Company Name | Est. APR | Min. credit score | Loan Amount | Loan term |
SoFi | 6.99%–21.78% | 680 | $5,000–$100,000 | 2-7 years |
PenFed | 4.99-17.99% | None | $600-$50,000 | 1-5 years |
Best Egg | 5.99-35.99% | 600 | $2,000-$50,000 | 3 or 5 years |
OneMain Financial | 18.00-35.99% | None | $1,500-$20,000 | 2-5 years |
Upgrade | 5.44-35.47% | 560 | $1,000-$50,000 | 2-7 years |
LightStream | 4.99-19.99% | 660 | $5,000-$100,000 | 2-7 years |
What is a Dental Loan?
Dental loans are personal loans that are intended to finance
dental procedures, like cleanings, extractions, and root canals. If your
insurance plan won’t cover some or all of the cost of a dental procedure, a
dental loan can be very useful. In most cases, there is no collateral tied to
it so you don’t have to put an asset like a house or car on the line. You may
receive a lump sum of money upfront and repay it over time via fixed monthly
payments.
Reasons to Get a Dental Loan
Even if you have dental insurance, you may still be
responsible for at least some of the total cost of a dental procedure. This is
particularly true if you have a high-deductible plan. While dental loans can be
used for any dental procedures, here’s a breakdown of the most common ones and
their costs.
- Dental cleanings: $75 to $200 for a standard cleaning
without x-rays or other extras
- Cavity fillings: $50 to $300 for a standard silver filling
and $90 to $450 for a tooth-colored filling
- Dental implants: $2,400 to $3,000 per implant
- Root canals: $500 to $2,000 per root canal
- Crowns: $600 to $2,500 for a metal crown and $500 to $1,500
for a porcelain crown
- Tooth extractions: $75 to $450 for a simple extraction and
more for a complex extraction width section
- Veneers: $925 to $2,500 per tooth
- Professional teeth whitening: $500 to $1,000
How to Get a Dental Loan
If you’d like to take out a dental loan, follow these steps.
- Decide how much you need: Ask your dental office how much
your procedure will cost you so that you don’t overborrow and steer yourself
into a cycle of debt. When you decide on how much money you want to ask for,
remember you’ll likely have to pay interest and fees on top of the original
loan amount.
- Check your credit: Most personal loans for dental procedures
depend on your creditworthiness. That’s why it’s in your best interest to check
your credit scores and pull reports from the three credit bureaus through
AnnualCreditReport.com before you apply.
Once you know where you stand credit wise, it’ll be easier to determine
which loans you may qualify for.
- Prequalify: Most lenders will allow you to prequalify for a
loan and check your offers without any impact to your credit. All you have to
do is fill out a short form with some basic information like your name,
address, income, and the amount you want to borrow. Prequalifying can make it a
breeze to compare your offers and hone in on the ideal dental loan for your
particular budget and needs.
- Choose a lender: After you prequalify with multiple lenders,
it’s time to make a decision. Go through your offers and look at the loan
amounts, interest rates, fees, and fine print of each one. Don't hesitate to
ask a lender if something is unclear or doesn’t make sense.
- Apply for a loan: Now, you can move forward with the loan
and fill out an application. In most cases, you’ll be able to do so online. Be
prepared to submit documents like a government-issued ID, pay stubs, tax forms,
and bank statements.
Can You Get a Dental Loan with Bad Credit?
It’s much easier to get approved for a dental loan if you
have good or excellent credit. But you can still qualify for one with bad
credit. Just know that you’ll likely have to settle for a higher interest rate,
which can cost you hundreds or even thousands of extra dollars over the life of
your loan. If you do get a dental loan with bad credit, make sure you make your
payments on time, every time so you can improve your score and open the doors
to more favorable terms in the future.
Dental Loan Alternatives
In addition to dental loans, there are other ways to finance
your dental procedures, including:
- In-house financing: Many dentists offer in-house payment
plans to patients without insurance or those who don’t have the cash to cover
their out-of-pocket costs. While dentists usually set their own interest rates,
you may be able to negotiate with them and set up a monthly payment plan that
works well for your budget.
- 0% APR credit cards: If you have decent credit, you might
want to explore a credit card with a 0% intro APR. As long as you repay your
balance before the intro period, which is usually between 12 and 18 months, is
up, you won’t have to pay any interest on the cost of your procedure.
- Medical credit cards: There are also medical credit cards
like CareCredit and PatientFi. Sometimes these cards come with 0% interest
offers but the standard rate for them is about 26.99%. They work just like
regular credit cards but are specifically designed for out-of-pocket medical
expenses.
- Home equity loans: If you own a home, you can tap into your
home equity and finance your dental procedure with a home equity loan. You’ll
receive a lump sum of money upfront and repay it via fixed monthly payments.
Since these loans are secured, they tend to come with low rates. But you will
have to pay closing costs if you pursue this option.
- Home equity lines of credit (HELOC): HELOCs are similar to
home equity loans. The main difference, however, is that they’re a revolving
line of credit. You can withdraw funds from them as much or as little as you’d
like up to a set credit limit. You’ll only pay interest on the amount you
borrow.
Use Dental Loans to Keep Your Teeth Healthy
Dental procedures are almost always a necessity. Without
them, you put yourself at risk for serious health complications like cavities
and gum diseases. If your dental insurance doesn't cover the full cost of a
procedure or you don’t have it, a dental loan can be a real lifesaver. Just
make sure you read the fine print before you sign on the dotted line and pay
back what you borrow.