Medical Loans

Personal loans for medical financing

LendingTree, a loan comparison website, lets you view personal loan offers from up to five lenders — simply fill out our online form. 

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Best medical loans in 2023

Written by Alex Cook | Edited by Jessica Sain-Baird | Reviewed January 27, 2023

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.

LenderBest forAnnual percentage rate (APR)Minimum credit scoreLoan amountsLoan terms
Quick funding timeline8.99%-35.99%580$2,000 to $50,00036 to 60 months
Lower income borrowers6.99%-24.99%Not specified$2,500 to $35,00036 to 84 months
Fair credit borrowers7.99%-35.99%620$2,000 to $36,50024 to 72 months
Longest loan terms7.99%-23.99% with autopayNot specified$5,000 to $100,00024 to 144 months
Good credit borrowers7.99%-23.43%680$5,000 to $100,00024 to 84 months
Secured personal loans7.96%-35.97% with autopay580$1,000 to $50,00024 to 84 months
Poor credit borrowers6.50%-35.99%300$1,000 to $50,00036 or 60 months

Best Egg

Best for quick funding timeline

APR range: 8.99%–35.99%
Loan amounts: $2,000 to $50,000
Terms: 36 to 60 months
Origination fee: 0.99% - 8.99%
Credit inquiry: Soft pull
Minimum credit score: 580

ProsCons
  Low potential APR for borrowers with excellent credit  High maximum APR for borrowers with fair credit
  Fast funding timeline in most cases  Personal loans have origination fees
  There are no prepayment penalties  Not available in IA, VT, WV and DC

What to know

Best Egg is a fintech company that offers secured and unsecured loans through Cross River Bank, an Federal Deposit Insurance Corp (FDIC)-insured financial institution. If you meet its credit score requirements, Best Egg offers quick funding —they say half of their customers get money the next day. However, its repayment terms are less flexible than some other lenders.

While Best Egg loans aren’t available in some states, most consumers are able to take out loans from the company. In addition to personal loans, Best Egg also offers credit card products.

Eligibility requirements: In order to qualify for a Best Egg loan, you must have a credit score of at least 580, a sufficient debt-to-income (DTI) ratio and meet income requirements. To receive the lowest advertised APR, you’ll need to meet higher credit score and income requirements.

Discover

Best for lower income borrowers

APR range: 6.99%–24.99%
Loan amounts: $2,500 to $35,000
Terms: 36 to 84 months
Origination fee: None
Credit inquiry: Soft pull
Minimum credit score: Not specified

ProsCons
  Lower APR range than many other lenders  Relatively low maximum loan amount
  Allows you to prequalify with soft credit inquiry  Doesn’t disclose minimum credit score requirements
  There are no origination fees for loans  No options for joint applications

What to know

Discover is best known as a credit card company, but the lender also offers various financial products, including bank accounts and personal loans. Because Discover doesn’t have public credit floors, you might not know if you’re eligible for a loan unless you start the prequalification process, which only includes a soft credit check.

Personal loans through Discover have low maximum amounts relative to other lenders, but depending on how much you need for your medical loan, they could be a good option, given that there are no origination fees and a low maximum APR.

Eligibility requirements: Discover only promotes three specific minimum eligibility requirements, although other factors are considered when the lender reviews your application. You must be a U.S. citizen or permanent resident who’s 18 years or older and has a minimum household income of at least $25,000.

LendingPoint

Best for fair credit borrowers

APR range: 7.99%–35.99%
Loan amounts: $2,000 to $36,500
Terms: 24 to 72 months
Origination fee: 0.00% - 8.00%
Credit inquiry: Soft pull
Minimum credit score: 620

ProsCons
  Offers access to borrowers with lower credit scores  High maximum APR for certain borrowers
  Doesn’t use a hard credit check for prequalification  Loans may have origination fees, though not all do
  Fast funding timeline for borrowers  Maximum loan amount is only $36,500

What to know

Compared with other lenders, LendingPoint has the lowest minimum credit requirement, offering loans to borrowers with scores as low as 620. The maximum amount you can borrow is lower than other lenders, though, and you could pay a high APR if you don’t have the best credit history.

Fortunately, you’re able to prequalify and see if you can get a LendingPoint loan without taking a hard credit check. If you do get approved for a loan, watch out for origination fees: you may have to pay up to 8.00% of the loan’s value up front, depending on where you live.

