“I want to lose weight! I want to become slimmer!”
Most of us might have tried to lose weight by attempting an exercise schedule but failed halfway through. Wanting to lose weight is very common among Singaporeans and many do so in order to improve their appearance or for their health.
However, in recent years, studies have shown that 15% of locals are at a risk of becoming obese which will bring along numerous health issues such as high blood pressure or type 2 diabetes. These are some of the physical problems and there will be psychological issues as well.
For those who have tried dieting and exercising but to no avail, weight loss surgeries such as roux-en-Y gastric bypass and laparoscopic surgeries will be recommended to them. This is especially helpful for people who are severely overweight and this weight issue has started to affect their daily lives. This means that they may have trouble walking, doing regular tasks and in worst scenarios, difficulty breathing.
Once you have been approved to have a bariatric surgery, the team taking care of you will give you particular instructions on how you are to get ready for the surgery. Usually, the patient has weeks or even months to prepare. This might also be the ideal time to shop around and fill out an application for a weight loss loan if you need extra money. The doctor will put restrictions on what you eat and drink. An exercise routine will also be put in place, and if you smoke, you will be required to quit. Well, this will also lower the chances of one contracting lung cancer. Many a times the doctor will require proof that you are willing to make these changes and lose weight when you go home. You may need to lose several kilograms before you even go for your surgery.
It is possible for the surgery to be delayed or even canceled should your doctor determine one of the following, or all of them:
- That you are not prepared medically or psychologically for the surgery
- That instead of losing weight during the evaluation period, you have in fact gained
- That you are not making the necessary changes in terms of diet and exercise as per the doctor’s recommendations
Being financially prepared is crucial in the entire surgical process.
As you get ready to undergo surgery, you need to speak to your healthcare insurance provider to find out whether they cover the procedure that you are about to undergo. There is a chance that they only cover some of the procedures and not all of them. In worst case scenarios, some insurers may not even cover anything at all and thus the full burden of paying for the procedure will fall squarely on you.
Any insurance company that partially covers the procedures will require documentation from your doctors that justifies the bariatric surgery. You will also need to have the surgery pre-approved. Once you know how much they will cover, if at all, you can then figure out how much you will need to source from your own pocket.
There may be a few lucky ones who are able to afford the entire bariatric surgery on their own. However, there will always be some people who are short on cash for the procedure.
Ideally, you will need to speak to several different lenders before you settle on one. Take your time and shop around. Other than banks, there are more than 150 licensed moneylenders in Singapore. One of the considerations that you should make when carrying out the comparison is how much money they can actually lend you. These procedures can be expensive, and you will need all the help you can get.
Average Costs of Bariatric Procedures (4 Main Categories)
Bariatric procedures fall into four main categories:
1. These are surgeries that are meant to make your stomach smaller. The idea is to reduce the amount of food that one eats at each sitting. The 3 most popular procedures are:
Lap band – This procedure can cost anywhere between $2,000 and $15,000
Gastric balloon -This procedure costs about $8,150
Gastric Sleeve – This one will cost you between $2,000 and $19,000
2. The procedures are meant to reduce the number of calories that one absorbs during digestion. It means the removal of part of your digestive system, which leads to a reduction of the nutrients taken up by the body. The most common ones include the following:
Duodenal switch – This one will cost between $2,000 and $27,000
Gastric bypass – This procedure will cost you between $2,000 and $24,000
3. Blocking the vagal nerve. This procedure makes use of a device that releases electric stimulation to block hunger signals on their way to the stomach from the brain. By interrupting this messages, one’s appetite is controlled. In short, you don’t get hungry easily. The cost of this procedure is about $18,500.
4. This procedure allows you to eat, but then dumps the food out of your stomach before it is fully digested. A device is put in to help with this process, and the cost of the procedure is about $10,500.
Insurance will be able to shave off some of the costs, but for the rest of the money, you will need to dig into your savings, or take out a weight loss loan.
Eligibility for a Weight Loss Loan
Like any other loan, you will need to meet the eligibility requirements to gain approval. Unless a lender has a specific medical loan, you will probably have to take out a personal loan to cover these costs. SE Investment aims to cater to all the needs of their clients and have decided to introduce weight loss loans. Weight loss loans that are specially catered to applicants who are going for bariatric surgery. Some of the eligibility requirements include the following:
- You will have to be at least 21 years of age to take out a loan.
- You will need to have some form of income in order to prove that you can pay for the loan. To prove income, you will need to show pay slips, have a letter from the employer, produce bank statements, and if you are in business, your tax returns will be necessary.
- Singaporeans and foreigners are welcome to apply.
If you are looking to moneylenders for the said funds, it is essential that you go with licensed ones. Also be sure to find out whether they can give you all the money you need, or just a portion, if they have a limit of how much they can lend you. Most times moneylenders are only able to give you 3 or 4 times what you make as monthly income.
Benefits of taking a Weight Loss Loan with SE Investment
What can you gain when you take a loan with us for your weight loss surgery? Why choose SE Investment?
- Low monthly instalments. Depending on the tenure you opt for, you will be able to pay off the loan in low, comfortable monthly instalments. The goal is to pay off the loan without strain.
- You get to choose how long you will pay off the loan. If you opt for a shorter tenure, then you will pay less money overall. However, if you want to take longer and make lower monthly payments, you can still do that, but you will pay more in the long run.
- No need for collateral. Our loans are excellent option if you do not have collateral that you can put up as security. It is important to note, though, that unsecured loans tend to have higher interest rates than secured ones.
- Processing time. You can get this loan processed within a day after submitting the application. In fact, some lenders can even give you a loan on the same day, provided that you have given them all the supporting documents needed. The quick processing time is a big plus as compared to banks that take much longer to process the forms. In certain cases, it could even take up to a month. Make sure that you start the process early enough so that by the day of the surgery, you have the money you need in your account.