If you need expensive dental work and don’t have dental insurance or enough cash to pay upfront, a dental loan you could be the answer you’re looking for. With a dental loan, you could borrow the money required to cover important dental work then make monthly payments until the amount you owe is paid off.
Since dental loans are really just personal loans, they work just like a personal loan you might take out for another purpose, such as remodeling your kitchen or consolidating debt. Generally speaking, personal loans come with a fixed interest rate and fixed monthly payments for a predetermined length of time.
Interest rates may start as low as 3.24% APR and surge all the way up to 35.99%, with the best rates going to individuals with very good or excellent credit, or a FICO score of 740 or higher.
While some personal loan lenders let consumers borrow up to $35,000 for dental care or other purposes, other lenders may let you borrow even more.
At this point, you may be wondering why on earth anyone would need to borrow tens of thousands of dollars to pay for dental care. How did visiting the dentist get so expensive? The reality is, dental care isn’t cheap. While paying for regular cleanings may not break the bank, complex dental procedures tend to cost a pretty penny. And yes, they may even cost thousands of dollars – or even tens of thousands of dollars. Furthermore, many people may find they have a high deductible with their dental plan, meaning they have to pay out-of-pocket up to a certain amount until their insurance coverage kicks in.
Here’s an example of how your bills could start racking up quickly. Imagine you live in the New York City (zip code 10014) and have acute and sudden dental pain. An emergency visit to the dentist would cost an average of $390 to $625 for the visit, X-rays, and pain relief. But remember, that visit only pays for the diagnosis of your pain — not to actually fix your issue. If you needed a crown, for example, you should expect to pay $2,000 to $2,900. A surgical extraction, on the other hand, would set you back $550 to $800. Let’s say your pain was caused by a few unruly and overcrowded wisdom teeth. If you needed to have them extracted, you could be on the hook for $750 to $1,050 per tooth.
With costs like these on the horizon, it’s no wonder so many people need financing to help with the most expensive components of their dental care. Instead of draining their savings accounts or destroying their monthly budget, consumers can borrow the money they need and set up monthly payments they can live with.