Savvy Finance Tips

Applying for a medical loan can be scary especially during a medical emergency when you need a quick and easy financial solution. To get the best terms and avoid stress, here are 5 mistakes to watch out for: 1. Not Researching Multiple Loan Options When a medical emergency hits, you tend to go with the first loan you see. However, not all medical loans are created equal. Different lenders have different terms, conditions, and interest rates. You need to research and compare multiple loan options to find the one that suits you best. Medical Emergency Loan: This type of loan is for quick access to funds during medical emergencies. Compare the features and benefits of different medical emergency loans before you decide. Medical Loan Interest Rate: Interest rates vary from lender to lender. A lower interest rate can save you a lot of money over the loan term. Compare the annual percentage rates (APR) of different loans. 2. Not Reading the Fine Print Not reading the terms and conditions...

Medical emergencies can hit at any time and are financially draining. It’s even more challenging when you have bad credit. However, getting a medical emergency loan with bad credit is not impossible. The Financial Burden of Medical Expenses Imagine you’re suddenly faced with a big medical bill. It could be for emergency surgery, ongoing treatment for a chronic condition, or an unexpected hospitalization. According to a survey by National Sample Survey Office (NSSO), more than 80% of India’s population doesn’t have health insurance, and out-of-pocket expenses for medical treatment are the leading cause of debt in the country. Now add the complexity of having a bad credit score. In India, the average credit score (CIBIL score) is around 720 but many have scores below 600 which is considered poor. Lenders see poor credit as a risk factor and it becomes harder for individuals to get loans. Medical debt can snowball and can stress you out and even jeopardize your health if treatments are de...

Whenever you are cash-strapped, you tend to either go for a personal loan or a loan against mutual funds. Both are beneficial and have their own share of advantages and disadvantages. Making the correct financial decision could prove to be a boon or a bane in the long run. Requirement of Instant Money Let us consider you require money for some reason. This reason could be anything like a sudden hospital expense, home renovation or any other expense that was not in your plan. You exactly know how exasperating it is to arrange money in such situations. The choices you make in such scenarios could impact you in the longer run. Confusion to Decide The 2 options that you have in mind are a personal loan and a loan against a mutual fund. You are well aware of the hurdles and problems you face when you go for a personal loan. But at the same time, you are in the dark about the troubles you might face when you opt to dip into your mutual fund investments. Personal Loan A personal loan is an u...