Americans taking payday loans to pay for medical expenses
Los Angeles, CA (Vocus) August 19, 2010
According to a study by a personal finance resource, more Americans are applying for short term loans, such as payday loans, to pay their medical expenses..
According an email survey conducted a lender of online payday loans, over 31% of customers apply for payday loans to pay for their medical bills.
Millions of Americans don’t have medical insurance, or they are “under-insured” meaning their insurance doesn’t cover many necessary health care needs such as their vision, or dental care.
Also according to San Diego Dentistry, a dental practice that offers in-house financing for its patients, many medical clinics and doctors’ offices have reduced or stopped their in-house financing options due to the bad economy and increased costs of operations. This is leaving the patients with no other choice than to use their credit cards or to take short term loans to pay for their medical expenses.
Payday loans are short term loans that are designed for short term financial emergencies when other financial options are not available. The majority of people who apply for payday loans are those with bad credit and lack other financing options.
Although many payday lenders may see this as an opportunity to boost their business and revenue, many are also reporting increase of defaults and are working with their customers on more flexible payment options and also advising their customers how to deal with payday loan debt.
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