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Best Medical Loans

Compare the best medical loans for a variety of borrowers

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Edited by: Tammy Burns
LendingClub, SoFi, LightStream and Upstart
calculator and stethoscope on top of loan papers

A medical loan is a personal loan that you can use to pay for medical expenses or consolidate existing medical debt. Medical loans are usually unsecured loans, meaning you don’t need to provide collateral, like a house or car, against the loan. You can get a medical loan from banks, credit unions and online lenders. Below, we’ll share our top picks for medical loans.


Key insights

Our picks for the best medical loans come from SoFi, LightStream, LendingClub, Upstart and Credit Direct.

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Research and compare personal loan lenders to find the best terms and rates for you.

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Some alternatives to medical loans include medical credit cards, crowdfunding and provider payment plans.

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Our top 5 picks for medical loans

For our list of the best medical loans, we considered factors such as annual percentage rates (APRs), repayment terms, funding timelines, fees and loan amounts. Many of our picks also accept fair credit, and one of our picks, Credit Direct, doesn’t require a minimum credit score.

Our picks may be Authorized Partners who compensate us. This doesn’t affect our recommendations or evaluations, but it may affect the order in which the companies appear.

Our picks for the best medical loans come from:

SoFi
Loan amounts
$5,000 to $100,000
Term lengths
2 to 7 years
APR
8.74% to 35.49% (with all discounts)
Minimum credit score
Not disclosed
Disclosures

SoFi offers personal loans with no prepayment fees or late fees. Its loans come with repayment terms ranging from two to seven years, and its loan amounts range from $5,000 to $100,000. You can use a SoFi loan for medical procedures or other medical expenses.

You can access an estimated rate in minutes without affecting your credit score. SoFi says it may provide funds as soon as the same day.

SoFi advertises that it doesn’t charge origination fees for its personal loans, but its fine print states that it may charge origination fees ranging from 0% to 7%.

ConsumerAffairs reviewers praised the company’s customer service, user-friendly process and multiple payment options.

Bob, a reviewer from Texas, said: “Just got approved for my loan. [...] Got offers from other lenders at 20% [APR] or more[.] [...] [SoFi] came through with an offer at a reasonable rate [...] and I jumped on it. All done through website and email. Speed, accuracy, [and] easy [—] all words to describe [the] transaction.”

LightStream
Loan amounts
$5,000 to $100,000
Term lengths
2 to 20 years
APR
6.49% to 25.39%
Minimum credit score
670 to 700
Disclosures

LightStream is an online lending platform that offers fixed-rate loans. It provides loans from $5,000 to $100,000 to qualified borrowers for medical expenses and other needs. LightStream doesn't charge fees or prepayment penalties on its loan products. Its repayment terms range from two to 20 years, and borrowers may receive funds on the same day their loans are finalized.

LightStream's Rate Beat Program can let you get a rate that’s .10 percentage points lower than a competing lender’s unsecured loan offer for you. It also offers a 0.50% discount to borrowers opting for automatic payments.

LightStream only accepts borrowers with good to excellent credit.

Some reviewers like LightStream’s multiple repayment options and the ability to change due dates.

Victoria, a reviewer from Minnesota, said: “I wanted to get my loan as quickly as possible and I communicated that to my loan agent. [...] The decision was prompt, and the funding was wired to my account exactly when I had been told to expect it. I would rate LightStream 5/5 for their commitment to their client, the competence displayed in their organization, and their reliability. They exceeded my expectations and I would not hesitate to recommend them to others.”

LendingClub
Loan amounts
$1,000 to $60,000
Term lengths
2 to 7 years
APR
5.96% to 35.99%
Minimum credit score
660
Disclosures

LendingClub is an online marketplace that connects potential borrowers with lenders. Its personal loans come in amounts ranging from $1,000 to $60,000, and you can use them for almost any purpose, including medical expenses. Its loans also carry no prepayment penalties, and you can prequalify for a loan through a soft credit pull, which doesn’t affect your credit score.

LendingClub also offers patient financing for eligible medical expenses through partnered health care providers, but these loans and lines of credit have different terms and rates than its personal loans.

Some reviewers reported that the process was transparent and quick. Other reviewers appreciated that the lender was willing to work with people with less-than-ideal credit.

Cristine, a reviewer from Nevada, said: “They give folks who are reasonable with their money a chance to recover and get ahead when other institutions wouldn't[,] over trivial things that negatively impacted their credit score years ago, when it necessarily shouldn't have. The process is transparent, simple, and quick. So much so, I had to call to make sure I was approved because it seemed too good to be true, and too easy.”

Upstart
Loan amounts
$1,000 to $75,000
Term lengths
3 or 5 years
APR
6.20% to 35.99%
Minimum credit score
300
Disclosures

Upstart is an online lending marketplace that partners with banks to offer personal loans and other financing options. Its personal loans range from $1,000 to $75,000, with terms ranging from three to five years.

Upstart doesn't charge prepayment penalties, and you can check your rate online in minutes without affecting your credit. Upstart says the vast majority of approved loans receive funding within one business day.

Minimum loan amounts can vary by state. For example, in Massachusetts, the minimum loan amount is $7,000, while in Georgia it’s $3,100.

