1.3
169 reviews
- Max loan amount
- $5,000 to $100,000
- Repayment terms
- 24 to 84 months
- Minimum credit score
- 610
Best medical loans
Partner Disclosures
A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $19,389 for a term of 36 months, with an interest rate of 11.75% and a 6.00% origination fee of $1,163 for an APR of 16.10%. In this example, the borrower will receive $18,226 and will make 36 monthly payments of $642. Loan amounts range from $1,000 to $40,000 and loan term lengths range from 24 months to 72 months. Some amounts, rates, and term lengths may be unavailable in certain states. For Personal Loans, APR ranges from 7.90% to 35.99% and origination fee ranges from 0.00% to 8.00% of the loan amount. APRs and origination fees are determined at the time of application. Lowest APR is available to borrowers with excellent credit. Advertised rates and fees are valid as of Jan 9, 2025 and are subject to change without notice. Unless otherwise specified, loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. LendingClub Bank is not an affiliate of Consumer Affairs and is not responsible for the products and services provided by Consumer Affairs. Loans are subject to credit approval and sufficient investor commitment. If a credit union is selected to invest in the loan, credit union membership will be required. Certain information that LendingClub Bank subsequently obtains as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that you request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com “LendingClub” is a trademark of LendingClub Bank.
Partner Disclosures
Fixed rates from 8.99% APR to 29.99% APR reflect the 0.25% autopay interest rate discount and a 0.25% direct deposit interest rate discount. SoFi rate ranges are current as of 02/06/2024 and are subject to change without notice. The average of SoFi Personal Loans funded in 2022 was around $30K. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed and will depend on the term you select, evaluation of your creditworthiness, income, and a variety of other factors. Loan amounts range from $5,000– $100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 0%-7%, which will be deducted from any loan proceeds you receive. Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi. Direct Deposit Discount: To be eligible to receive an additional (0.25%) interest rate reduction on your Personal Loan (your “Loan”), you must set up Direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A., or enroll in SoFi Plus by paying the SoFi Plus Subscription Fee, all within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled Direct Deposit to an eligible Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion, or during periods in which SoFi successfully receives payment of the SoFi Plus Subscription Fee. This discount will be lost during periods in which SoFi determines you have turned off Direct Deposit to your Checking and Savings account or in which you have not paid for the SoFi Plus Subscription Fee. You are not required to enroll in Direct Deposit or to pay the SoFi Plus Subscription Fee to receive a Loan.
Partner Disclosures
Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 8.99% APR with a term of 5 years would result in 60 monthly payments of $207.54. Truist Bank is an Equal Housing Lender. © 2023 Truist Financial Corporation. Truist, LightStream, and the LightStream logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.
Partner Disclosures
The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 21.58% and a 9.84% origination fee of $984, for an APR of 26.82%. In this example, the borrower will receive $9016 and will make 60 monthly payments of $275. APR is calculated based on 5-year rates offered in December 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved. While most loans through Upstart are unsecured, certain lenders may place a lien on other accounts you hold with the same institution. There may be an option to secure your personal loan through Upstart with your vehicle, which will require a lien to be placed on the vehicle. It is important to review your promissory note for these details before accepting your loan.
By:
Bob Haegele
+1 more
Edited by:
Tammy Burns
LendingClub, SoFi, LightStream and Upstart
A medical loan is generally an unsecured personal loan used to pay for medical expenses. Medical loans are typically available through banks and online lenders. You can use loan funds received to pay for hospital bills, medical procedures and other health care costs.
Our picks for medical loans are available for up to $100,000.
Jump to insightGood lenders usually have flexible repayment terms and low fees.
Jump to insightSome lenders offer medical loans to borrowers with less-than-excellent credit.
Jump to insightMore details about our top 5 medical loan lenders
3.3
33 reviews
- Max loan amount
- $100,000
- Repayment terms
- 24 to 144 months
- Minimum credit score
- 670
2.7
407 reviews
- Max loan amount
- $65,000
- Repayment terms
- 24 to 72 months
- Minimum credit score
- 620
3.6
10 reviews
- Max loan amount
- $50,000
- Repayment terms
- 36 or 60 months
- Minimum credit score
- 300
1.0
81 reviews
- Max loan amount
- $40,000
- Repayment terms
- 12 to 60 months
- Minimum credit score
- No minimum
What is a medical loan?
