Medical loans: paying for treatment

A medical loan is usually an ordinary personal loan used for treatment, surgery, dental work or a medical aid shortfall. Before borrowing, ask the hospital or practice for a payment plan — many offer interest-free instalments — and check whether gap cover or your medical aid's savings can cover part of the bill.

What lenders check

• Income and affordability
• Credit record
• Loan amount versus quoted treatment cost

Documents you'll need

• Green barcoded ID or smart ID card
• Latest 3 months' bank statements
• Latest payslip (if employed)
• Proof of address not older than 3 months
• Treatment quote from the provider (helpful but not always required)

Watch out for

• Get a written quote first so you borrow the right amount.
• Negotiate the bill — cash discounts are common for elective procedures.
• Avoid short-term loans for large medical bills; the term is too short.

Can I get a loan for dental work?

Yes, a personal loan can be used for dental treatment.

Will the lender pay the hospital directly?

Usually no — funds go to your account and you pay the provider.

Is gap cover worth it?

For people on hospital plans, gap cover often costs less than borrowing for shortfalls.

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