Medical crowdfunding vs. loans
When crowdfunding is done by a sick person or the loved one of a gravely ill person to help raise treatment funds which they could not otherwise pay for, we call the instance a case of medical crowdfunding. In fact, in India, where crowdfunding is a relatively new concept that the masses are only beginning to understand, medical crowdfunding is the commonest kind of crowdfunding projects that are kickstarted and see success more often than not.
The reasons why so many medical crowdfunding India campaigns are run in the first place are simple and related to the unavailability of other viable options. First off, most sick people are forced to seek treatment at private hospitals because government run and sponsored healthcare facilities are either poorly staffed or too full of waiting lists of patients, or both. Private hospitals are expensive. Most patients don’t have the funds available to initiate early treatment despite the steep hospital charges, so they tend to apply for a medical loan.
Unlike crowdfunding India, loans are a familiar concept to the people who avail of them. You approach a bank or other financial institution, fill out forms (only if you meet the stringent and exclusionary eligibility criteria) and wait for the borrowed amount to show up in your account, which may take up to a month. By that time, the patient you are loaning funds for could deteriorate health wise or god forbid, die.
With loans there is also the hassle of payback involved. Add to this the fact that interest figures on loans are extremely high, so a person or a family ravaged by cruel illness is doubly victimized in that they have to pay back more than they borrowed!
With medical crowdfunding India, such matters do not pose a problem. The funds you raise online belong permanently to you. The crowdfunding process also comes with the lowest risk possible for any financial venture. If things turn out very poorly, you will not have raised the sum you targeted but will have no loss to bear. Needless to say, you can raise funds much more quickly than a loan sanction window period.
For the next time you need funds urgently for a sick loved one or even for yourself, go for medical crowdfunding India and watch the good results flow in quickly and easily.