Upstart doesn’t have many ConsumerAffairs reviewers. Some reviewers were frustrated that their application was denied, while others reported poor experiences with customer service. However, it’s important to note that many reviews only relate their unique circumstances, which might not reflect the overall picture of working with Upstart.

Credit Direct
Loan amounts
$1,000 to $40,000
Term lengths
1 to 5 years
APR
6.99% to 29.99%
Minimum credit score
None

Credit Direct is an online lender that offers personal loans from $1,000 to $40,000, and its repayment terms range from one to five years. It offers quick funding in as little as 24 hours. Loans can be used for almost any purpose, including medical expenses, and it doesn’t require a minimum credit score to apply for a loan.

Credit Direct provides loans directly and through its partner network. However, its partner lenders may offer loans with different details than the company advertises for itself.

Currently, Credit Direct only operates in 15 states: Alabama, Arizona, Arkansas, Florida, Indiana, Iowa, Louisiana, Maryland, Missouri, North Carolina, Oklahoma, Pennsylvania and Texas.

Wanda, a reviewer from Pennsylvania, said: “Great experience, loan approval in one day. The Loan Specialist for [Credit Direct] provided several loan and debt consolidation options. He worked with me to get the best loan for my situation [and] explained the process. [I had a] [r]eally great experience. [I] [w]ould highly recommend [Credit Direct] to my family and friends.”

How to get a medical loan

If you have a medical procedure coming up, or if you have to pay for unplanned medical expenses, you might use a medical loan to cover some or all of the cost.

Here’s how the process typically works:

1. Research lenders

Research personal loan lenders to see what types of rates, terms and loan amounts they offer. Many companies may offer loans explicitly for medical expenses, while others may offer general personal loans that can be used for nearly any purpose. Then, choose two or three top contenders to consider.

2. Compare quotes

Get quotes from the lenders you’re considering and compare rates, terms and repayment schedules. You can get prequalified for offers without any impact to your credit.

3. Apply for a loan

Once you’ve identified the best offer, apply for the loan. You can usually do this online. During the application process, you’ll need to provide personal information and details about your finances. After you submit your application, the lender will perform a hard credit inquiry to check your credit.

4. Get approval and funding

If approved, the lender will disburse the money, often the same day or the next day, though funding can take up to a week. The money will typically be sent directly to your bank account, which you can then use to pay medical expenses.

Pros and cons of medical loans

Taking out a personal loan can be a huge help if you’re struggling with medical bills. But as with any financing, there are pros and cons to consider.

Pros

  • Fast funding
  • Usually lower APRs than credit cards
  • Can consolidate medical debt
  • Long repayment terms

Cons

  • Potential for high rates
  • Potential fees, such as origination fees

Medical loan alternatives

Although medical loans can be a good way to pay your medical bills, they aren't the only way.

Medical credit cards

Medical credit cards can be good for planned procedures, since they typically offer a promotional APR offer, allowing you to pay off balances with no interest during the offer period. However, these cards can charge you a lot in interest if the balance isn’t paid in full by the end of the billing period. Approval may also require good to excellent credit.

For example, Synchrony offers a CareCredit credit card, which is specifically designed for health and wellness expenses. It comes with no annual fee and it typically includes promotional financing options. You can use it to pay for out-of-pocket costs at over 285,000 locations across the U.S.

Crowdfunding

Platforms like GoFundMe allow you to raise money to help cover medical expenses. People who create GoFundMe pages often share details about the situation, asking for help paying the medical expenses. This can give you access to a large network of donors, potentially covering some or all of your bills. However, success isn’t guaranteed, and you must put effort into creating and promoting your campaign.

Provider payment plans

Hospitals and providers often give you the option to pay for your expenses with a payment plan instead of paying the whole cost upfront. They may let you pay with interest-free or low-interest payments, allowing you to split your payment into more manageable installments. The process is often simple, with no credit check and little to no interest. However, availability and terms can vary significantly.

» MORE: How to pay off medical bills

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FAQ

How difficult is it to get a medical loan?

How easy it is for you to get a medical loan generally depends on factors like your credit score, your debt-to-income (DTI) ratio and your income. Typically, you’ll have better odds of approval with good to excellent credit, a low DTI ratio and a stable income.

Can I get a medical loan with bad credit?

Yes, it’s possible to get a medical loan with bad credit. Some lenders specialize in providing personal loans to people with low credit scores. However, you may have the best odds of approval if you apply for a secured loan, which involves putting down collateral.

What is the typical medical loan rate?

Medical loan rates can vary widely, so there’s no typical rate. Factors that might impact your medical loan rate include your credit score, the lender’s pricing models, the loan term and the loan amount. It’s best to get quotes from several lenders to get an idea of the rates you may qualify for.

Can you refinance a medical loan?

Yes, it’s possible to refinance a medical loan. Depending on the situation, refinancing can lead to lower interest rates and better repayment terms and may allow you to consolidate multiple payments. Refinancing will be subject to lender approval, and your creditworthiness will determine the terms and rates that will be available to you.

» MORE: What is medical debt relief?


Article sources

ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. Specific sources for this article include:

  1. Consumer Financial Protection Bureau, “Ensuring Consumers Aren’t Pushed Into Medical Payment Products.” Accessed Feb. 12, 2026.
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