Need a loan

[FeuerFrei]

I'm in the market for a loan, to aid in paying medical bills. Maybe $10k at most.
** edit ** Unfortunately hospital wants it repaid in 24 months. /edit
But I'm not acquainted with loan shopping. Never bought a house, and only one car.

Anyone ever sought a loan for medical purposes?
Need tips on type of loan, sources, etc.

 

[Uppsala9496]

Go on a payment plan with the hospital or wherever you racked up the large bill. Interest free.

 

[FeuerFrei]

Go on a payment plan with the hospital or wherever you racked up the large bill. Interest free.

They want it paid in 2 years - $468 a month, or thereabouts. Not. gonna. happen.

 

[Uppsala9496]

Tell them that and tell them you can't get a loan. Maybe you can renegotiate to a longer payment plan.
With not much credit or collateral, you are going to take it on the chin with the interest rate and end up paying significantly more.

 

[dasherHampton]

I would call up that hospital and ask them "How badly do you want that money?"

Tell them you can't pay on those terms, and threaten to default/declare bankruptcy (even if you have no intention of doing so) if the terms can't be modified. I can't believe they wouldn't work with you to find some common ground.

How's your credit?

 

[Thebobo]

Been there had like 15 K in bills and when I got back to work I took out a loan on my 401K. Do you have a job with 401k plan. A lot of times you can borrow with super low like 2-3% interest.

And as far as saying two years lol tell they won't get anything and they will
compromise.

Loans on their own have ridiculous rates not worth it. You need work with them and set up what you can pay per month. What else can they do? of course your credit might be fucked for a while.

 

[Ns1]

if you really need it, lendingclub.com. 12 - 36 month terms, reasonable (relatively speaking) interest rates, something like a 3% loan origination fee.

certainly cheaper than going through highlander. and your knee caps won't be at risk.

 

[Thebobo]

if you really need it, lendingclub.com. 12 - 36 month terms, reasonable (relatively speaking) interest rates, something like a 3% loan origination fee.

certainly cheaper than going through highlander. and your knee caps won't be at risk.

I just checked for a 15k loan

BEST RATE
Pay your loan off faster and save money with lower interest.
$569.69
Monthly Payment
36
Months
21.59%
Interest Rate
26.21%
APR
21.59% -

YMV

 

[FeuerFrei]

if you really need it, lendingclub.com. 12 - 36 month terms, reasonable (relatively speaking) interest rates, something like a 3% loan origination fee.

certainly cheaper than going through highlander. and your knee caps won't be at risk.

LendingTree.com?
Oh wait ... lendingclub.com is legit?

 

[Thebobo]

LendingTree.com?
Oh wait ... lendingclub.com is legit?

I just got a quote

see above

 

[FeuerFrei]

I would call up that hospital a
... I can't believe they wouldn't work with you to find some common ground.

How's your credit?

Good question. Paid off my car early, years ago. Have a single revolving credit line on my card. Only missed a payment date by a day or two maybe twice in past decade. Haven't been shopping for credit lines recently.

 

[FeuerFrei]

I just got a quote

see above

That is so ungodly.

 

[deadlyapp]

I've gotten personal loans for 10-15k from both Discover and American Express in 2 year terms for around 8% interest IIRC but I also have good credit (FICO ~750-800). YMMV

 

[Ns1]

That is so ungodly.

hey @highland145, what apr % do you charge on 12 - 36 month loans?


but seriously though, >20% is really high even for LC. They do tons of loans in the 10-20% range which may be useful to some people. Also no prepayment penalty. So say you need to borrow 30k for 1 month in order to flip something to make 50k and are locked out of traditional lending markets - LendingClub is perfect.

 

[dasherHampton]

Good question. Paid off my car early, years ago. Have a single revolving credit line on my card. Only missed a payment date by a day or two maybe twice in past decade. Haven't been shopping for credit lines recently.

