL LOAN
For some, the idea of getting a dental loan may be new. But, yeah, it actually exists – for a long time now.
Dental health is important just like any other health-related concerns. Avoiding your dentist even when you need help already is not a good idea at all. Not addressing dental problems now can affect your overall health and may cause a bigger threat in your health in the future.
So, if you have any dental work that needs to be done, make sure to do it now. Do not worry about money, because you can always apply for a dental loan – as long as you have a good credit record.
So, when are you visiting the dentist?