Get the Smile You Deserve: Dental Financing with Bad Credit Available Now

As you know, it is recommended to have a dental examination at least once a year. However, paying hundreds or even thousands of dollars for a single visit or procedure is not uncommon. This can seriously impact your budget, especially if no insurance covers medical and dental expenses. According to statistics from 2023, about 68.5 million Americans were uninsured [1]. 

However, the lack of necessary funds for dental treatment is not a reason to panic because you can always opt for a dental loan. While most lenders will check your credit score to determine whether or not to approve a loan and what interest rates to offer, some do not. Thus, even borrowers with a poor credit history can still rely on financial support.

Explore Best Dental Loans for Bad Credit

Editor’s Thoughts: Upgrade has low credit score requirements. However, interest rates may be higher than those of competitors. Loan amounts range from $1,000 to $50,000. The lender charges a loan origination fee ranging from 1.85% to 9.99% of the loan amount. However, there are no penalties for early repayment. Upgrade streamlines the lending process through a mobile application, enabling borrowers to monitor their balance and make timely payments. 

Editor’s Thoughts: Upstart offers online loans ranging from $1,000 to $50,000, which can be used to finance dental procedures. Even with a bad credit history, you can obtain funds from Upstart. The money will be credited to your account within one day of signing the contract. Upstart has repayment term limits, where you need to choose a term from 36 to 60 months, and you may also be required to pay an initial fee.

Editor’s Thoughts: SoFi allows you to borrow up to $100,000. And it can be used to cover any medical expenses. This lender is worth turning to if you face an expensive procedure, such as high-quality dentures, which can cost up to $10,000. With SoFi, you won’t have to pay loan origination fees, prepayment penalties, or other fees. However, SoFi prefers borrowers with a good credit history.

Editor’s Thoughts: At OneMain, there are no requirements for a minimum credit rating, which means that even borrowers with a bad credit history (FICO below 580) can obtain a personal loan. The lender also allows you to enlist a co-signer. Secured consumer loans are available, too. Opting for a secured loan can help you qualify or lower your interest rate. However, OneMain charges a high application fee, typically 1% to 10% (depending on your residence).

Editor’s Thoughts: Avant personal loans are a good choice for borrowers with bad credit. You can receive up to $35,000 credited to your account the day after submitting your application. There is also a high probability that Avant will approve the loan after pre-qualification. At the same time, there is a fee for issuing a loan (up to 9.99%), and the interest rates (9.95% – 35.99%) are among the highest among the lenders reviewed. 

Editor’s Thoughts: Discover Personal Loans offer low-interest rates (7.99% – 24.99%), repayment terms of up to seven years, no origination fees, and are available nationwide. To qualify for a loan from Discover Personal Loans, you must have a minimum annual income of $40,000 and a credit score of 660 or higher. 

What are Dental Loans for Bad Credit?

Dental loans for poor credit are unsecured personal loans used for dental treatment. They have no collateral. Since the lender provides funds to people with low credit scores, it imposes high-interest rates and fees to minimize risk. 

Typical Bad Credit Dental Loan Terms

Each lender puts forward its conditions for the loan, with the following being typical:

The annual interest rate on the loan	From 6% to 36%
Loan repayment period	From 2 to 7 years
Available loan amounts	From $1,000 to $100,000
Loan issue fee	From 1% to 10%. Some lenders may have a fixed amount, such as $500. Sometimes, it is absent altogether.

How Does Financing for Dental Work with Bad Credit Function?

A dental financing loan allows you to cover various dental procedures, including: 

• Regular dental examinations and cleanings.
• Sealant installation.
• Crown and bridge installation.
• Root canal therapy.
• Orthodontic treatment.
• Dental implants.
• Maxillofacial surgical interventions.
• Cosmetic dentistry (teeth whitening, veneers, and dental fillings to enhance your smile’s appearance).

To qualify for a loan, you must meet certain criteria. The lender considers your age, credit and payment history, income, employment status, debts, and other obligations. If approved, the funds are usually deposited into your bank account by the end of the next business day.

If your dental financing loan has an origination fee, it will be held back before you receive the money. For example, if you borrow $15,000 with a 5% loan origination fee, a $750 fee will be deducted from the initial loan amount. You will receive not $15,000 but $14,250.

Subsequently, you are required to make a fixed monthly payment until the loan is paid in full.

How Do You Apply for Personal Loans for Dental Work?

This is typically how the process operates: 

Check Your Credit Rating 

With a high credit rating, you can expect a low-interest rate. As a result, you will overpay less. However, if your score is below 660, it will be difficult to get a competitive interest rate. In addition, not all lenders are willing to lend to people with a bad credit history. But you can still get financial help. You can always consider lenders who offer secured loans or loans with a guarantor.

Obtain Prequalification

Once you know your credit score, you can select lenders whose requirements you meet and pre-qualify from them. This procedure makes it possible to receive indicative loan offers. Pre-qualification doesn’t require a hard credit check, so it will not impact your credit score. To get started, you need to provide the lender with basic information: your personal and contact data, annual income, employment history, desired loan amount, and loan purpose.