If you really don't want the hassle of dealing with the hospital here's an offhand way to perhaps get around it, if you have good credit:

Finance $5000 with the hospital.
Apply for a CC with a 0% intro rate (preferably for 18 months)
Finance the other $5000 with the CC
Pay the small minimum on the CC every month
When the 18 month intro period is over get a new CC
bounce the balance back and forth until you're ready to attack it head on

Banks are throwing out CC like candy, especially if they like your credit history. I have around 18 CC, all but one with a zero balance.

 

[Thebobo]

Good question. Paid off my car early, years ago. Have a single revolving credit line on my card. Only missed a payment date by a day or two maybe twice in past decade. Haven't been shopping for credit lines recently.

https://www.creditkarma.com

Create an account and check your credit, it's free and it does not affect your credit when you use it.

 

[Thebobo]

If you really don't want the hassle of dealing with the hospital here's an offhand way to perhaps get around it, if you have good credit:

Finance $5000 with the hospital.
Apply for a CC with a 0% intro rate (preferably for 18 months)
Finance the other $5000 with the CC
Pay the small minimum on the CC every month
When the 18 month intro period is over get a new CC
bounce the balance back and forth until you're ready to attack it head on

Banks are throwing out CC like candy, especially if they like your credit history. I have around 18 CC, all but one with a zero balance.

I did that when I was younger when I spent like over 12K on my Amiga and Video Toaster over a year lol. They were throwing cards out but these days you need decent credit.

 

[BudAshes]

If you really don't want the hassle of dealing with the hospital here's an offhand way to perhaps get around it, if you have good credit:

Finance $5000 with the hospital.
Apply for a CC with a 0% intro rate (preferably for 18 months)
Finance the other $5000 with the CC
Pay the small minimum on the CC every month
When the 18 month intro period is over get a new CC
bounce the balance back and forth until you're ready to attack it head on

Banks are throwing out CC like candy, especially if they like your credit history. I have around 18 CC, all but one with a zero balance.

I remember another time like this. Way back in 2006. I wonder what will happen next?

 

[Thebobo]

hey @highland145, what apr % do you charge on 12 - 36 month loans?
.

oh?

 

[BudAshes]

I've used upstart.com and prosper.com. They jack you on the fees though. It is nice how simple they are. Fill it out online and that shit is in your bank account in 48 hours(minus the fee of course).

 

[dasherHampton]

I remember another time like this. Way back in 2006. I wonder what will happen next?

It's certainly not ideal, but it can work.

I've done it in the past.

 

[BudAshes]

It's certainly not ideal, but it can work.

I've done it in the past.

I was more referencing the fact that the last time credit was being handed out like candy our entire economy crashed. I think your strategy is actually sound as long as you are on top of it.

 

[FeuerFrei]

If you really don't want the hassle of dealing with the hospital here's an offhand way to perhaps get around it, if you have good credit:

Finance $5000 with the hospital.
Apply for a CC with a 0% intro rate (preferably for 18 months)
Finance the other $5000 with the CC
Pay the small minimum on the CC every month
When the 18 month intro period is over get a new CC
bounce the balance back and forth until you're ready to attack it head on

Banks are throwing out CC like candy, especially if they like your credit history. I have around 18 CC, all but one with a zero balance.

I might just try this.
I will visit the hospital's financial department in person and see if they'll accommodate me with a tolerable payment plan. I'd rather pay the 10k over 48 months, at a minimum. If they obstinately refuse to stretch the timeframe, I'll try opening some CC accounts. What could go wrong?

 

[FeuerFrei]

https://www.creditkarma.com

Create an account and check your credit, it's free and it does not affect your credit when you use it.

Thanks, buddy

 

[tynopik]

if you're really willing to put in the effort, some people have had success challenging the hospital's bill. The first step is to get an itemized bill with the actual coding for everything and then find comps. Was this price after insurance or were you doing this without insurance? Because the without-insurance prices are typically outrageous and no one actually pays them and neither should you.