Get medical financing by shopping unsecured loans, also called personal loans or signature loans. 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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A medical loan is a personal loan that’s used to pay for medical expenses. 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 quick money for a medical procedure. You may 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 your bank or an 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.
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, and 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 will 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 (like the hospital, lab or doctor’s office) 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, such as a hospital or ambulance service, and you ignore your court date.
Mortgage lenders look at a number of factors: your credit score, your recent mortgage applications, your job changes. But most importantly, they look at your debt-to-income ratio. Medical debt does factor into your DTI.
Unpaid medical debt can also have a negative effect on your credit score, which can affect your ability to qualify for a mortgage.