The verdict is in, and it’s clear that you need a hearing aid. Since you don’t have any insurance benefits to help with the purchase price, how will you manage? There’s more than one way to approach the task of hearing aid financing and get what you need. Here are some approaches to consider.
Taking Out a Bank Loan
You could head to the local bank and secure a loan. Depending on your current credit rating, it may be possible to receive an unsecured loan. Along with not having to pledge an asset as collateral, the loan allows you to purchase the hearing aid now and repay the bank using a series of affordable monthly payments.
This is a great solution if you have good credit. If your credit is not that great, there are still lenders who will work with you. Be aware that the interest rate for those with bad credit can be steep. You may want to check out some alternatives before settling on this solution.
Using a Credit Card
If you have a credit card with a sufficient limit, paying for the aid using this resource may work well for you. Decide that you will not use the card for any further purchases until the balance is back to zero. That will help keep the amount of interest that’s paid to a minimum.
The beauty of this solution is that you can pay something different each month if necessary. As long as the minimum payment due is remitted, the credit card issuer is happy. During months when you can pay a large amount of the balance, do so. Along with allowing you to get the hearing aid now, the timely payments will look good on your credit reports.
Utilizing a Medical Expense Line of Credit
There are medical lines of credit that you can secure. Those credit lines are often offered by independent providers and can only be used for certain types of medical services. As long as you qualify for a reasonable amount of credit, this is an option to consider.
Before deciding this is the way to go, see how the interest on the credit line compares to what you would pay on a bank loan or your credit card. If it’s lower, then this solution for hearing aid financing is the most likely solution.
Paying Cash
Maybe you’re the type of person who has always set aside funds in an interest-bearing account that can be used for an emergency. While you may not think of purchasing a hearing aid as an emergency, the fact is that dealing with hearing loss does have a serious impact on your quality of life. Seen from that perspective, it’s not hard to justify withdrawing enough money from that account to pay for the aid using cash.
The great thing about this solution is that you won’t be paying any interest to a credit card company, a bank, or a line of the credit provider. The hearing aid is paid in full using resources that you have on hand. The worst you will encounter is the loss of interest on the money that you withdrew. Over time, you can continue to deposit funds in that account when possible and rebuild the balance.
Before making assumptions about any mode of payment, look at each of these closely. Which one offers the most benefits in your case? After you answer that question, the solution will be clear.