Medical loans

Is there a doctor in the house? HELLO? However superficial or serious your procedure may be, deciding on how to pay for it will place a new sense of importance on what’s going on and how quickly you’ll get to see the doctor. Will you pay upfront instead of going through private or the public system? In some cases, paying for your procedure up-front may save you thousands compared to going through private, but that’s a story for another time. On the contrary, the downside of going public, is you could be waiting quite a while before going ahead with with your procedure or treatment. In saying that, if it’s non-serious and simply cosmetic, public will never be an option for you.

A medical loan, or even a more specific cosmetic surgery loan, will keep you financially prepared for anything and everything you need when it comes to getting a medical procedure done. It could be as serious as cancer treatment, as annoying as a dental procedure or as nerve wrecking as cosmetic surgery. None of the results are guaranteed of course, and you’ll have to repay your debt even if you’re completely dissatisfied.

Start comparing loans and find the best for you below. 

Why get a Medical loan?

Tailored specifically for your medical needs, a medical loan could be one for anything from dental, to breast augmentation, laser eye surgery to hip replacement. The list goes on as potential treatments and procedures are endless.

Elective surgery is a medical procedure that is considered to be not essential and almost purely cosmetic. Could be anything from breast enlargement or reduction, rhinoplasty to liposuction. Cosmetic surgery loans allow you to borrow the money you need to get your procedure done. As long as you meet the repayment requirements, you can get all the elective surgery your heart desires! Look at the right places and you’ll see that rates are mostly comparative to personal loans. Some lenders will even be flexible with repayment time lines, as long as you opent het conversation with them and not keep them in the dark.

Medical travel is becoming more and more common. Depending on the stories you hear or read about, most medical procedures conducted overseas have great results with normal downtime. However, this is the risk you take and there’s no guarantee on the results. There are lenders who will cover you for the cost of the medical procedure and the travel expenses incurred, but if you need to correct any errors when you return to Australia, are you prepared to pay more? considerably more? You need to work out your budget and the risks you’re willing to take, both medically and financially.

Dental surgery marks a time in your life that’s most challenging and rewarding. Covering either elective or essential surgery, dental surgery loans will cover all costs associated to the procedure. What about ongoing costs and treatment? This is a conversation between you and your Orthodontist, and perhaps one you don’t want to hear about.

Pros and cons of medical loans

Like all loans there are positives and negatives associated that you can’t really avoid. Here are some:

Pros An obvious plus is that you get a bundle of money you need upfront to get on with your treatment. It’s a sense of relief and a little bit of self-empowerment up your sleeve for when you need it most. A medical loan can give you the confidence to get the results you desire that you wouldn't be able to achieve without the assistance of a loan.

Cons If you have an urgent procedure, then going through the loan approval rigmarole may not be quick enough. Ideally you have some time up your sleeve to shuffle your paperwork and proof of identity together before your approval is granted. If it’s more urgent than not, then you may need to opt for existing credit cards with high interests, which is really not ideal at all.

Borrowing options for medical loans

Can I actually borrow money for medical reasons? Believe it or not, yes! If you have a means of paying for it, then lenders will be more than happy to to lend you the money - specially if it’s secured. There are a number of lenders who have loans specifically geared toward medical procedures. But for those who don’t, more conventional options include personal loans and credit cards. Let’s have a closer look:

Personal loans

Whether you have more than one thing to pay for or more, a personal loan can give you the flexibility to pay for your medical procedure and more.


Once qualified, you will have an agreed amount available to you to spend as you wish. Your main aim is to use the money to pay for your medical procedure to cover all expenses from doctor, anesthetist to recovery room and travel costs. Fees and rates are competitive between lenders, so you should have the opportunity to secure a pretty good deal. Mozo can help you to compare personal loan rates by clicking the link.


Some lenders don’t require you to produce proof of how you will use the money you secure, so you may be tempted to spend it on other things. While you’re recovering and have less or no income coming in, you may be tempted to pay for everyday expenses like groceries, car payments and utility bills, putting you at risk of becoming more complacent with these types of expenses in the future.

Credit cards

Not sure how much you need? A credit card could be the money solution you need when you need to spend but don’t know how much in the early stages.


The bigger the credit card limit the more availability you have to cover expenses for your medical procedure or treatment. It means you don’t have to worry in the immediate stages how much you spend and how much you need to pay back. The money is there and ready for you to use as you require it. As credit cards are becoming more and more competitive, you could secure one with a very low interest or interest fee for a period of time.


The massive risk has everything to do with overspending. What if you spend beyond your means of repayment? What if you’re tempted to use your credit card to consume beyond your medical treatment? You deserve that new fancy bag, right? Wait stop! You don’t need the new bag and matching shoes right now!

Since going through medical treatment or procedures usually means you’re about to go through your recovery stage and therefore your regular income may not coming in, any expenses beyond your medical treatment may be deemed as reckless. After All, you have a direct purport for using borrowed money, not to cosime for the sake of it.

How much can I afford to repay?

Well that all depends on how much you need and how fast. You may be able to pay for minor surgery with existing credit cards or a new one for that matter. Have you thought about your savings? That’s always a possibility. Remember to consider your everyday expenses because if you can’t cover your food, utility bills and petrol, then you’re kinda stuck.

Get a quote from your medical practitioner on the expected costs involved with your medical procedure, bearing in mind your down time, which means expected time off work and factor that into the whole amount. After you have a fair idea on the costs, use Mozo’s personal loan repayment calculator to help you plan a budget for the short and long term.

How do I manage repayments

We really can’t tell you how to spend your money, but if you’re borrowing money for a specific medical purpose, then you really want to stick to your objective. No point in getting money-happy because you have more than usual available in your account!

You’ll want to focus on repaying your loan as fast as possible. If it’s an option, you may even consider paying fortnightly or even weekly. That way you’ll get a good grasp on your budget and how much is left at the end of the week or fortnight.

Now’s the time to restrict spending sprees (including curbing online shopping from your recovery bed!) while you undergo your procedure, especially since your income will most likely be reduced during your recovery time.

Just concentrate on chilling out and healing. Pick up some dusty novels from the bookshelf and give them a go. Write a journal from your recovery bed about new positive thoughts and ways to get through the day without dipping into your account. If you’re less mobile, plan your recovery days ahead of time with all the comfy essentials - hand moisturiser, journal, pen, novels, magazines, whatever it takes to make the day go faster. Happy healing!

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