Dental Financing Options for a Healthy Smile

Dental procedures can help you improve your tooth health and make your smile bright. While the costs associated with these procedures may deter some people from getting regular check-ups, dental financing makes your total expenses more manageable. Instead of paying in one lump sum, you can pay for dental services gradually. The strategies covered in this guide and the financing choices below offer good starting points.

If you need funds right now for your dental needs, MoneyLion offers a service to help you find personal loan offers based on the info you provide. You can get matched with offers for up to $50,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you. You can also use the loan funds to pay off other existing debts.

9 Best options for dental financing

You can get creative with how you pay your dental bills. These are some of the best options to consider.  

1. Personal loans

You can use a personal loan to cover almost any expense, including dental services. Banks, credit unions, and online lenders offer these financial products. Most of them will have you go through a credit check and will have minimum requirements for your credit score and debt-to-income ratio.

Pros

These are some of the advantages of taking out a personal loan for dental financing. 

• Make low monthly payments spread over a term length of your choice.
• Get competitive interest rates compared to other financing options
• Receive the funds typically within a week

Cons

These are some of the disadvantages of using a personal loan.

• A hard credit check is often required.
• You usually must fulfill the lender’s minimum requirements for your credit score, debt-to-income ratio, and other factors.

2. In-house dental financing

Some dental companies offer in-house financing to make their services more affordable. You can get funds quickly and make a low down payment or none at all. Rates are competitive, and you can get approved within minutes.

Pros

These are some of the advantages of in-house dental financing.

• Flexible repayment terms that usually range from 6-24 months
• Fast approval times because it’s directly between you and the dentist
• Typically low or no down payment

Cons

These are some of the disadvantages to keep in mind before using in-house dental financing.

• Minimum credit score requirements usually apply                                                                                                                                                                                                                                                                                          
• You usually                                                                                                                                                                       must earn enough income to qualify for in-house dental financing
• Rates may be higher than personal loans

3. Credit card

If you already have a credit card with enough credit available, you can use it to cover your dental bills. You won’t have to worry about your application getting approved or rejected since you already have a card. You’ll also know how much credit you can access by viewing your available balance. Using a credit card to pay for dental services will not hurt your score if you make on-time payments. 

Pros

A credit card offers these benefits if you use it to cover dental payments.

• Avoid paying interest if you repay before your monthly statement is due or if you have a limited time, 0% APR introductory rate
• Get rewards like cash back or points depending on which card you use
• Build your credit score with on-time payments 

Cons

These are some of the disadvantages associated with using credit cards to cover dental bills.

• Credit cards have higher interest rates than most financial products
• Your available limit will decrease which can make you more likely to max out
• You may have to cut expenses in other areas to avoid exceeding your limit

4. Earned wage access (EWA)

You won’t need to go through a credit check or pay interest to tap into earned wage access. This payment method allows you to access future wages early to cover current expenses. Some earned wage access apps have small fees for each transaction, and many of them limit how much you can take out in between paydays. Earned wage access is not a loan. You are simply accessing your paycheck earlier. 

Pros

Earned wage access offers the following perks.

• No interest payments
• No credit checks
• On-demand pay

Cons

These are some of the downsides of using earned wage access for dental financing.

• EWA offers usually have lower cash limits than personal loans and credit cards
• Some apps come with fees for each transaction
• You will have a lower paycheck on your next payday when you repay your balance.

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5. FSA benefits

A Flexible Spending Account (FSA) lets you pay for out-of-pocket health costs, including dental financing. FSAs offer tax advantages that you won’t receive from a traditional bank account or brokerage account. You  can use pre-tax contributions to fund the account and can also avoid taxes on withdrawals for qualifying expenses. You also won’t have to go through any credit checks or pay interest.

Pros

These are some of the advantages of using FSA benefits to cover dental financing.

• No credit check
• No interest
• Tax-advantaged contributions

Cons

It’s good to keep these disadvantages in mind before committing to an FSA.

• Restrictions apply
• The contribution limit is only $3,200 per year
• Leftover funds get forfeited at the end of the year 

6. Health savings account

Health savings accounts (HSAs) offer enticing tax advantages and are complementary to 401(k) and IRA plans. However, you can end up with a significant penalty if you use funds on non-qualifying expenses before turning 65.

Pros

These are some of the advantages of using a health savings account.

• Tax-advantaged account
• No credit check 
• No interest payments

Cons

These are some of the disadvantages of HSAs.

• High penalties if you use the funds early on non-qualifying expenses
• You must be in a high-deductible health plan to have an HSA
• There are other qualifications that you must meet to open an HSA

7. Dental savings plan

Dental savings plans are annual memberships that give you discounts for dentists in your area. It’s possible to save a lot of money with this plan and minimize your financing costs. However, you must use dentists within the network to save money.

Pros

These are some of the perks of a dental savings plan.

• Reduced dental costs
• Choose from many dentists in the area
• No coverage caps

Cons

These are some of the disadvantages of a dental savings plan.

• You must use dentists in the network to save money
• Less flexibility to work with other professionals

8. Dental Insurance

A dental insurance plan has similarities to a dental savings plan. Both of them offer discounts in exchange for an annual payment. Dental insurance can also be broken into monthly premiums. You will have to cover some out-of-pocket expenses before the insurer takes care of the remaining expenses. You must work with an in-network dentist to receive financial support from your insurer.

Pros

These are some of the perks of dental insurance.

• Choose between monthly or annual premiums
• Reduce the cost of each procedure
• Work with many dentists

Cons

Dental insurance has the following disadvantages that are good to consider. 

• Costs add up even when you don’t need dental services
• Insurance premiums increase as you get older
• You must work with an in-network dentist to receive money from the insurer

9. Personal savings

A personal savings account can cover any expense. If you have the extra funds, you can avoid all the hassles involved with finding capital. You won’t have to worry about interest, credit checks, penalties, or anything of that nature. However, you will have fewer funds left for other expenses.

Pros

These are some of the perks of using personal savings for dental financing.

• No interest or other expenses
• No credit checks
• Instant access to funds that are in your account

Cons

It’s good to keep these disadvantages in mind before tapping into your personal savings.

• You won’t have as much funds left for other expenses
• It can take several months to replenish your savings account

Get the Capital You Need for Dental Financing

Dental financing makes dental services more affordable. Knowing you have alternatives can result in frequent treatments and healthier teeth since you’re receiving care from professionals. It’s a good idea to assess your finances and understand which choices are viable before deciding on the right path for your dental financing.

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