Compare Offerings From Different Lenders

When choosing a lender, it is recommended to pay attention to:

1. Annual percentage rates: The lower the interest rate, the more favorable the loan will be. The overpayment will be minimal.
2. Available loan amounts: Please note that different dental procedures have different costs. Therefore, you need to determine how much you will have to pay for treatment. Based on this information, choose a lender that allows you to borrow the amount you need.
3. Loan length: A shorter term means you’ll have to pay larger monthly payments but the overall interest amount will be lower.

It’s also good to check whether a lender makes a hard credit check. If such a procedure is carried out, you should think carefully before submitting a formal application. A hard credit check will temporarily lower your credit score.

Consider using the BadCredify platform to select a lender. However, remember that approval is not guaranteed.

Compile the Essential Documents

Once you have decided on a lender, gather all the necessary documentation they require. The list of documents may vary from lender to lender, but the basic ones usually include:

• Proof of income (this can be salary receipts or bank statements).
• Certificate from the place of work.
• Bank account number.
• Proof of address.

Submit a Formal Loan Application and Receive Money

Remember that some lenders do a hard credit check, while others make loan decisions based on income level. Check this in advance. The lender will evaluate your loan eligibility based on your documentation and credit information.

A loan decision is usually made quickly, often within a few hours. If approved, you can receive guaranteed dental financing within 1-5 business days, depending on the lender.

Expert tip: When you have bad credit and need dental financing, focus on providers that offer easy online applications and fast approvals. This will help you get quick money for dental treatment.

Alternative Dental Financing Options

Despite its advantages, a dental loan is not suitable for everyone. If you are in doubt, consider the following alternatives before signing your loan agreement: 

Dental Insurance

Many dental insurance plans cover procedures from routine cleanings to major dental work. Although coverage specifics vary, having dental insurance can significantly reduce your out-of-pocket costs for dental care. 

Pros and Cons Dental Insurance

Pros:

• It can help cover some types of dental treatment.
• It covers the cost of preventive procedures, such as teeth cleaning and plaque removal.

Cons:

• Does not apply to all procedures.
• Requires monthly or annual fees.

CareCredit

CareCredit is a medical credit card for various medical procedures, including dental treatments. For bills totaling $200 or more, CareCredit provides interest-free financing options for terms ranging from 6 to 24 months, provided the balance is paid off within the specified term. Failure to repay the balance within this period will result in interest charges. Additionally, for procedures costing more than $1,000, CareCredit offers extended payment plans spanning 24 to 60 months.

Pros and Cons CareCredit

Pros:

• CareCredit is available in many dental and medical settings.
• The process for receiving CareCredit is very fast, giving you instant access to money.

Cons:

• In case of late payment, interest is charged for the entire loan use period.
• Funds can only be used to cover medical expenses.

Dental Savings Plans

Some dental clinics offer a membership program. For a one-time fee per year, you can continue using the dentist at a discounted rate. The membership helps reduce future expenses and alleviates the financial burden.

Pros and Cons Dental Savings Plans

Pros:

• Most popular dental services are eligible for discount offers.
• You don’t need a good credit score to participate in the savings plan, and there are no penalties.

Cons:

• You must pay an annual membership fee.
• The service is not insurance, so you will only get a discount, not full or partial coverage. 

0% APR Credit Card

Some credit card issuers offer a 0% interest rate for a certain period (usually 12 to 21 months). Using a credit card with a 0% APR to finance dental expenses can offer temporary relief from interest charges. However, it’s important to carry a small balance on the card beyond the interest-free period, as subsequent interest charges can be costly. 

Pros and Cons 0% APR Credit Card

Pros:

• During the 0% APR period, you do not have to pay interest on the funds used.
• Paying off debt on time can help improve your credit score.

Cons:

• The 0% APR period is limited and may be insufficient to pay off the debt.
• After the interest-free period ends, the rate may be over 22%.

In-House Dental Financing

Many dental practices offer in-house financing options. In this case, the payment schedule is developed directly with the clinic, and borrowers pay minimal or no interest rates.

Pros and Cons In-House Dental Financing

Pros:

• Funding is provided directly through the dental clinic.
• No credit check is required.

Cons:

• Only a small number of clinics provide this service, as it requires a license in many states.
• Link to a specific healthcare provider.

Conclusion

Bad credit dental loans for implants or teeth cleaning include any loan that can be used to cover the cost of dental procedures. Even with a low credit score, you can get a loan for dental treatment. It is important to know that the lower the credit rating, the higher the interest rates on the loan.

Work to build a positive credit rating to receive financial assistance on favorable terms in an emergency. It is also worth considering more profitable alternatives.

Methodology

BadCredify thoroughly analyzed over 30 lenders and identified the top loan options for dental expenses. Lenders must offer competitive annual percentage rates (APRs) to make the top list.

The list also includes lenders with minimal requirements for borrowers and their credit histories. Simple and transparent pre-qualification and application processes are also essential criteria for BadCredify.

Repayment terms and the range of available loan amounts are also considered. Additionally, BadCredify always pays attention to lenders’ reputations and business practices. The top list includes licensed companies collaborating with major credit bureaus and offering the most transparent borrowing conditions.

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