PERSONAL FINANCE BLOG

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Braces Financing
14 Aug 2018

Braces Financing: How to Find No Credit Check Braces

Braces are one of the most expensive dental procedures to get. The price varies on the type you get, but on the cheaper end, they could cost $3,000 or more. Most dental insurance plans partially cover them in children younger than 18. If you’re over 18, however, you might be out of luck.

Most people can’t afford to spend that kind of money at once, so they look for braces financing. If you have a low credit score, it’s difficult to find traditional loans to cover this expense. Why should you not be able to get a needed procedure because of your credit score?

We’re here to help you! Read on to discover what types of loans there are and where you can find them.

Financing Options

There are a few options for financing braces or other medical emergencies if you have poor credit. Let’s look at a few of them and determine which one is best for your situation.

PayDay Loans

Payday loans have a bad reputation in the financial world, but they aren’t as evil as you’ve probably heard.

The problem with these loans is when you get stuck in a cycle of taking out one to pay for another one. In essence, you sign over a check to a payday lender and agree to pay the original loan amount plus interest on your next payday.

The money comes out of your bank account when the payment is due. The problem many consumers run into is that they forget another bill and thus have to take out one loan to cover another. When this happens, the borrower could pay more in fees than they borrowed in the first place.

You should only take out a payday loan if you meet the following requirements:

  • You have a clear understanding of your financial obligations for the next 30 days.
  • You know that you can pay back the loan without struggling financially.
  • You’re only short a few hundred dollars. You don’t want to finance more than 25% of the procedure with one payday loan.

In short, be responsible when taking out a payday loan. Plan out your expenses, including gas, food, and entertainment. Make sure that you can afford the lost income on your next check.

Credit Cards

You can finance your braces with credit cards, but there is one big problem with this approach.

You tend to need a higher credit rating for approval. If you have a low credit score, the chances of getting a credit card are low. Secured credit cards are an option, but these are only meant for building credit. To use them, you have to put the money on yourself and pay interest. These cards require you to use your own money as collateral.

With that said, if you already have a credit card or can find one that will approve you, you’ll have a lower monthly payment than if you do a payday loan. Most cards give reward points, so you’ll end up getting rewarded for your purchase.

Interest rates apply to each monthly cycle, however, so you’ll pay longer and more with a credit card than a traditional loan. It’s not a perfect solution, but it is a something worth considering if you need a dental procedure.

Traditional Installment Loan

An installment loan is when the borrower pays back the lender through a series of set payments. The payments include the interest, and as long as you make each payment on time you’ll know exactly how much you owe.

Those with a low credit score tend to get approved for these loans easier than credit cards. Your interest rate will be higher than someone with a high score, but that’s normal. Loan companies only make money by limiting risk.

These loans are common and easier to apply for than most people realize. Most of the installment loan applications online only take a few minutes to fill out, and if approved you could have money in your bank account within a day.

How To Find Braces Financing Online

Competition is your friend when it comes to finding financing online. Consumers benefit due to the number of companies working to get their business. The only way for them to compete is offering lower rates and better terms for consumers.

Companies such as Bonsai Finance help connect you with these companies. The process is fast and secure. You fill out an application and Bonsai helps you find companies that are likely to approve your loan. Instead of filling out applications for dozens of companies, you only have to fill out one.

The best part for you and others is that our service is free. The loan companies pay for our services, not the borrower. You get the information you need, free advice, and connections to some of the top loan companies online.

There are a few things that you need to qualify for our service, however. You must be at least 18, or 19 in Alabama. You can’t be the dependant of an active service member, nor can you be one yourself.

You need a job that you’ve worked for at least three months that deposits your check into your bank account. The bank account needs three months of activity. As long as you meet these minimum requirements, we can help you find a solution to your financial needs!

Find A Lender And Get The Financing You Need

If you need braces or another dental procedure, you shouldn’t have to wait because of your credit score. Get the help you need today.

Fill out loan request form and we’ll connect you with a great solution to meet your needs. If lenders approve your request, you could have the braces financing you need in your bank account within 48 hours, depending on the lender. Don’t wait, start the process today!