Best Medical Loans in 2024

Facing uncovered out-of-pocket expenses from a medical procedure is stressful. A medical loan might help.

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LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
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Best medical loans in 2024

Written by Alex Cook and Carol Pope | Edited by Jessica Sain-Baird and Pearly Huang | Updated January 16, 2024
How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
LenderUser ratingsBest forAPR rangeLoan termsLoan amountsMinimum credit score
Best Egg logo
(2,497)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Quick funding timeline8.99% - 35.99%36 to 60 months$2,000 - $50,000600See Personalized Results
LendingPoint logo
(1,952)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Fair credit borrowers7.99% - 35.99%24 to 72 months$2,000 - $36,500660See Personalized Results
LightStream logo
(280)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Rate matching9.49% - 25.49% (with autopay)24 to 144 months$5,000 - $100,000Not specifiedSee Personalized Results
SoFi logo
(97)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Good credit borrowers8.99% - 29.99% (with discounts)*24 to 84 months$5,000 - $100,000680See Personalized Results
Upgrade logo
(2,203)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Secured personal loans8.49% - 35.99% (with discounts)24 to 84 months$1,000 - $50,000580See Personalized Results
Upstart logo
(16,409)
User Ratings & Reviews rating-reviews-tooltip-icon

Ratings and reviews are from real consumers who have used the lending partner’s services.

Poor credit borrowers7.80% - 35.99%36 and 60 months$1,000 - $50,000300See Personalized Results
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Medical loan lenders at a glance

Best Egg logo

BestEgg: Best for quick funding timeline

APR range8.99% - 35.99%
Loan terms36 to 60 months
Loan amounts$2,000 - $50,000
Origination fee0.99% - 8.99%
Minimum credit score600
ProsCons

 Low potential APR for borrowers with excellent credit

 Fast funding timeline in most cases

 No prepayment penalties

 High maximum APR for fair credit

 Comes with origination fees

 Not available in IA, VT, WV and DC

See Your Personalized Results

LendingPoint logo

LendingPoint: Best for fair credit borrowers

APR range7.99% - 35.99%
Loan terms24 to 72 months
Loan amounts$2,000 - $36,500
Origination feeUp to 10%
Minimum credit score660
ProsCons

 Accessible to borrowers with lower credit scores

 Doesn’t use hard check for prequalification

 Funds may be available the next business day

 High maximum APR

 Loans may have origination fees, though not all do

 No cosigners

See Your Personalized Results

LightStream logo

LightStream: Best for rate matching

APR range9.49% - 25.49% (with autopay)
Loan terms24 to 144 months
Loan amounts$5,000 - $100,000
Origination feeNone
Minimum credit scoreNot specified
ProsCons

 Offers rate matching through Rate Beat program

 Autopay discount available

 No fees

 Requires hard credit pull since it doesn’t offer prequalification

 Minimum credit score not disclosed

 Only accepts good-to-excellent credit

See Your Personalized Results

SoFi logo

SoFi: Best for good credit borrowers

APR range8.99% - 29.99% (with discounts)*
Loan terms24 to 84 months
Loan amounts$5,000 - $100,000
Origination fees0.00% - 7.00% (optional)
Minimum credit score680
ProsCons

 Competitive APRs

 No required fees

 Same day funding available

 Only approves good credit or higher

 May not be ideal for small medical bills due to low minimum loan amount

 Must pay optional origination fee for lowest APRs

See Your Personalized Results

Upgrade logo

Upgrade: Best for secured personal loans

APR range8.49% - 35.99% (with discounts)
Loan terms24 to 84 months
Loan amounts$1,000 - $50,000
Origination fee1.85% - 9.99%
Minimum credit score580
ProsCons

 Can use your car as collateral for lower APRs

 Fast approval decisions and quick funding timeline

 Flexible loan terms

 High maximum APR

 Charges origination fee

 Does not offer the highest loan amount

See Your Personalized Results

Upstart logo

Upstart: Best for poor credit borrowers

APR range7.80% - 35.99%
Loan terms36 and 60 months
Loan amounts$1,000 - $50,000
Origination fee0.00% - 12.00%
Minimum credit score300
ProsCons

 Accepts bad and thin credit

 Low minimum APR (if you qualify)

 May get loan as soon as next business day

 Only two repayment term options

 Potential for high origination fee

 High maximum APR

See Your Personalized Results

What is a medical loan?