A medical loan is a personal loan you can use to pay for medical expenses. These include expenses for hospital stays, emergency room visits, surgeries or dental work. Medical loans are usually unsecured, meaning you don’t need to provide collateral (like a house or car) against the loan.
You can get a medical loan from several sources, including banks, credit unions and online lenders, such as those mentioned in this article. You can use these loans for various purposes, including paying for medical expenses and consolidating existing medical debt.
How to apply for a medical loan
If you have a medical procedure, including anything from an emergency root canal to a botox injection, you might use a medical loan to cover some or all of the cost.
Here’s how the process typically works:
- Research lenders. Many companies may offer loans for medical expenses, but some may be better than others. The lenders in this list are a good place to start. Choose two or three top contenders to consider.
- Compare quotes. Each lender will likely give you different quotes. Get quotes from the lenders you are considering and compare rates, terms and repayment schedules.
- Apply. Once you have identified the best offer, apply for the loan. You can usually do this online, providing personal information and details about your finances. The lender may perform a hard credit inquiry.
- Get approval and funding. If approved, the lender will disburse the money, often the same day or the next day. The money may go to the health care provider or directly to your bank account.
- Begin repayment. The final step is to repay the loan according to your repayment schedule. Usually, this means making fixed monthly payments for a predetermined number of months. These payments usually include principal and interest.
Because medical loans charge interest, financing medical expenses with these loans means you will pay more money overall. However, medical loan providers often don’t charge prepayment penalties, which means you can save money on interest if you pay more than the minimum.
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.
Generally, the refinancing process will be similar to getting a medical loan:
- Research lenders. Again, you will start by researching the best lenders offering medical loan refinancing. The lenders in this list may offer refinancing, too. Pick two or three top contenders for your refinancing.
- Compare quotes. Obtain refinancing quotes for your top contenders, again comparing rates, terms and repayment schedules.
- Apply. Once you have identified the best offer, apply for the new loan, which you can often do online.
- Pay off your existing loan(s). If you are approved, the new loan will pay off any existing medical loans you may have.
- Start repayment of new loan. Finally, you will start making payments on your new loan, typically with monthly payments.
Refinancing may be good if your credit has improved or interest rates have dropped significantly since you first applied. Both can lead to much better terms for a new loan.
Pros and cons of a medical loan
Taking out a loan can be a huge help when you’re struggling with medical bills that you’re struggling to pay. But as with any financing, there are both pros and cons to consider.
Pros
- Fast funding
- Lower interest than credit cards
- Consolidate medical debt
- Long repayment period
Cons
- Can have high rates
- Credit score impacts
- Fees
Medical loan alternatives
Although medical loans can be a good way to pay your medical bills, they are far from the only way. If your quoted interest rates are too high, look into possible alternatives.
Medical credit card
Medical credit cards like Synchrony Financial’s CareCredit are specifically designed for medical expenses. These cards can have a lower annual percentage rate (APR) during a promotional period or under certain conditions.
For instance, the CareCredit card has a reduced rate during promotional periods. The card’s website quotes a $1,000 charge with a possible 24-month repayment period and a 17.90% APR. This could be lower than the APR on some medical loans.
Medical credit cards are good for planned procedures, giving you the opportunity to pay them off with no interest during promotional periods. 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.
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; 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.
» COMPARE: Personal loan lenders
FAQ
How difficult is it to get a medical loan?
Getting a medical loan can be simple, but the ease of getting a loan depends on several factors. These include things like your credit score, your debt-to-income (DTI) ratio and how you intend to use the money. Approval will be easier in some cases than others.
Can I get a medical loan with bad credit?
Yes, it’s possible to get a medical loan with bad credit. Some lenders, such as Upstart, specialize in providing personal loans to people with low credit scores. However, other eligibility criteria may apply, such as DTI requirements and not having bankruptcies in the last 12 months.
What is the typical medical loan rate?
There is not one typical medical loan rate, as these rates can vary widely. 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 obtain quotes from several lenders to get a feel for what kind of rates you may have to pay.
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