If My Insurance Doesn’t Cover NJ Drug Rehab, Can I Take Out a Loan?

Recovery from an type of substance abuse takes time and effort. It also takes money to enter any type of facility. What happens if your insurance doesn’t cover drug rehab and you don’t have enough cash on hand? It is possible to obtain some type of loan to finance the costs of undergoing rehab? Fortunately, the answer is yes. In fact, there is actually more than one approach to obtaining a loan that works for you. Exploring each of those options will make it easier to come up with the solution that leaves you free of worry about how to pay for the treatment. Instead, you can concentrate on regaining control of your life and moving past your present circumstances.

Two Approaches to Obtaining a Loan For Rehab Costs

If your credit is in good condition, financing the rehab costs could be as simple as making a trip to your bank. A personal loan that’s secured with collateral or unsecured will do the trick. In this scenario, you can work out the payment terms so they fit into the budget. Depending on the loan options your bank offers, it may be possible to lock in terms that would not require the first payment for several months. Many medical loans can be used for any type of treatment. That includes rehab programs related to drug and alcohol dependency. There are several benefits to this approach that are worth considering:

  • The application processing is usually fast; you could have an answer the same day.
  • Medical loan lenders often focus more on income and less on past credit issues. If you have at least the minimum monthly income required, the chances for approval are good.
  • Many lenders will forward the funds directly to the facility, rather than you having to remit the payment yourself.
  • Your rehab facility may already have a working agreement in place with a medical loan lender.

Whatever approach you use for financing, pay close attention to the interest rate as well as other terms and conditions. The plan is to have enough to cover your time in rehab and be able to repay the debt in a timely manner. Are you ready to move past your addiction and get your life back? Our counselors are on hand around the clock. Call us today at 833-762-3765 and let’s get started. It will be the most important call that you ever make.