A medical loan is a personal loan for medical costs. Personal loans are often unsecured loans, which means they don’t require collateral. From medical bills to your living expenses during recovery, you can use a personal loan to pay for virtually anything.

Medical loans are a good option if you need money quickly for a medical procedure — you may even be able to get funding the same day you apply.

How to get a medical loan

You can get a medical loan just like any other type of personal loan, through a bank, credit union or online lender. Shop around for the best interest rates for your financial situation using LendingTree.

If you want to compare lenders, you can fill out LendingTree’s online form to compare offers from up to five different lenders. Prequalification does not affect your credit score.

Comparing medical loans

Instead of accepting the first offer that comes your way, be sure to compare various packages. Here are a few of the details you should look at closely:

APR: Lenders typically offer a range of APRs, the lowest of which are often reserved for those with excellent credit and a low debt-to-income ratio (DTI). The higher the APR, the more you’ll have to pay over the life of the loan.

Terms: A personal medical loan term is how long you have to repay the loan. Terms typically range from 24 to 60 months, though some lenders offer long-term loans. The shorter your loan, the more you’ll pay on a month-to-month basis. The longer your term, the more you’ll pay in interest over time.

Amounts: The amount of money a lender will offer a borrower can depend on an individual’s credit score and history. Lenders typically reserve larger loans for those with higher incomes and excellent credit scores.

Fees: As you research lenders, keep an eye out for what types of fees lenders charge. While some lenders avoid fees completely, others may charge origination fees or late payment penalties (or even both). Here are some kinds of fees you should check for:

  • Origination fees
  • Application fees
  • Prepayment fees
  • Late fees
  • Returned check fees

Reasons you may need medical financing

Medical loans can be used to pay for virtually any type of procedure or treatment, from emergency room visits to wisdom tooth removal. You could consider opening a personal loan to cover:

  • Chemotherapy, dialysis and other ongoing medical treatments
  • Long-term care, such as physical therapy and rehabilitation
  • Urgent care bills from unexpected medical emergencies
  • Infertility treatment, in vitro fertilization
  • Hair loss replacement, hair restoration
  • Weight loss surgeries, like gastric bypass or bariatric procedures
  • Dental procedures, veneers or orthodontics
  • Cosmetic surgery procedures

Pros and cons of medical loans

ProsCons

 Predictable billing. Unlike credit cards, personal loans have fixed interest rates.

 Fast funding. You could get a same- or next-day loan.

 Flexible. You can use a personal loan for almost anything.

 Interest. Personal loans don’t come with an interest-free introductory period.

 Not everyone qualifies. You could find it hard to get a personal loan, depending on your credit history.

 May not make sense for small procedures. Most lenders have a minimum loan amount of $1,000 or more.

Medical loans for bad credit

Even if your credit score could use some work, there are still medical loans for bad credit. Unfortunately, though, these types of loans usually come with high interest rates if you have fair credit or lower.

If you have bad credit, consider your options before taking out a medical loan — such as getting a medical credit card or working with your healthcare provider.

Alternatives to medical loans

Negotiate medical bills

It’s good practice to call the billing department to try to negotiate medical bills as soon as you receive them. This is particularly helpful if you don’t have health insurance or if you need to get services from an out-of-network provider. You could even consider negotiating if you have insurance but still have an expensive bill.

