Medical and dental loanS

What is a dental expenses loan?

A dental loan is a type of personal loan that can be taken out to cover dental expenses. This includes the cost of dental services themselves and other related costs such as sedation, hospital stays and medication.

How does it work?

You can get a loan for your dental expenses before you pay your dentist so you won’t be out of pocket. You can ask your dentist for an estimate of how much your treatment will cost so you know how much you need to borrow. You should also check your health insurance or other finance options to see if any of your dental costs will already be covered. You can get a quote for your dental loan online through Harmoney. We’ll ask for details about what you intend to use the loan for and ask you to provide proof of your identity and finances so we can calculate your personal interest rate and repayments. If you accept your loan offer, we’ll send your money to your bank account and you should have it within 24 hours.

Secured and unsecured dental loans

Dental loans may be secured or unsecured. A secured loan requires that you nominate an asset (such as a house, car or other valuable belongings) that may be forfeited if you fail to pay back your loan. An unsecured loan isn’t protected by an asset, but may have a higher interest rate as a result. All personal loans on Harmoney are unsecured, including dental expenses loans.

Fixed and variable rates

Interest rates on a loan may be fixed or variable. A fixed rate remains the same through the duration of the loan, unless it’s refinanced. A variable interest rate can change each month based on the performance of the market.

A fixed rate loan offers more financial security, as you can budget for how much you need to pay each month. All Harmoney loans have a fixed interest rate.

Other dental finance options

Some dental clinics work with third-party finance providers to let you pay for dental work in instalments. These often have an interest-free period that can be tempting, but they usually involve more fees than a dental loan and there may be higher penalties if you don’t make your repayments.

Dental payment plans

A dental expenses loan may not be the best option for everyone. Researching the other types of finance available to you will help you to make an informed decision about how to cover your dental costs.

Private health insurance

If your health insurance includes general dental cover, you may be covered for some or all of the cost of general dental treatments such as check-ups, fillings, extractions and crowns. More complex treatments and cosmetic procedures are not covered by standard health insurance, but may be included on a higher level of cover. If you want to use your health insurance to cover part of your dental fees, a dental loan can make up the rest.