Eligibility requirements: In order to get a LendingPoint loan, you must be 18 years or older, have a U.S. ID and Social Security number. You must also have a minimum annual income of $35,000 and a personal bank account. Residents of Nevada and West Virginia are not eligible.

LightStream

Best for longest loan terms

APR range: 7.99%–23.99% with autopay
Loan amounts: $5,000 to $100,000
Terms: 24 to 144 months
Origination fee: None
Credit inquiry: Hard pull
Minimum credit score: Not specified

ProsCons
  Offers autopay discounts for a low APR  APR is higher if you don’t set up autopay
  Loans terms range up to 10 years, longer than most lenders  Requires a hard credit check before you know if you’re eligible
  No origination fees taken from loan  Doesn’t specify a minimum credit score

What to know

LightStream has some appealing features: you can agree to longer loan terms (up to 12 years) than most lenders offer, the APR range is relatively low and there are autopay discounts. There are also no origination fees or prepayment penalties. If you’re eligible for a LightStream loan, they’re a great option for borrowers.

Unfortunately, you won’t know whether you’re approved unless you take a hard credit check, which knocks your credit score down a few points. And while the lender doesn’t have a minimum credit score, it “only approves good-to-excellent credit profiles” according to its website — and it notes that a high FICO Score may not be enough for approval.

Eligibility requirements: LightStream doesn’t publicly disclose specific criteria for loan eligibility. They do state they assess whether there is a “very high likelihood” the loan will be repaid in full on time.

SoFi

Best for good credit borrowers

APR range: 7.99%–23.43%
Loan amounts: $5,000 to $100,000
Terms: 24 to 84 months
Origination fee: None
Credit inquiry: Soft pull
Minimum credit score: 680

ProsCons
  APR range is relatively low compared to other lenders  Higher minimum credit score requirements
  There are no origination fees  Minimum loan size of $5,000
  You can prequalify without taking a hard credit check  Bank doesn’t have branch locations

What to know

If you have a sufficiently high credit score, SoFi’s medical loans have an appealing combination of affordable APRs, a wide range of repayment terms and a high maximum loan size. You can prequalify without taking a hard credit check to learn what your loan terms would be.

SoFi is an online bank that started in student loans but has since expanded into bank accounts, investing and other forms of loans, including SoFi personal loans. The company generally offers competitive financial products and its personal loans are no exception.

Eligibility requirements: SoFi requires borrowers to fit certain criteria: you must be the age of majority in your state (18 in most states), a U.S. citizen or eligible resident and you must have sufficient income (usually employment, though SoFi does let you borrow if you have a job offer to start within 90 days).

Upgrade

Best for secured personal loans

APR range: 7.96%–35.97% with autopay
Loan amounts: $1,000 to $50,000
Terms: 24 to 84 months
Origination fee: 1.85% - 8.99%
Credit inquiry: Soft pull
Minimum credit score: 580

ProsCons
  Low minimum APR for excellent credit borrowers  High maximum APR for fair credit borrowers
  Check loan terms without a hard credit check  Every loan has an origination fee
  Wide range of loan terms from 2 to 7 years  Other lenders have higher maximum loan amounts

What to know

Upgrade, an online lender, has some unique features relative to other medical lenders. For one, you can use collateral to secure the loan (but you don’t have to), which can help you get a better APR — just make sure that you can make payments, or else you risk losing the collateral. Upgrade loans also have an autopay discount.

Beyond that, Upgrade has a few drawbacks, namely an origination fee that applies to every loan. There’s also a high maximum APR and a higher credit floor than some of the other lenders on this list. Fortunately, Upgrade allows you to prequalify for loans with a soft credit check.

Eligibility requirements: In order to get an Upgrade loan, you must be a U.S. citizen or permanent resident who’s at least 18 years of age — and you need a bank account and email address.

Upstart

Best for poor credit borrowers

APR range: 6.50%–35.99%
Loan amounts: $1,000 to $50,000
Terms: 36 or 60 months
Origination fee: 0.00% - 10.00%
Credit inquiry: Soft pull
Minimum credit score: 300

ProsCons
 Quick funding timeline for emergencies   Maximum APR is higher than some other lenders
  Allows prequalification with a soft credit check  Only offers two repayment terms
  Available to borrowers with poor or no credit  Origination fee can run high

What to know

Upstart is a loan marketplace that can connect you to personal loans for medical expenses. Upstart’s partner banks offer a wide range of potential APRs depending on your credit score and some other factors, including your educational attainment and employment status.

