Arizona Tribune - Financing Options for Cosmetic Dental Procedures

Not all dental work is covered by insurance, especially if it is for cosmetic reasons.¹ That's why it's important to consider the different ways to pay for these procedures. Keep reading to learn some common financing options that could help make cosmetic dental work more affordable.

A personal loan is a type of loan offered by banks, credit unions and other lenders that provide the borrower with a lump sum of money that can be used for various purposes. The borrower agrees to pay the money back over a set period of time in regular monthly payments. These payments are usually the same amount each month, which can make it easier to budget.

One key factor to pay attention to is the loan's interest rate. This is the cost of borrowing money. If a loan comes with a lower interest rate, borrowers will pay less over the lifetime of the loan compared to a loan with a higher interest rate over the same period of time.

Additionally, borrowers should be sure to review the lender's eligibility requirements before applying. Many lenders consider factors like credit score, income level, and employment history when deciding whether to approve a loan application.² Understanding these requirements in advance can save time and help borrowers choose the best option for their needs.

Loan and repayment terms vary by lender, so it's a good idea to shop around and compare offers before signing a loan agreement. Look at monthly payments, how long the loan lasts, and what the total cost including interest and fees will be.

Some dental offices offer their own payment plans. This means the patient can break up the total cost of a treatment into smaller monthly payments.

For example, a person getting veneers might prefer to pay $200 a month for 10 months instead of paying $2,000 up front. Predictable and manageable monthly payments may make it easier for people to get the smile they want without having to save up for the entire cost of the procedure to be paid at one time.

Before signing up, the patient should ask the office about any fees or interest that may be added. Some in-house dental payment plans don't charge interest if the whole balance is paid within the agreed upon repayment timeframe while other plans may include small fees.³

It's also a good idea to ask how long the repayment plan lasts and what happens if a payment is missed.

Medical credit cards are made specifically to cover health and dental expenses. These cards can be used to pay for cosmetic dental work and often come with special financing offers.

This type of card is another option for those who need work done right away but prefer to pay the cost off in installments. Certain cards may also offer zero percent interest if the full balance is paid within an offer period.⁴ However, it's important to keep in mind that if the balance isn't fully paid off by the end of that offer period, high interest charges may be added.

People should read the fine print and make sure they understand the terms before using a medical credit card. As with any other credit product, it's important to remember that missing a payment or paying late could also lead to extra fees.

Oral health is important

Having a healthy, confident smile can make a big difference in how a person feels about themself. For some, cosmetic dental procedures are a major step in improving their self-esteem.

Taking time to plan ahead and explore payment options can make it easier to move forward with treatment - feeling more confident, informed, and in control.

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About OneMain Financial

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OneMain Financial is the leader in offering nonprime customers responsible access to credit and is dedicated to improving the financial well-being of hardworking Americans.

Contact Information:

Name: Sonakshi Murze
Email: [email protected]
Job Title: Manager

SOURCE: OneMain Financial

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Ch.Campbell--AT