Review your bill for errors

The clerks at medical billing departments aren’t immune to errors. According to the Centers for Medicaid Services (CMS), 7.38% of Medicare payments were coded incorrectly in 2023. This led to more than $31 billion in improper payments.

Before you pay a bill, review it to make sure there aren’t any coding or clerical errors. You might consider a third-party service that will review your bill for errors, such as Alight or CoPatient, but those services may cost you.

Set up a payment plan

Your hospital’s billing department may be willing to negotiate a no-interest payment plan for your medical debt. These may be available without any eligibility requirements, so even if you don’t qualify for bill reduction, you may be able to set up a payment plan.

Open a medical credit card

In lieu of a payment plan, your health care provider may work with a third-party service to offer deferred-interest financing options. For example, some providers accept CareCredit, which offers no-interest financing as long as you pay off the procedure within a certain time frame.

It’s important to keep in mind that medical credit cards offer deferred interest, not zero interest. If you don’t pay off the medical bill within the promotional period, then you’ll be hit with all of the interest that accrued from the original purchase date.

Use a credit card with a low introductory APR

You may get more favorable terms if you find a 0% introductory APR credit card. If you have good-to-excellent credit, you could even earn cash back or travel miles using a rewards credit card with a promotional, no-interest APR period.

However, this option may not be available to those with low or no credit. Plus, if you don’t pay off the balance within the promotional period, you’ll end up paying interest on your remaining balance.

How to prequalify for medical loans

When you prequalify for a personal loan, you can compare rates for medical loans more easily. Prequalification only requires a soft credit check, which won’t impact your credit score.

Lenders will weigh factors, including your credit score and history, income and debt-to-income (DTI) ratio, to determine your eligibility for a loan. Once you’re prequalified for medical loans, you’ll want to compare details like loan terms, APR rates and loan size.

How we chose our picks for best medical loans

We reviewed lenders that offer personal loans that can be used for medical expenses to determine the overall best lenders. To make our list, lenders must offer competitive annual percentage rates (APRs). From there, we prioritize the following factors:

  • Accessibility: Lenders are ranked higher if their personal loans are available to more people and require fewer conditions. This may include lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize lenders with more competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: For starters, we consider each lender’s reputation and business practices. We also favor lenders that report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers, like free wealth coaching.

Frequently asked questions

Yes, many lenders let you take out a personal loan to pay for medical expenses. There are many reasons for personal loans and generally few limits to their uses. They’re unsecured, meaning there’s no collateral. Personal loans for medical bills are backed by your promise to repay the lender. Interest rates can be higher than they would be for a secured loan, which uses an asset as collateral.

A medical loan is a type of personal loan, so it falls under the same guidelines. Without good credit, you may have trouble qualifying for a personal loan at all. If you have bad credit and a lender approves you, you’re likely to pay much higher interest rates than a person with a strong credit profile.

As soon as you get your hospital bill, call the provider’s billing department. Many medical offices offer bill reduction and sometimes even forgiveness, depending on your ability to pay the balance.
 
Some hospitals even have financial assistance programs to help people who can’t afford the care they need. You may qualify if you’re uninsured or if you owe a significant amount after insurance.

If you can’t pay medical bills, whether by yourself, with a personal loan or any other means, that unpaid debt could impact your credit score. If you’re 60 to 120 days late, your healthcare provider might sell your debt to a collection agency. However, the credit bureaus have a 365-day grace period for you to clear up that debt before it will show on your credit report.
 
Also, if your bill is less than $500, it will not appear on your credit report, regardless of how long the debt remains unpaid. Still, it’s important to keep in contact with your provider and work out a payment plan, if possible.

One of the most important factors mortgage companies review when you apply is your DTI, or debt-to-income ratio. This measures the amount of money you bring in compared to how much you owe. Your DTI does not include medical debt.
 
Additionally, your medical debt will not impact your eligibility for an FHA loan, USDA loan and in some cases, a VA loan.

*Pricing Disclosure:
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.