Financing your Orthopaedic Treatment

As part of our mission to make healthcare accessible to all, we are committed to making our prices competitive and transparent whilst ensuring the highest quality of care is provided. We understand that moving forward with orthopaedic surgery can be a large financial commitment, which is why patients can explore the right payment option for their needs.

Medbelle loan options

Patients can choose to finance their procedure in monthly instalments. The loan details:

• Loans available from 1 to 5 years with a fixed 14.9% APR
• Patients can finance the full amount or pay part and part with savings
• The minimum loan amount is £350

In order to be eligible to apply for finance, you must be:

• 18 years old or over
• Working at least 16 hours per week
• A UK resident for at least three years

Patients do not need to finance the procedure themselves, a family member, friend or loved one can apply for finance as long as they fit the criteria above.

Check if you are eligible for a loan.

The quickest and simplest way to see if you will be eligible for a loan is to complete a soft check. You can complete the soft check with your Patient Care Adviser or head to this link here at Money Saving Expert. We recommend a soft check as it is a cursory look at the information on your credit report that stops short of being a full examination of your credit history. This check is a quick, simple way of determining where a patient stands regarding their suitability for a financing loan. It estimates the likelihood of that patient being approved for a loan should they apply for one. After receiving your results, get in touch with your Patient Care Adviser to discuss the best next steps.

Money-Saving Expert is a British consumer finance information website with the aim of enabling people to save money. They release excellent regular articles about the best credit cards and loans in the UK every year, making it easy for you to find the best possible loan or credit card to suit your needs. You will also be provided with a range of loan options.

Will a soft check affect your credit rating?

Getting too many hard credit checks in a short period of time may suggest to companies that you’re overspending or taking on too much debt. This harms your credit score and is understandably something that people want to avoid.

To complete a soft check, confidential inquiries are made at credit reference agencies. However, even though you’ll be able to see the inquiry on your file, it won’t appear to any other organisation, no matter how many soft checks there are. This means that a soft check has no impact on your credit rating, and the results will not be disclosed to any third party.

Private Medical Insurance

If patients wish to pay for their treatment with their private medical insurance, our Patient Care Advisers can contact the patient’s insurer and let the patient know if the operation will be covered by their plan. Your adviser can also check what is and what is not included in your current insurance plan. This free service provided by Medbelle simplifies the patient’s journey and removes extra workload from the patient. Patients may need to give their consent to their Private Medical Insurance provider in order for their Patient Care Adviser to have access to their information.

Bank or Credit Union loans

Your bank/credit union knows you best, so it may be worthwhile getting in touch with them if you are wanting to take out a loan. Many banks offer online applications, or they can be organised over the phone. Making an application does not mean you accept the money but just that the money is available. We advise not committing to the loan until you have had your consultation.

Credit cards

A credit card with 0% interest may be a better option for borrowing smaller amounts than taking out a loan. Similar to a soft check, you can also check your credit card eligibility on Money Saving Expert here.

Tips & tricks to improve your credit score

It’s best to avoid any unnecessary rejection for a loan by using a few tips and checking key things before making an application. It can happen that you are eligible for credit but get denied because there are small errors in the information held about you by credit reference agencies. A recent development means that renting property is now taken into account on your credit score. So individuals who may previously have no/a low credit score may see that change. You can check your information by following the instructions below:

• Check the information held about you with Experian here
• Get on the electoral roll (lenders use this information to check that you live where you say you live - it takes 5 minutes to register and vastly increases acceptance probability)
• Cancel unused credit cards, debits, accounts and subscriptions. However, long-standing bank accounts with good credit histories benefit your credit score, so it's best to leave these open.

The golden rule of borrowing

Firstly before applying for a loan or credit card, it is good to understand your options. Money Saving Expert has reliable and useful information for people looking to borrow money. It is worth taking the time to research, but overall, the golden rule for borrowing is to borrow as little as possible and repay it as quickly as possible. Then, factor your repayments into your monthly budget and be disciplined about paying down your loan.

Compare different financing options carefully. Ask questions like: Would it be better to wait and pay in full? How does your credit card interest rate compare to getting a personal loan? What is the maximum you can afford as an immediate deposit? Also, be aware that most types of financing entail more comprehensive hard checks of your credit history that will be reflected on any future credit checks. As long as these hard checks are infrequent, though, they should not greatly impact your credit.

If you’re still unsure about financing

When it comes to any debt, it’s essential to understand exactly what it entails and properly research how the interest rates, terms and conditions will affect you. At Medbelle, we’re always happy to assist patients in finding a payment solution that works for them, but a financial adviser can also guide you.

In general, it’s better to apply for the shortest repayment period possible while keeping instalments at a level you can realistically manage each month because missing a payment can be costly in the long run. Many patients also find that putting the full payment of their procedure on a credit card is more appropriate if they feel uncomfortable with finance or do not qualify.