Many medical loan procedures offer their own financing plans too, so you may want to take a look at these first, but they often come with high interest rates after an initial 0% period.
If you want to spread the cost of a medical procedure and don't want to pay too much in interest, then an unsecured loan might be your best bet. Any serious procedures will likely be covered on the NHS or by health insurers, so it could be cheaper to pay insurance or go with the NHS for free.
You can use an unsecured loan for anything – once the borrowed money is in your account, it is yours to spend as you please. The only exceptions to the rule are some personal loans which are specifically tied to a product, like a car, or career development studies.
But you should weigh up whether it's worth borrowing for a medical loans procedure in the first place as some are available through the NHS.
It might also be cheaper than using a loan to simply take out a health insurance plan if the procedure is not covered on the NHS.
You should absolutely avoid using a secured loan (one that is secured by your home or a car) because if something goes wrong with your procedure that forces you to stop working or you die, then the debt will be paid by repossessing your home.
An unsecured loan is your safest bet if you want to borrow cash to pay for a medical procedure. If you can pay for it with a credit card, then that option could work out to be quite effective and safe too.
Many clinics will offer some kind of financing option to pay for their medical procedures. Many of them are fairly good value too, and in some cases they can offer 0% financing options, but just beware that the interest rates can skyrocket once that offer period ends.
Essentially, you would need to pay it back during the financing period, but it may not always be long enough for you to get the money together.
Either way, you should take a look at the financing options for a medical procedure. Many of them are provided by specialist lenders and so you likely won't have a lot of information about what they do and what their terms are, so be sure to do some research and check reviews from other customers.
Besides financing from a clinic or a personal loan, there are other ways to borrow cash for a medical procedure.
Credit cards can be a flexible option, especially if you take out a 0% purchase or money transfer credit card. Many of the market leading 0% purchases credit cards have offers lasting for up to two years, allowing you to spread the cost of the procedure without paying any interest.
Of course, the interest rates are very high once the 0% offer ends, but if you can manage it correctly these deals are usually far better than getting financing from a clinic.
Ultimately, it is up to you if you want to borrow money for a medical procedure. You just need to make sure you can keep up with repayments. Generally it's not a good idea to use loans or any kind of credit for anything that doesn't have a direct use.
For example, if you were to use your loan to pay for a car, or a travel season ticket or a bike for work, it would add value to your life and thus wouldn't necessarily feel like a burden on your finances each month when you make your repayments.
Paying for expensive items upfront rather than on a monthly basis (like travel season tickets) usually works out cheaper if you can get a cheap enough deal on the interest, but with medical procedures you have to pay upfront.
A loan can be handy to help you spread the cost rather than take a huge hit on your savings, but it's up to you to decide whether or not it will be worth it.
A medical procedure could add value to your life to the point where the repayments, even after the procedure, seem like a worthwhile investment.
Many health insurance providers will simply provide private healthcare treatments for procedures that you would normally be able to get for free on the NHS.
However, in some cases private health cover might include a few extra procedures that the NHS would be more reluctant to pay for. Sometimes these procedures are the market leading standard and could be deemed superior to what the NHS has to offer.
In such cases, it would probably be cheaper in the long run to pay a monthly premium and the excess rather than take out a loan.
If you are looking for cosmetic surgery then it is unlikely that any health insurance provider will cover it, unless it can be justified for medical reasons. If a doctor can justify it for medical reasons, then you may be able to simply get it on the NHS as well.