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In the two years leading up to July 2023, 18.1 million adults in the UK were seen by an NHS dentist. But with band 3 treatments costing over £300, and maybe more than that for private dental treatment costs, it’s not just the pain in your mouth you need to worry about, but your wallet too! That’s why so many of us are now opting for dental loans.
But what exactly is a dental loan? How do you apply for one, and can you get dental loans for bad credit? Well, that’s exactly what we aim to uncover in this article. Join us as we take an in-depth run through everything you need to know about loans for dental treatment, sharing everything you need to know.
The idea behind loans for dental work is simple. They cover the cost of the expensive dental treatments you need, making them affordable and more accessible. Similar to a form of personal finance, a loan for dental treatment lets you spread the cost over a period, normally at a fixed interest rate.
You can get a loan covering dental work from a few different sources. Banks and other direct lenders may offer this kind of niche product, along with specialised finance providers. Some private dental practices also offer their own dental payment plans.
Once you have your finances in place, you can use it to pay for any number of treatments, including check-ups and cleaning. That said, most people tend to use them for more advanced (re expensive) procedures, things like orthodontist work, implants, and cosmetic dentistry.
Whether you’re thinking about getting a loan for dental implants, braces on finance, or you’re in the market for another kind of finance for dental work, you might be expecting a complicated process. Well, it might be refreshing to hear, but it’s not different than applying for any other kind of finance. Let’s take a closer look at the steps you’ll likely need to take. Steps To Apply for a Dental Loan in the UK
Research Lenders: Get the ball rolling with a little research. Search for different lenders that offer dental loans or personal loans in the UK and compare their products. Carefully check things like loan terms, interest rates, and company reputation.
Check Eligibility: Each lender will have their own eligibility criteria, but they’ll all look at things like credit score, income, and residency status. Check that you’ll likely meet the requirements before applying.
Calculate Your Needs: Work out the total amount you’ll need to borrow for your dental treatments. You’ll need this figure, so you don’t accidentally over or under-borrow when you apply.
Complete Your Application: Complete all the steps of your loan application. With many lenders you will probably be able to handle this all online.
Submit Supporting Documents: This step might not be necessary but depending on your financial situation and the T’s & C’s of the lender, they might ask for additional documents to support your application. This could include things like proof of identity, address, and income, and maybe a copy of your dental treatment plan. These documents can help lenders assess whether you’ll be able to repay the loan, so try to send them back quickly to avoid delays.
Review Terms and Conditions: Carefully read through your loan terms and conditions. Check that you understand the repayment schedule, interest rates, and any fees involved.
Sign Agreement: Once approved, sign the loan agreement to complete your application.
Receive Funds: Simply wait for the funds to be transferred to you or directly to your dentist, according to the loan terms. Once the funds are received, it’s crucial to ensure they are kept for their intended purpose. To avoid the temptation of using them for day-to-day expenses, consider depositing the money into a dedicated savings account. This way, the funds will be secure and readily available when it's time to pay your bill.
If you’ve got a weak credit score, you might be thinking, “Can I get a loan for dental work?” In truth, it will make things more difficult - but not impossible.
Your options might be a little more limited, and your interest rates could be a bit higher. But if you thoroughly explore the available options, you can still find dentist loans that fit your circumstances.
Regardless of your circumstances or what the loan is for, lenders tend to view people with bad credit scores as high-risk borrowers. As a result, you might not have access to all loan products, and you might only be able to apply on less favourable loan terms. Let’s have a quick look at the most common hurdles you’ll likely face:
Higher Interest Rates
Limited Loan Amounts
Stricter Eligibility Criteria
Additional Fees and Penalties
Longer Approval Times
Unfortunately, you cannot get credit check dental payment plans in the UK. No matter the purpose of your loan, no credit check finance doesn’t exist in the UK - at least not with FCA-regulated lenders. You may not need a spotless credit record, but all loan applications will require some form of credit check to proceed.
Taking out a dental loan certainly has its advantages. For starters, it’s a great way to spread the cost of pricey dental treatments - or help you pay for upgraded treatments that might have otherwise been financially out of reach. Even better, with quick access to funds, you don’t need to delay your essential treatments until you’ve managed to get the funds together.
Dental finance is also often available with flexible terms and competitive interest rates, so you can tailor your borrowing to better fit your situation. And with many lenders offering early repayment options, you can save a pretty penny in interest fees if you can pay your loan off ahead of time.
For all the benefits, there are a couple of drawbacks you should consider before proceeding. Of course, as with any loan, getting your braces or dental implants on finance means committing yourself to another financial obligation. You’ll need to make sure you can afford the monthly repayments and maybe even adjust your budget accordingly. And in the worst case, if you can’t keep up with repayments, you could be liable to pay penalty fees and experience a negative impact on your credit score.
Finally, while interest rates for dental finance in the UK are often competitive, they unavoidably add to the total cost of your dental work - especially if you have poor credit.
Dental care is an important matter for us all, but it can also be subject to some pretty eye-watering prices. With dental finance, you can put those money worries to one side and focus on getting the treatment you need.
As with any other loan, it’s essential that you do a little research on different loan options, checking things like interest rates and repayment schedules. And if your credit history isn’t perfect, you might need to do a little more research. But no matter your financial situation, with the right financing plan behind you, you’ll have the chance to take away a little bit of stress from what’s already an uncomfortable situation.
