Get a medical financing by shopping unsecured loans, also called personal loans or signature loans. Borrow money without putting up any collateral. LendingTree personal loan offers allow you to shop for the best rates and terms for personal loans up to $35,000.
Unsecured personal loan: Taking out an unsecured personal loan for paying medical expenses can provide a low-cost alternative to running up your credit card balances to pay for medical expenses. Ask your financial institution or shop online for a personal loan. Unlike a home equity loan or line of credit, a personal medical loan is not secured by your home and you won’t risk foreclosure if you can’t repay on time.
In-house financing/medical credit: Some care providers may offer in-house financing but these options can carry very high interest rates and fees. When you’re ill or hurt is not the best time to make financial decisions, so don’t be pressured into accepting financing without an opportunity to shop and compare costs for personal/medical loans.
Personal line of credit: If you’re planning a series of medical procedures, a personal line of credit can help you budget and control medical costs. You can draw funds against a personal credit line as needed and will only pay interest on funds you’ve withdrawn. Pay attention to interest rates and fees charged for accessing your credit line. A personal credit line has to be repaid within a specific period; otherwise additional fees can accrue for renewing or replacing your line of credit.
