For many people who suffer from a substance addiction, getting help isn’t a matter of willingness; it’s a matter of money. Many health insurance providers only pay partial costs for addiction treatment, depending on whether the facility is in network or out of network. Many individuals struggling with addiction may not have health insurance or may not have the required funds needed to pay for their much-needed treatment.
This has been an ongoing problem that treatment centers and healthcare facilities all over the country have been keen to solve. One way that individuals are paying for addiction treatment is with a rehab loan. While no one enjoys taking on extra debt, this type of loan is an investment in health, an investment in a future. If you are addicted to alcohol or drugs, a rehab loan could be your solution to paying for treatment.
What Is a Rehab Loan?
A rehab loan is essentially a personal loan that you can use to pay for your stay in rehab. Loans allow people to finance treatment that they might otherwise be unable to afford.
Some people prefer the funds of this loan to be paid straight to the addiction treatment center. Some individuals might take out a home equity loan to pay for treatment. Some treatment facilities offer rehab loans and financing options for clients or can help individuals locate lenders who specialize in rehab loans.
Will a Bank Extend Me a Loan If They Know It’s for Rehab?
A person’s health is a private affair. It’s not surprising that a person would be loath to share information regarding a health concern with a banker or loan officer. So, individuals applying for their rehab loan are left with this perplexing situation: Do I tell them that I’m using the money for addiction treatment or do I make up some other reason for needing the money?
Fortunately, there are lenders today that will finance addiction treatment in the form of a rehab loan. Lending programs designed for people suffering from addiction will take financial history into consideration. If you qualify for a rehab loan then you may also qualify for low interest rates, depending on your credit score.
If you apply with a traditional bank, you may be asked to supply a reason for your request. However, some banks don’t factor that into consideration. Instead, many banks are primarily interested in your current income and expenses, employment history, credit score and repayment history that may be associated with any previous loans. If they extend you a loan, they may not be concerned what you intend to use it for.
Why You Shouldn’t Be Afraid to Finance Your Treatment
Taking out a loan for addiction treatment is an investment in your health and your future. People take out loans for all sorts of reasons—to buy a new car, build a garage, pay for school or take a trip. Your health is the worthiest reason to request a loan. Financing rehab also means you don’t have to fund it with high-interest credit cards or by tapping family or friends for financial assistance.
Recovery In Tune can help clients find resources to secure financing. If you do choose to finance your treatment, you’ll be funding a treatment that has the power to save your life. That’s money well spent.