loan closet
If you're in need of medical equipment or supplies, a loan closet may be an affordable and convenient option for you. A loan closet is a program that provides short-term loans of durable medical equipment to individuals with disabilities, illnesses, injuries, or recovering from surgery. The equipment can range from hospital beds, wheelchairs, walkers, crutches, commodes, and other assistive devices.
The main advantage of using a loan closet is cost savings. Medical equipment can be expensive, especially for those who do not have insurance or have limited coverage. Borrowing equipment from a loan closet can save you hundreds or even thousands of dollars compared to purchasing or renting equipment from a medical supply store.
Another benefit is accessibility. Loan closets exist in many communities and can be easily accessed by those who need them. These programs may be run by local government agencies, non-profits, or hospitals. Some programs may even offer delivery services to those who are unable to pick up equipment themselves.
Loan closets also offer convenience. Instead of having to go through the hassle of purchasing or renting equipment, borrowers can simply borrow equipment for the duration they need it. Once they no longer need the equipment, they can return it to the loan closet for someone else to use.
Using a loan closet also promotes sustainability. Instead of contributing to the waste of medical equipment that is no longer needed, loan closets allow equipment to be reused by multiple patients, saving resources and reducing environmental impact.
Loan closets may also offer assistance in choosing the right equipment for your specific needs. Staff members may be able to provide advice and recommendations on the type of equipment to borrow based on your condition and lifestyle. They can also assist with adjusting and fitting equipment to ensure it is comfortable and safe to use.
Loan closets may operate differently depending on the program. Some programs may require a referral from a healthcare provider, while others may only require proof of residency and an identification card. Borrowers may also need to sign a liability waiver and provide a deposit, which is usually refunded upon the return of the equipment in good condition.
It is important to note that loan closets typically offer short-term loans, usually up to three months. If you require equipment for a longer duration, it may be beneficial to consider other options such as rental or purchase.
Overall, loan closets offer an affordable, accessible, and convenient option for those in need of medical equipment. They can provide cost savings, accessibility, and promote sustainability. If you or someone you know needs medical equipment or supplies, consider reaching out to a loan closet program in your community.
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Material Disclosure:The operator of this website is not a lender, and we do not control and are not responsible for the actions of any lender. Not all lenders in our network can provide up to $5,000. The service is not available in all states. Residents of New York are not eligible to use the service to request a loan. We can’t guarantee that your request will be accepted by one of participating lenders. The service is absolutely free. We do not charge you for any service. You may exit the process at any step as you are under no obligation to accept the loan presented. For details on your loan please contact your lender directly. Credit Implications We do not make any loans or credit decisions. Our lenders may perform credit checks to determine your credit worthiness, credit standing and/or credit capacity. By submitting your request you agree to allow our lenders to verify your personal information and check your credit. Please be aware that missing a payment or making a late payment can negatively impact your credit score. Our lenders do not look at credit alone so a low score won't necessarily disqualify you. Our lenders also look at income and previous outstanding loans. APR Disclosure Your lender will provide you with the terms and fees of your loan, APR, repayment terms and costs prior to the execution of your loan documents. APRs and repayment terms provided by lenders may vary depending on specific criteria. Representative APRs range from 5.99% to 35.99%. Loans repayment period: minimum 61 Days, maximum 72 months APR is based on the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. APRs may be regulated by state and local laws. As we do not have access to the terms of your loan, so only lenders can provide you with information about your loan terms and rates, renewal policy and the implications of non-payment and late payment.
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We do not make any loans or credit decisions. Our lenders may perform credit checks to determine your credit worthiness, credit standing and/or credit capacity. Credit checks may be performed with the 3 reporting credit bureaus: Experian, Equifax, and Trans Union. By submitting your request you agree to allow our lenders to verify your personal information and check your credit. Please be aware that missing a payment or making a late payment can negatively impact your credit score.
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APR DisclosureYour lender will provide you with the terms and fees of your loan, APR, repayment terms and costs prior to the execution of your loan documents. APRs and repayment terms provided by lenders may vary depending on specific criteria. Representative APRs range from 5.99% to 35.99%. Loans repayment period: minimum 61 Days, maximum 72 months APR is based on the amount of your loan, cost of the loan, term of the loan, repayment amounts and timing of payments and payoff. APRs may be regulated by state and local laws. As we do not have access to the terms of your loan, so only lenders can provide you with information about your loan terms and rates, renewal policy and the implications of non-payment and late payment.
| Loan Amount | $1,000 | $2,000 | $5,000 | $10,000 |
|---|---|---|---|---|
| Interest Rate | 24% | 19% | 13% | 8% |
| Loan Term | 12 Months | 24 Months | 48 Months | 60 Months |
| Fee | 3% | 5% | 8% | 10% |
| Fee Cost | $30 | $100 | $400 | $1,000 |
| Repayment | $94.56 | $100.82 | $131.67 | $202.28 |
| APR | 29.82% | 24.12% | 18.23% | 9.20% |
| Total Payments | $1,134.72 | $2,419.68 | $6,320.12 | $12,136.80 |
| Total Costs | $164.72 | $519.68 | $1,720.12 | $3,136.80 |
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