How to Finance a Medical Emergency
An OppLoans E-Book
While payday loans are more likely to create frightening debt traps for unassuming consumers, there is another solution. Personal installment loans—they’re safer, more affordable and can help borrowers build credit instead of damage it. One main difference is that installment loans can be repaid through regular, scheduled payments spread across multiple smaller installments. Payday loans are repaid in a single lump sum that most borrowers can’t afford, entrapping them in an endless cycle of debt.
Installment loans eliminate the unpredictable nature of borrowing because they are often amortizing, which means every payment will address a portion of both the principal and the interest. Borrowers know exactly when their loan will be repaid and the amount they pay each month will never change. With longer terms and lower rates, installment loans help to ease the financial distress of having to pay back a loan while also taking care of basic living expenses.
The real difference between payday loans and installment loans? Installment loans are meant to be repaid and payday loans are not.
How to Finance a Medical Emergency: An OppLoans E-Book
- How to be ready when disaster strikes
- How to finance a medical emergency without going broke (even if you don’t have insurance)
- Always double-check your medical bills for errors
- Try and negotiate
- Pay in cash
- Use funds from a 401k
- Look for charitable funding organizations in your community
- Expert Advice: Medical Debt
- Know when your bill is set to go into collections
- Expert Advice: Medical Bills
- Top Ten Must Know Facts About Medical Debt
- If you need to borrow money, borrow smart
- About OppLoans
- About The Experts