Home > Loans > Loans for Surgery?

Loans for Surgery?

I read every injury litigation magazine I can get my hands on. A lot of them come from the U.S. Recently I noticed an advertisement for surgery loans. The company selling the service says it specializes in loans for spine, orthopaedic and other complex surgeries. The idea that a seriously injured person would need a loan for healthcare is shocking.

The service is lien-based. The lender pays for the surgery and then gets paid back out of your settlement money or judgment money when the case is finished.

This sort of arrangement is not unusual. We have something like it here in Ontario. An injured person may not have enough money to pay for the many expert reports necessary to advance an injury claim properly. You can ask your injury lawyer to help secure litigation financing through companies such as Seabrook Holdings or Bridgepoint. These companies will lend you the money necessary to pay for expert reports and court costs. They will also make loans to simply help you get through a very difficult time. The bills don’t care that you have a spinal cord injury. They want paid anyway.

The interest rate on these loans is very high – over 20% per year. For some people, they mean the difference between buying groceries and going to the Food Bank. They are helpful but should only be used where absolutely necessary. The money is paid back on completion of your case. Clients are always surprised at how fast interest accumulates at 22% or 24%.

The American ad for surgery loans says the service is free – no interest, no administration charges. My curiosity is in hyperdrive (but then it’s always there). Where’s the profit for this lender? Let’s not kid ourselves. These companies are not charities. So what’s in it for them? Fortunately, we don’t have to find out. We live in a country where your surgery, whether at Sunnybrook in Toronto, Kingston General Hospital or the Ottawa Civic, is covered. No liens. No loans. No strings.

If only our auto insurance policies were so simple.

Contact Bergeron | Clifford LLP

Let us help you if you have been injured anywhere in Eastern Ontario. Contact us at 866-384-5886 or fill out our online form. We can meet at any of our office locations, including Kingston, Ottawa, Whitby, Carleton Place, Perth or wherever is most convenient for you.

Insurance Tactics

This article, hosted by the American Association of Justice, shows us how some insurance companies unjustly deny claims, discriminate by credit score, delay payments until death, and employ other tactics to make sure they make the most profit as possible, […]

Bergeron Clifford Takes the Gold!

Bergeron Clifford is proud to support Kingston Literacy by participating in the 15th Annual Grate Groan Up Spelling Bee. The Bee took place on May 17th, 2009, at the Ambassador Hotel, which is a new venue for the event. Team […]

ccla-abcc logo
Nanavut logo
northumberland-county-law-association logo
the-advocates-society logo
ontario-trial-lawyers-association logo