A medical loan isn’t always the best choice, especially if you have bad credit. Consider these alternatives to pay for your medical expenses:
Payment plan
Some doctors and hospitals offer payment plans to help patients spread out the cost of their medical care. Ask your doctor about payment plans and if their plans come with interest or fees.
Medical credit card
Some doctors and hospitals offer medical credit cards as a way to pay for medical expenses when you don’t have cash on hand. These cards can come with high rates, though, so make sure you’ll be able to pay the card off quickly or you could rack up high-interest debt.
Nonprofit assistance
Organizations like the Patient Advocate Foundation and the National Organization for Rare Disorders can help you cover the cost of out-of-pocket medical expenses.
Family loan
While this can come with its own set of complications, borrowing from family or friends may be a good option if you know you can repay the loan. To avoid conflict, draw up a loan agreement.