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Money and Well-being – 3 Ways Personal Loans Can Help

Asian woman in hospital bed flashing an Ok sign after securing a quick loan for medical purposes.

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Money and well-being are more closely intertwined than we may realise. Not only is money required to afford nutritious and balanced meals, or to have a safe and comfortable home to live in, but also how much we earn impacts our level of happiness and satisfaction in life.

Beyond our everyday existence, money’s impact on our mental and physical well-being becomes even more pronounced during a health crisis. Stressing over high hospital bills can increase your risk of chronic health issues, which is ironic as you will then need to spend even more money for treatment!

If you find yourself unable to afford medical treatment, you may wish to consider getting a quick loan from a licensed moneylender to tide you over. This will not only allow you to meet your immediate needs, but it will also save you from the ill effects of stress and anxiety in the long run.

Here are 3 ways personal loans can help your well-being.

1. To break out of an unhealthy cycle

When you are facing a hefty medical bill you are unable to pay, you will be plagued by constant worry and anxiety. You will have to deal with a constant stream of payment reminders, and late payment penalties that build up every month, and soon, debt collectors may even start visiting your office or home.

The stress and frustration will affect your mental and emotional well-being, and may even cause physical symptoms as mentioned earlier. This then creates an unhealthy cycle where your health negatively impacts your wealth, and vice versa.

You can break out of this unhealthy cycle by applying for a quick moneylender loan to pay off the hospital bill, which stops the payment reminders and late penalty charges from building up.

With the root cause of your stress resolved, you can focus on recovering your health and well-being, while paying off your debt at a measured pace over monthly instalments.

2. To save time and hassle

During an emergency, there is no time to hesitate over how you are going to pay for that life-saving operation, who you can borrow money from, or how much health insurance coverage you can get. All these details are best sorted out later.

In fact, you can get instant loans online approved in as little as 20 minutes through licensed moneylenders in Singapore, and have the funds you need disbursed within the same day. This is perhaps the fastest way you can get a medical loan in Singapore.

One reason why moneylenders can process personal loans so quickly is that they conduct minimum credit checks. This means that you can apply for a quick loan even if you have a low credit score. In contrast, applying for a bank loan will trigger a credit check, and your application may be rejected if your credit score is not good enough.

Taking a personal loan from licensed moneylenders can also save you the hassle of applying for medical bill financial assistance, which will entail multiple rounds of meetings and interviews. You may also have to wait a significant amount of time for your case to be evaluated.

And after all that, you may not even be able to receive sufficient bill relief to cover your entire hospital bill – which means you would have gone through all that trouble for nothing.

Additionally, getting a personal loan from a licensed moneylender also means you don’t have to comb through your list of relatives and friends to borrow money to pay the hospital bill – a process that can be time-consuming, troublesome, and even potentially embarrassing.

3. To pay for related expenses

Besides the cost of medical treatment and hospitalisation, you may also need to pay for other related expenses.

For instance, you may require a wheelchair, grab bars, and mobility improvements to your home or a part-time nurse or live-in caretaker while you recover. You may also want to go for complementary treatments such as acupuncture or TCM or purchase health supplements to aid your recovery after surgery.

Your Medishield Life and health insurance plan may be exhausted after paying for your medical treatment, but you can apply for a quick loan from a moneylender to pay for these related expenses to help improve your mental and physical well-being.

The connection between money and well-being

It’s an undeniable fact that money and well-being are closely related, but not everyone is fortunate enough to have health insurance coverage, or the emergency savings to deal with a health emergency.

There are options that you can tap into, such as applying for financial assistance, borrowing money from relatives and friends, and getting a personal loan, but each of them has its pros and cons.

While we have demonstrated the various ways a medical loan from a licensed moneylender can be beneficial – including being easier to get – take heed that the interest rate is higher than bank loans.

As with all types of loans, be sure to manage your monthly repayments carefully so as not to fall into a debt cycle.

Synergy Credit is a leading licensed moneylender in Singapore specialising in quick loans and medical loans. Our online loan approval takes less than 20 minutes! Ask our friendly team about our attractive interest rates today.

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