Dental Financing with Bad Credit: Best Options to Consider

Updated on June 14, 2023 by Kayla Harris

Poor dental health is a reason to worry. Besides teeth problems, it can also affect your overall health and well-being. However, not everyone can afford dental care costs due to their hefty prices. Even if you have dental insurance, not all procedures will be covered by your insurance plan. And this can be a huge problem for people with a low budget.

While individuals with good credit have multiple options to turn to, those with bad credit are limited in choice. As a result, they can decide to sacrifice their oral health. But fortunately, there are various dental financing options available to those with no money and bad credit, with some of them requiring no credit check.

However, dental financing with bad credit comes in various forms. Thus, you need to take into account your unique financial situation before going into debt. Let’s explore the best options for financing any dental procedure. Whether you’re looking for a low-interest loan, an option with a flexible payment plan, or a no credit check solution, we have something to offer.

Table of Contents

1. Dental Loans: Overview
2. Types of Dental Loans for Bad Credit
3. How Much Money Can I Get with Dental Loans?
4. How Much Do Common Dental Procedures Cost?
5. Alternative Ways to Pay for Dental Work
6. Tips on Reducing Dental Expenses
7. FAQ

Dental Loans: Overview

A dental loan falls into the category of regular personal loans. Like any other personal loan, a dental loan has flexible repayment terms. You can get one lump sum deposit and repay your debt in fixed monthly installments within the agreed-upon period. The loan amount can be used for any needs associated with your oral health, from dental implants and teeth whitening to routine checkups.

Dental loans are usually unsecured. This means they are not backed with any property that a lender can repossess in case of default. To motivate borrowers to pay on schedule, lenders that offer dental financing apply high late fees. Also, they report your late payments to major credit bureaus, so your credit score can go down.

Here are common dental loans terms:

Interest rates: between 5.99% and 35.99% APR..

Origination fees: can be up to 8%.

Loan amounts: $1,000 to $100,000.

Repayment term: 24 to 144 months.

Types of Dental Loans for Bad Credit

Those who are looking for dental financing with bad credit have several options to choose from. These options are designed to make dental procedures more affordable to patients with credit issues and money difficulties. Below are the most common types of dental loans for bad credit available on the market.

1. Traditional Personal Loans

   Traditional personal loans are prevailing in dental financing due to their flexibility and wide scope. They can be used toward various needs, including dental treatments. Personal loan options are commonly offered by conventional lenders, so if you’re going to get one, you need to be ready for your credit score to be closely considered. If you have bad credit, you may be offered secured loans. They require collateral and are riskier for a borrower.

2. Medical Credit Card for Dental Expenses

   A medical credit card is a specific type of credit card that you can use to cover dental work at multiple partner dental providers. These cards often offer special financing options for dental procedures. They include interest-free periods, low monthly payments, and extended payment plans. Additionally, some medical credit cards don’t require you to go through a hard credit check. This makes them almost ideal for people with low credit.

3. Healthcare Financing Companies

   Healthcare financing companies specialize in offering loans for medical and dental treatments. They offer various loan options with low or no interest and extended repayment terms. These companies may have more lenient approval requirements than traditional lenders. Thus, it will be easier for you to get money with bad credit.

4. Dental Office Financing

   Some dentists offer dental loans for their patients too. An in-house payment plan can be cheaper compared to other types of borrowing. Some dental offices can even provide interest-free financing. More than that, they are usually permissive to a patient’s bad credit score.

How Much Money Can I Get with Dental Loans?

Dental loan amounts usually range from $1,000 to $100,000. The accurate sum you can obtain with the help of dental loans commonly depends on two main factors. The first one is the maximum loan amount provided by a specific loan lender. The second metric is your financial opportunities.

Before approving you for a dental loan, your service provider will check your income thoroughly. This is made to determine your solvency and ensure that you can repay the money. Also, your credit score can affect the loan amount. It’s the general practice that the higher your credit score, the better loan conditions and higher loan amounts you can get.

More: Here you can find out more about how to get $1,800 loan.

How Much Do Common Dental Procedures Cost?

To help you decide on a loan amount or accurately plan your budget, we’ve listed major dental procedures and specified their costs based on averages:

Alternative Ways to Pay for Dental Work

Sometimes traditional dental financing options are not a good fit for your financial situation. Some of them may seem expensive or require too much time to get. However, you may still need assistance to cover your dental bill. For such cases, there are alternative options to finance dental procedures. Here are some of them:

1. Turn to a Community Health Center

   Community health centers often help people in need get affordable dental services. The best part is that they have relaxed requirements. Unlike lenders, community health centers don’t look at your credit score or ability to pay. They offer reasonable payment plans or financing options to almost anyone who struggles to cover exorbitant dental costs.

2. Borrow Money from Family

   Borrowing money from family or friends is a way to get extra cash without paying any interest. Additionally, you can come to a compromise with your loved ones and agree on convenient repayment terms. However, debt can impact your relationship if you won’t repay it when due.

Tips on Reducing Dental Expenses

Let’s admit that the cost of dental work in America is extremely high. However, there are some smart ways to make it easier for you to cover dental costs.

1. Consider a Dental Savings Plan

   Dental savings plans are an alternative to dental insurance. It provides discounts on dental procedures in exchange for paying a certain annual fee. This can be a good money-saving option for those who can’t afford traditional dental insurance or obtain a personal loan due to bad credit.

2. Use The Benefits of a Flexible Spending Account

   A flexible spending account (FSA) is a tax-advantaged savings account sponsored by your employer. You can use its balance to pay for eligible medical expenses, including dental treatments. Thanks to this, you can reduce the cost of dental work, making it more budget-friendly.

3. Visit a Dental School

   By visiting a dental school, you not only receive affordable dental treatments but also support education. Dental students need to hone their skills before they become licensed specialists. That is why they often provide various dental services at reduced prices. As they work under the supervision of a qualified mentor, you can rest assured that you will get a quality service.

4. Open a Health Savings Account

   A health savings account (HSA) is an option designed to help its owner pay for participating medical expenses. To be eligible, you need to be enrolled in a high-deductible health care plan.

5. Don’t Neglect Regular Dental Checkups

   Neglecting regular dental checkups can lead to more serious and expensive dental problems in the future. By visiting the dentist regularly, you can catch and treat potential dental issues early on. This way, you prevent them from becoming more serious and expensive to treat.

FAQ

Is It Possible to Finance Dental Work?

Yes, it is possible to finance dental work through various options. They include dental loans, medical credit cards, and financing options offered by dental providers. You can also consider available alternatives that are mentioned in the article.

Where Can I Find The Best Dental Loans?

The best dental loans can be found through various financial institutions. Shop around and compare offers from banks, credit unions, or online lenders. You can also search for a dental provider that offers reasonable financing options.

What Can I Spend Dental Loans for?

There are no strict limits. You can use the borrowed amount to cover the cost of any expensive dental procedures. This can be general, specialty, and cosmetic dental procedures. For example, braces, dental crowns, veneers, tooth repair, dental cleaning, and much more.

Are There Any Installment Loans for Dental Financing?

Most dental financing options allow you to pay your dentist in installments. The most popular ones include dental office financing, personal loans, secured loans, and medical credit cards.

What Minimum Credit Score Is Required for Dental Financing?

Different loan types have their minimum credit score requirements. While traditional unsecured loans may require a minimum of 670, alternative lenders can accept borrowers with a 585 credit score or don’t set any minimum at all. Before applying, check out a lender’s requirements to ensure you meet them.