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Use Personal Loan to Pay For Medical Emergencies

Medical emergencies include injuries or conditions that are acute, pose an immediate risk to someone’s life and are in need of immediate medical assistance such as is the case with motor vehicle accidents, heart attacks, drowning’s, poisoning and other life threatening conditions. These type of emergencies can also include long term chronic illnesses which suddenly become life threatening. In some instances, severe pain can also indicate a medical emergency, such as the pain associated with appendicitis or kidney stones. Depending on the severity of the emergency, multiple levels of care may be required, from first aid to emergency care by specialist physicians and long term hospitalisation and rehabilitation such as physiotherapy and other supportive therapies.

Many people struggle to afford medical insurance or even hospital plans. When a patient suffers life threatening injury, needs to postpone a doctor’s visit, cancel medical treatment or even surgery because of challenging financial situations, it can create very serious and dangerous scenarios. Health can degenerate dramatically when medical intervention does not happen quickly enough. Chronic illnesses can become life threatening, and things will get from bad to worse, not only because of the actual medical condition itself, but also due the enormous costs for medical care.

Even if you have the best health insurance, your cover may not be sufficient to settle all the bills for medical emergency treatment and hospitalisation. And these costs can become astronomical. Often medical aid or health insurance companies require co-payments, usually a percentage of the total cost for a particular type of treatment, but those percentages can quickly become nightmarish when you are faced with a medical emergency. Fortunately, these situations do not have to be as grim as they seem, because costs such as hospital stays, surgeries, ambulance transportation and medication can all be covered by a personal loan.

When applying for a small term personal loan between R1 000 and R10 000, banks often respond immediately, get the process started and offer access to the funds quickly so that you can focus on your medical treatment without having to worry about paying those bills.

Of course, bigger loan amounts with longer repayment terms are also available should you need them. Usually these bigger personal loans can give you access to up to R180 000, and comfortable repayment terms of up to 84 months can be facilitated. The interest rates of these personal loans are usually based on your individual risk profile, as well as on affordability.

Take into consideration that the larger the personal loan, the lower your interest rates become. In some cases you can actually save money when you borrow slightly more.