Crowdfunding versus Medical Loans - Which One is Better?

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What is online medical crowdfunding?

Crowdfunding or collecting funds from individuals is an alternative to generate funds required for expensive medical treatments. Fundraising means seeking financial support for medical causes from unknown people across the globe. In traditional fundraising, one needs to conduct a campaign and host events. For this, you need to invite people, explain the cause of fundraising, and invest in marketing, which is also a time-consuming process. Compared to this, online crowdfunding is much easier, faster, and cheaper with more transparency.

Why is medical crowdfunding better than medical loans?

Medical emergencies come unexpectedly. After exhausting all your savings and insurance to pay a medical bill, you can’t afford another medical loan that requires immediate repayment with sky-rocketing interest rates. However, asking help from people and explaining your financial situation puts you in an awkward position. At the same time, you can’t sit tight expecting miracles to happen. You need to start medical treatment immediately. You don’t have money and time to run around asking people for help.

How do medical loans work?

Ever thought about how difficult it is to get a medical loan sanctioned? You won’t get a medical loan when you need them most. One may not have all those documents required by the bank for the loan sanction, not to forget the mortgage they would ask for. Also, you are restricted to the city you are located when applying for a bank loan. Even after doing all the time-consuming documentation, there is no guarantee the bank will sanction your loan. With all those difficulties, you may not even get the entire amount you need.

Medical Loans vs Health Insurance Plans

Even if you get the medical loan sanctioned as per your requirement, you need to repay it. Repaying loans can get stressful. The steep interest rate they charge is stifling for borrowers. With the expenditure on medical issues, you are in a tight spot and must work on rigorous payment plans to repay these medical loans. For a financing institute, sanctioning your loan is just a way of making more money.

For life-saving programs like cancer treatment, stem cell transplantation, life support medical devices, or when the cancer has spread beyond control, treating them is often beyond reach due to the obnoxious cost. You may have sound savings or health insurance policies. But these avenues get exhausted within no time when treating a life-threatening illness. If you end up spending all your savings and exhaust your health insurance, how would you live the rest of your life and maintain other responsibilities?

Being eligible for a medical loan or having insurance is often a distant dream for many people. In India, the concept of healthcare insurance is still not common among the middle and lower classes. These health insurances don’t come for free, and they may not cover all ailments. Around 75% of people in India use their savings for healthcare expenditure. In India, most people may not know much about the crowdfunding concept, but the idea is growing faster, and many people have benefitted from crowdfunding.

When your near and dear one is seriously ill and needs funds for treatment on an urgent basis, running to different financial institutes for medical funds is a difficult task. If you are lucky, you will be eligible for loans. Even if it gets sanctioned, next comes the stress of repayment. If you look at insurance, they often don’t cover the entire cost of treatment. That’s when people end up going for loans from financial institutions where they mortgage their property as surety.

Benefits of medical crowdfunding

Crowdfunding is much faster and easier compared to medical loans. You don’t need to pay back the amount you have taken for the medical treatment. Hence, medical crowdfunding is always better than going for a medical loan. We at Ketto help you get through the medical crowdfunding process. We work on fundraising ideas that will get you through your life’s bad phase. There are no eligibility criteria for medical crowdfunding. Everybody who needs medical aid can go for crowdfunding irrespective of class, caste, creed, or religion. Also, unlike the time taken to get the medical loan approved, medical crowdfunding doesn’t take much time. It takes 5–10 minutes to get started.

How does medical crowdfunding work?

A crowdfunding transaction involves three performers; the beneficiary or the person who initiates the campaign, the donor who donates the funds for the cause, and the platform provider who runs the online page or website. When getting yourself registered, don’t forget to mention the deadline. Emphasize the time you have in hand to collect the funds. When you are done with your online documentation, we at Ketto will take a day or two to approve your fundraiser campaign.

Once Ketto approves your campaign, all you need to do is share your fundraiser on social media with friends and family. Share it on WhatsApp groups and public platforms. Not only social media, but you can also reach out to local news media like newspapers and magazines. Paste posters for your cause on public walls or sidewalks. Try attending all public gatherings or sports events where you can hold your fundraising posters with the fundraiser’s link written on it for the donors to donate towards your cause.

Your responsibility doesn’t end by sharing it with people. You need to keep the tabs on your fundraiser by checking it regularly. Make sure the title and image you give to the fundraiser campaign are connected to the story you share with the world. This makes a connection with donors. Once the funds start flowing in, keep in touch with your donors by updating them about the treatment’s progress, with images and posts about the latest developments. This will also help you get more potential donors.

You may feel uneasy making yourself vulnerable to the world by going public with your problem. However, telling your story to the world makes people understand the reality of your medical situation and the pain you are going through. It can also be difficult to post images of yourself when you are in a bad situation, but those photos are your representation and will help you connect to more donors. Include photos of medical bills that will authenticate your story and plight. Ketto will always guide you whenever you need fundraising ideas and assistance. Medical crowdfunding has been a growing area for fundraising and has been a boon during the pandemic. It serves as alternative financing for those who cannot afford expensive treatments for life-threatening diseases.

Ketto. Believe in us.

There are many fundraiser platforms. Medical fundraising doesn’t come free of cost. These platforms charge a certain percentage for each donation as handling charges. It varies from platform to platform. But Ketto doesn’t charge a platform fee. There is no restriction on currency – the platform accepts all currency donations. Donors get to see the fundraiser’s progress on a real-time dashboard. Ketto provides a fundraising manager who will assist the fundraiser 24×7. Ketto lets the beneficiary withdraw funds at any point during the course of fundraising. Donors can donate via net banking, UPI, and card. This makes life easy for both beneficiary and donor.

In conclusion: Medical crowdfunding is the savior

Crowdfunding for medical treatments is a blessing for those who can’t afford life-saving treatment. We help needy beneficiaries everyday with medical treatment crowdfunding and bring smiles to their faces. We ensure that all those who need help receive it on time, and we are empathetic in our plans and actions. Medical crowdfunding has helped and saved millions of people’s lives and has brought smiles to their dear and near ones. Come and get yourself registered on our platform for free.