You can get medical financing by shopping for unsecured loans. Also called personal loans or signature loans, these financial products let you borrow money without putting up any collateral. LendingTree, a loan comparison website, allows you to view personal loan offers from up to five lenders — simply fill out our online form.
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Medical expenses can take a toll on you both emotionally and financially. Medical loans, which are unsecured personal loans, can help you cover those bills — whether they’re unexpected or not. If you think you need to take out a medical loan, here’s what you need to know:
| Lender | Best for… | APR rate | Loan term | Loan amount | Minimum credit score |
|---|---|---|---|---|---|
| SoFi Bank, N.A | Best for zero fees | 6.99% - 21.78% | 24 to 84 months | $5,000 to $100,000 | 680 |
| Best Egg | Best for those with a high income | 5.99% - 35.99% | 36 or 60 months | $2,000 to $50,000 | 700 |
| LightStream | Best for long-term loans | 3.99% - 19.99% | 24 to 144 months | $5,000 to $100,000 | Not specified |
| LendingClub | Best for cosigners | 7.04% - 35.89% | 36 or 60 months | $1,000 to $40,000 | Not specified |
| Upstart | Best for those with fair credit | 4.37% - 35.99% | 36 or 60 months | $1,000 to $50,000 | 600 |
| LendingPoint | Best for those with bad credit | 9.99% - 35.99% | 24 to 60 months | $2,000 to $36,500 | 585 |
APR rate: 6.99% – 21.78%
Loan terms: 24 to 84 months
Borrowing amount: $5,000 to $100,000
Minimum credit score: 680
Pros
Cons
For more information, read our full SoFi review.
APR rate: 5.99% – 35.99%
Loan terms: 36 or 60 months
Borrowing amount: $2,000 to $50,000
Minimum credit score: 700
Pros
Cons
For more information, read our full Best Egg review.
APR rate: 3.99% – 19.99%
Loan terms: 24 to 144 months
Borrowing amount: $5,000 to $100,000
Minimum credit score: Not specified
Pros
Cons
For more information, read our full Lighstream review.
APR rate: 7.04% – 35.89%
Loan terms: 36 or 60 months
Borrowing amount: $1,000 to $40,000
Minimum credit score: Not specified
Pros
Cons
For more information, read our full LendingClub review.
APR rate: 4.37% – 35.99%
Loan terms: 36 or 60 months
Borrowing amount: $1,000 to $50,000
Minimum credit score: 600
Pros
Cons
APR rate: 9.99% – 35.99%
Loan terms: 24 to 60 months
Borrowing amount: $2,000 to $36,500
Minimum credit score: 585
Pros
Cons
For more information, read our full LendingPoint review.
A medical loan is a personal loan that’s used to pay for medical costs. Personal loans are unsecured, which means they don’t require collateral and can be used to pay for virtually anything, from the medical bills themselves to your living expenses during recovery time.
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 that you apply for a personal 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.
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:
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
Yes, a personal loan can be taken out 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; as a result, 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.
There are a few things you can do if you can’t afford your medical bills:
First, you can contact 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.
Medical bills are a civil debt, so it’s not a crime if you don’t pay them. However, you may go to jail for ignoring a court summons, depending on the state in which you live. This happens when you’re sued by a collector (like a hospital or ambulance service) and you ignore your court date.
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 debt-to-income 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.
Why use LendingTree
By offering a detailed and objective account of each lender’s rates and terms, LendingTree’s goal is provide you with all the information you need to make a financially sound decision specific to your situation. Our team of experts thoroughly vets and weighs each option — recommendations are not based on advertisers, but rather an honest review of each lender’s offerings. By providing a full picture of what each lender has, we hope to leave you with peace of mind about your financial future. Lenders were chosen based on factors such as APR rates, loan amounts, terms, fees and credit requirements.