Loans through the marketplace are available only in three- or five-year terms, although you can pay off your loan early anytime without penalty. You can prequalify without taking a hard credit inquiry, but origination fees — which may be higher than some competitors — will eat into the amount of your loan.

Eligibility requirements: Upstart has numerous personal loan requirements, but most are attainable: you must have a mailing address, email account and bank account, as well as a full-time job (or job offer) and meet minimum credit requirements. Upstart loans are not available to residents in Iowa or West Virginia.

What is a medical loan?

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

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 for a personal loan.

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’s personal loan marketplace.

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

Before signing on that dotted line, you’ll want to be sure you’re getting the best possible offer. 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 APR, 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: The terms of a personal medical loan 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.
  • Amounts: The amount of money a lender will offer a borrower can depend on an individual’s credit score and history. Larger loans are typically reserved for those with higher incomes and excellent credit scores.
  • Fees: As you research various lenders, you’ll want to 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

PROS
  • Repay medical debt with a fixed interest rate and fixed monthly payments
  • You can get the funding you need quickly, sometimes on the same day you applied
  • You can use the loan to pay for virtually anything
  • You can request a loan for the amount you need, whether that’s as little as $1,000, up to $100,000 or more
CONS
  • You’ll pay interest (other financing options may require no interest or less interest)
  • Those with low or no credit will see high interest rates, if they’re approved at all
  • You may have to pay a loan origination fee of about 1% to 8% of the cost of the loan, as well as a prepayment penalty if you pay off the loan early
  • You may not find a personal loan small enough for the procedure you need

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 health care provider.

Alternatives to medical loans

Negotiate medical bills

As soon as you get your bill, it’s good practice to call the billing department to try to negotiate your medical bill. 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 the bills down if you do have insurance but still have an expensive bill.

Review your bill for errors

The clerks at medical billing departments aren’t immune to errors. The Centers for Medicare & Medicaid Services estimated a 6.27% error rate in 2020 for Medicare Fee-For-Service alone.

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 Compass Healthcare Navigation Solutions 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 plans 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 utilize 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 credit card with an introductory 0% APR. 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

By prequalifying for a loan, you can compare lenders’ rates for medical loans more easily. When you check to see if you prequalify, lenders typically do 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 whether you are eligible 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 medical loans 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 more easily available and require fewer conditions: lower credit requirements, wider geographic availability, faster funding and easier and more transparent prequalification and application processes.
  • Rates and terms: We prioritize competitive fixed rates, fewer fees and greater options for repayment terms, loan amounts and APR discounts.
  • Repayment experience: We review each lender’s reputation and business practices, plus whether they report to all major credit bureaus, offer reliable customer service and provide any unique perks to customers.

Frequently asked questions

Yes, you can take out a personal loan to pay for virtually anything. It’s 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 they are approved, those with bad or no credit are likely to pay much higher interest rates than a person with a strong credit profile.

Certain lenders grant personal loans specifically for good, fair or bad credit.

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.

You can negotiate the balance down with the hospital’s billing department, open a personal loan to pay the balance or pay your medical bills with a credit card.

First, try contacting your creditor’s billing department (your doctor’s office, a hospital, lab or similar facility) to try to negotiate the balance down. Hospital bill reduction is common, so give this a try before exhausting your other options. You may also be able to set up a no-interest payment plan through the medical provider.

Another option is to open a personal loan to pay your medical bills. You’ll end up paying interest on a personal loan, which means that the bill will cost more over time — and if you have poor or no credit, you may not qualify for a personal loan at all. But if you need quick funding and want a set monthly payment, then a personal loan can be a good option.

Finally, you can pay with a credit card. Some doctors’ offices partner with medical credit card companies, like CareCredit, which offer deferred interest for a set amount of time. However, if you miss payments or don’t pay off the balance by the end of the grace period, then you’ll end up paying interest and penalties.

Mortgage lenders look at a number of factors — credit score, recent mortgage applications and job changes, among them. But most importantly, they look at your DTI ratio.

Medical debt does factor into your DTI. In addition, unpaid medical debt can also have a negative effect on your credit score, which can affect your ability to qualify for a mortgage.