If you need to fund a medical procedure or pay for emergency medical expenses, you may be considering a medical loan. When you have bad credit, it may be more challenging to qualify for financing. Here’s what you’ll need to know when taking out a medical loan with bad credit:
Medical loans for bad credit are like any other type of personal loan. If you have less-than-ideal credit, consider taking some time to boost your chances of loan approval before applying. However, if you’re in need of a medical loan in a hurry, you’ll need to take the following steps:
Yes — you can get a loan if you have bad credit, but you’ll likely have to pay higher interest rates that may not make taking on the debt worth it. If you choose to move forward with a bad-credit loan, you can always refinance the personal loan down the line if you improve your credit score.
You may need to consider a medical loan if you need treatment as soon as possible or don’t have insurance to cover a procedure. According to a 2022 LendingTree survey, as many as 23% of Americans have medical debt.
The credit score needed for a personal loan depends on the lender, though most require a score of at least 580. However, to qualify for a lender’s lowest rates, you’ll need an excellent credit score.
There is no definitive credit score needed to get a medical credit card, though many lenders require at least a 660 score. If your credit score is less than ideal, check the criteria for credit cards for bad credit to see if you qualify.