• Emergencies happen when you least expect them, and it’s not always guaranteed that you’ll have cash available to cover a medical emergency, produce or appointment. What then?
  • Medical loans are a type of credit that can be used to pay for a doctor’s appointment or emergency medical procedure immediately, and repaid at a later date.
  • If you have a medical emergency, a medical loan could save your life or make a necessary medical procedure easier to pay for.


Medical loans are a type of credit that a few types of loans providers – including MediFin (NCRCP8071) – have to offer. Nobody knows when they might be affected by a medical emergency, and there’s no guarantee that you’ll have the cash available to cover an essential medical procedure when it’s necessary. Medical loans can help to fill in the gap.

Here’s what you should know about medical loans, including how to apply for one in the event of a medical emergency or upcoming procedure.

More About Medical Loans

Instant or pay-day loans are great for some types of emergencies, but medical emergencies aren’t one of them and often an instant loan can make things go from bad to worse, especially when the money gets deducted on the next payment in.

Medical loans, on the other hand, allow you to settle the bill for your emergency procedure – and settle your loan account at a later date at pre-agreed terms when you’re back on your feet.

What Can I Do With It?

Medical loans have to be applied to medical use; though this seems obvious, you might not think of the fact that it’s important to keep receipts and doctor’s reports when you have used a medical loan. These documents are all important, and you might need to provide copies before and after your loan.

These loans can be used for:

  • Scheduled medical procedures & surgeries
  • Emergency medical procedures & surgeries
  • Doctor’s appointments and essential medications

What About My Credit Score?

Just like any other type of loan you might apply for whether the vehicle, house or personal, a medical loan is still subject to your credit score. It’s important to settle your credit on time to ensure that your credit score always stays in good standing. Double-check your credit score at least once every six months to see what you’ve been doing right – or wrong.

Applying for Medical Credit

When applying for a medical loan, the loan provider is likely to need a few things from you first, including:

  • 3 Months’ Bank Statements
  • Proof of Income
  • Medical Practitioner’s Quotation
  • ID Documentation

You’ll notice that it requires more than your usual loan application: This is because the loan is being applied for specific purposes, and you would be asked for proof of your business plan in the case of a business loan, for example, for the same reason.

Picking Your Loans Provider

There are many loan providers out there, and not all of them are as legitimate as they claim to be. Look for the NCR registration number available on their page and search it through the NCR’s Database of Registrants to ensure you’re dealing with a registered loans company.

Talking Chronic Illness

If you or a family member has special medical needs or a chronic condition, it’s essential to prepare for medical emergencies long before they happen. Here are some chronic illness questions answered.

Do I Need Medical Aid?

A medical aid covers the shortfall in the event of medical procedures and medication, and in some cases the entire cost might be covered. If you have any history of health conditions in your family or you have a chronic condition yourself, then a medical aid is essential – and yes, there are tailor-made options out there that can suit your budget.

Medical Aid or Hospital Plan?

A medical aid is not the same as a hospital plan or insurance. A hospital plan covers only hospital visits, and only under certain conditions. In many cases of chronic conditions, it can be advised to have both a medical and hospital plan in place to make sure all possible emergencies are covered.

Setting Up a Medical Savings Account

An emergency savings account is a good idea for anyone, but especially a good idea if you’re disabled or chronically ill and know you might need the cash in the event that something happens. For added safety, ensure that someone you can trust has co-signing rights on this account if and when a medical procedure needs to be paid for.

Take Care of Your Credit Score

Your credit score is what entitles you credit, and paying your credit on the agreed date is one way to keep your credit score healthy. It’s advised to check it at least once every six months to see what you’ve been doing right (or not) when it comes to credit.

Alex J. Coyne

Alex J. Coyne is a writer, journalist and card player. He's been published in international publications including Moneyweb, CollegeHumor, Funds for Writers, Great Bridge Links, Bridge Canada Magazine and a variety of others