A medical loan in Singapore is a type of financial tool that can be helpful if you need loans for medical treatment or to resolve chronic health issues that are hindering you from working to your fullest potential. Medical loans are unsecured loans, so no collateral is required when applying for one.
Due to its flexible nature, a medical loan in Singapore can also be used to meet various other related needs, such as ambulance rides, treatment reports and outpatient visits. This even extends to securing additional funds for other medical purposes.
Singapore enjoys one of the highest medical and healthcare standards in the world. However, this also means hospitalisation and healthcare costs are high, posing a challenge for those of us who may not be financially prepared for a sudden illness or injury.
While Singaporeans are covered by national health insurance, there are limitations to what Medisave can do. This is where a medical loan in Singapore may come in handy as it helps to cover any additional costs that national insurance and personal insurance can’t cover.
Our medical loan in Singapore helps you pay for the cost of your medical bills immediately, so you can focus on getting treatment without delay.
Need a loan for medical bills that seem too costly? With a medical loan in Singapore, get the funds you need to cover out-of-pocket expenses and bill copayments.
With loan approval in under 30 minutes, and same-day cash disbursement, our medical loans provide the funds you need minus long waiting times.
Our medical loans are available to all borrowers — even if you have a not-so-stellar credit score. All it takes is a simple credit assessment to assess your eligibility.
Since 2010, Cash Direct has served thousands of borrowers, providing them with loans for medical bills. We’re a fully registered licensed money lender in Singapore, with over 20 years of experience.
A medical loan is highly flexible. It can be used as finance for medical procedures; to cover additional expenses or loss of income during hospitalisation and recovery; or to pay for related expenditures such as mobility aids and home safety additions.
As per the Ministry of Health, Medisave is designed to cover basic healthcare needs, including day surgery and certain outpatient expenses. Furthermore, to ensure Medisave is able to meet healthcare needs in old age, there are limits placed on how much you can withdraw from your Medisave account each year, as well as for specific procedures.
As a result, the average Singaporean does enjoy healthcare coverage, but only to a basic degree. This means there could be situations in which you may find yourself facing large out-of-pocket expenses should you require medical treatment; it can be played out in two ways.
In such cases, you are likely to exceed your Medisave withdrawal limits, which means a larger copayment amount that must be paid in cash.
When you have insufficient Medisave
Your Medisave account may have run out, or you may have reached the annual withdrawal limit. You can take a medical loan to make payment in cash.
When you need to pay for expenses not covered by Medishield
There are several related expenses that are not covered by Medishield, such as ambulance fees, medical reports and medical aids like wheelchairs and home safety bars. Fret not, there are loans for medical expenses that can help with such necessities.
When you or your loved one wants higher class or private ward
Basic Medishield is designed primarily for Class C and B wards. If you want to stay in a higher class ward or a private hospital, a medical loan can help cover the higher costs that would ensue.
When you do not have sufficient savings to cope with a medical emergency
These loans for medical procedures can help you pay for treatment costs if you do not have sufficient savings. It is among the fastest and most convenient ways to do so in such pressing situations.
When you need to make up for loss of income due to hospitalisation or long recovery period
If you’re self-employed or earn a daily income, falling ill or getting injured would mean not being able to continue earning an income. With a loan for medical treatment, you can easily meet your living expenses during recovery.
A medical loan can be provided whenever you have a need for it, even if it’s just to secure a loan for medical procedures that are not too major. Simply make an online application to obtain a medical loan offer from our friendly staff in under 20 minutes.
Cash Direct offers loans for medical expenses on an unsecured basis. There is no collateral required when applying for this loan.
You can get a medical loan in Singapore from licensed money lenders such as Cash Direct. Simply contact our friendly team to discuss the medical loan package you require.
The maximum you can borrow on a medical loan depends on your citizenship status and your income salary. See below for details.
Singaporeans and PRs
Foreigners residing in Singapore
Besides your personal identification, you will need to provide proof of employment and your residency status when applying for a medical loan from Cash Direct.
Kindly bring the following when visiting our office to sign the loan contract:
No, we do not charge any early repayment fees if you repay your medical loan early. In fact, you can save on interest charges if you pay off your loan earlier, so we highly encourage you to do so if you’re able to!
We strive to make our medical loans as affordable as possible. Depending on your personalised medical loan package, our interest rates are between 2% and 4% per month.
Vision Exchange, 2 Venture Drive #01-21
Jurong East Central 5 mins walk from Jurong
East MRT Station (Exit B) Singapore 608526
Monday – Saturday 11am to 7.30pm
Sunday 12pm to 5pm
Closed on Public Holidays