No matter how big dental practice you have, you may one day feel yourself in a situation where you still want to grow your business to the next level. Maybe your productivity was little less than you expected last month, you spent more than your monthly budget on a holiday or special event, or there were unexpected expenses. No matter what,, if you find yourself running out of cash, you have a few alternate options to be on a safe side.
Dental Loan – the Old-Fashioned Way
Dental loan for your patients through a bank or credit company is the safest way to get money on requirement. Till the time, patients have a steady job, a good credit score, and they are able to pay their loans, the bank will let them know whether they have been qualified for the loan or not. The main problem is that the whole process can take few days, or even weeks. If they need money on urgent bases, loans aren’t be a good option.
Use a CareCredit
Many people use CareCredit in an emergency. Patients can apply as long as they have a steady source of income with a good credit score, They may qualify.
Unfortunately, like a dental loan, it can take weeks or more to get approval. The carecredit card company you apply with will, demand check your credit history and evaluate part of value of risk you have.
Even if you already have a card, using it for emergencies or in times you need fast cash can be expensive. Credit card interest rates are usually high than other rate of interest , and if you miss to pay off your installments every month, your bills will add up quickly. The interest you pay could be higher than actual treatment cost.
Liquidate Some Assets
Another option you have when you need cash is to sell some of your belongings. You can sell products that you don’t need – just advertise them online or sell everything at a yard sale or flea market. You can sell assets like stocks or bonds, if you have so!!.
The main problem with liquidation is that the value that you get is much less than your assets cost. There is also no guarantee that people will show interest to buy what you are selling, which means you could still end up without the cash that you need to pay your dental bills.
Apply with Medloft
Medloft is a convenient online financing platform where dental specialists can finance their patients directly without including any lending company. By cutting middle man out you can earn more revenue by offering affordable interest rate to your patients. This will also make the process very quick, easy, and straightforward – if you are interested to know more about Medloft patient financing, just make a phone or fill out our online contact form. Medloft gives you 100% payment guarantee. That means your patient will get the money at the time they need without any hassle and waiting period.
Whether you need financing for an emergency situation, cosmetic surgery, a home improvement project or even a new pet. Apply now and let us know how we can help!