The cost of most medical procedures including bariatric surgery, dental procedures and plastic surgery in Mexico is only a fraction of what these procedures would cost you back home if you are a citizen of the US, the UK or Canada.
Mexico Health facilitates medical loans on easy terms for people seeking financial assistance for medical treatments in Mexico. Medical loans are provided through our affiliate medical financing company.
A burgeoning uninsured population in America, dismal job data, and the recent debt downgrading of the US by Standard and Poor’s are bound to put the already-in-shambles American healthcare system into jeopardy. As per statistics released by the US Census Bureau in September 2010, approximately 50.7 million people (16.7 percent of the total population) were uninsured in 2009. The uninsured are left with no option but to resort to self-financing their medical treatments. Nevertheless, private healthcare costs are exorbitant and beyond the financial means of many.
Medical loans can be of assistance to people who dread the doctor for his massive bills.
Medical Loans: The Two Routes
Financial assistance for a medical treatment can be arranged in two ways – Secured Medical Loans and Unsecured Medical Loans.
Secured Medical Loans
Consider a secured medical loan in case you have collateral in the form of your home, land, car or cash investments to back your loan with. The primary downside of opting for a secured loan is the risk of losing ownership of the collateral to the lender in case of defaulting on repaying the loan.
On the flipside, secured loans carry interest rates lower than the unsecured loans. One can also choose to repay the loan over a period of 10 years or more. Secured loans come with the added advantage of allowing you to borrow a larger amount of money depending on the value of your collateral. Owing to greater security, such loans take lesser time getting an approval.
Unsecured Medical Loans
Unlike the secured loans, unsecured loans do not come with the stipulation of keeping an asset as collateral with the lender. As the lenders associate higher risk with unsecured loans, they charge a higher interest rate as compared to interest rates charged on secured loans.
Borrowers should be wary while taking unsecured loans as any discrepancy in repaying the loan can directly affect the interest rates on which they will be able to borrow in the future.
Before issuing an unsecured medical loan, lenders carefully assess the loan repayment capacity of the borrower. Shorter repayment term of five years and getting a smaller amount sanctioned as compared to secured loans are the chief downsides of unsecured loans.
Medical Loans for US Citizens
Americans can particularly benefit by opting for procedures such as cancer treatments and weight loss surgeries in Mexico as Mexico is a leading value-for-money medical tourism destination in the world. An added advantage for US citizens is the geographical proximity of Mexico, which means reduced travel and lodging expenses.
State-of-the-art hospitals and clinics in Mexico allow for quality healthcare in Mexico, which is at par with the developed nations of the world. For Americans planning to undertake a medical trip to neighboring Mexico, our associate medical loan company provides finance on convenient terms and conditions.
Medical Loans for Canadians
Canadians can also cut down their transportation and accommodation expenses by choosing medical treatments in Mexico. Our associate medical loan company in Canada can provide funds at competitive interest rates.
Why Take a Medical Loan
Mexico Health is associated with a leading healthcare loan processing company providing loan options for A, B, C and D credit. Loan applications are strictly confidential. Qualified borrowers are eligible for six and twelve month zero percent interest terms.