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Compare medical loans

Find out where to get loans for medical procedures.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
ConsumerCapital Personal Loan
19.99% - 32.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 540
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Min. income of $15,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
36 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
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Most of the health care costs in Canada are covered by Medicare, Canada’s publicly funded health care system. However, there’s no single national plan. Instead, we have 13 provincial and territorial health care insurance plans which interact with each other to provide a nation-wide service.

Under Medicare, Canadian residents have access to the majority of medically-necessary hospital and physician services without paying out-of-pocket. However, there are certain treatments and services that are not covered by Medicare. We’ll discuss ways to find out what costs are not covered by Canada’s health care system and discover which types of loans are available to help cover your medical expenses.

What’s covered by Medicare in Canada?

The following services are usually covered by public health care in Canada:

  • Doctors and specialist appointments
  • Maternity services
  • Medically necessary hospital stays
  • Prescription drugs while in hospital
  • Surgeries
  • Treatment of illnesses

What’s not covered by Medicare in Canada?

Procedures, treatments and services are administered through each provincial or territorial health care system, and what’s covered (and not covered) varies across the country. However, some services such as routine dental care and eye care, and specialized services such as chiropractic treatments, are usually not covered by the public health system anywhere in Canada.

You usually have to pay at your doctor’s office if you need a medical examination requested by an employer for insurance purposes, or if you’re asking the doctor for a certificate that you’re too ill to work. Also, you may need to pay for ambulance rides, special equipment or medication, unless there are exceptional circumstances such as a diagnosis with a life-threatening condition.

Given the many differences in coverage, check out the health care plan of your specific province or territory:

What types of financing are there to cover medical expenses?

If the public health care system or your private insurance don’t meet your needs, you have a variety of different options available to you when looking to cover special medical expenses. These are a few of the many options you can explore:

  • Medical financing. Some private loan companies provide financing to cover the cost of medical procedures and products. If approved, these companies will pay for your medical expenses upfront, so you can get the treatment you need. Interest rates are comparable with the average rates charged for personal loans.
  • Credit card. Using your credit card to pay for prescription medications, dental work and ambulance rides can be a good way to pay for your treatments. You may want to look for a rewards card that offers points per dollar spent or a low interest rate credit card.
  • Unsecured personal loan. You can usually use an unsecured personal loan for any legitimate purpose, including paying for medical expenses. There are plenty of lenders out there that offer unsecured personal loans to cover any income or credit score. You may be able to borrow up to $50,000, and interest rates will likely vary between 4.5%-36%.
  • Secured personal loan. A secured personal loan provides similar borrowing amounts and loan terms to an unsecured personal loan, however you will be required to secure the loan with collateral, such as your car or home equity. Since you’re providing collateral, you will usually be able to secure a more competitive interest rate, however you also risk losing your car or home if you don’t make your loan repayments.
  • Line of credit. A line of credit can cover a variety of medical expenses, especially if you need to borrow money on and off throughout the year. You only pay interest on what you borrow, and once you repay you can borrow again for as long as your line of credit is active.
  • Home equity loan (HELOC). Your home will likely have equity you can draw on if you need a larger loan. HELOCs are secure loans that use your home as collateral. They have lower interest rates than unsecured loans, but you do risk losing your home if you’re unable to repay. This type of loan would only be necessary if you run into some seriously expensive medical bills, and you should explore all other options first.

Example: Shelley has hospital bills

Shelley broke her leg while ice skating in her backyard. Nobody was home at the time, so she had to call an ambulance to take her to the hospital. On arrival, she discovered that she would have to pay for the ambulance, as well as crutches and any medication she required. Her ambulance bill came to $240.00, while her crutches cost $45.00 and her medications totaled $65.00 – a total of $350.00. Without insurance, she had to cover the costs herself. What’s more, Shelley wouldn’t be able to work her job as a waitress, which means she wouldn’t have as much money coming in. She realized she needed to take out a loan to cover her hospital bills, as well as a little extra to cover the cost of groceries and bills for at least two weeks. Since she wasn’t mobile, Shelley headed online and applied for a $1,000 personal loan with an online lender.

Cost of hospital bills$350.00
Loan typePersonal loan
Loan amount$1,000.00
Interest rate (APR)9.00%
Loan term6 months
Additional feesOrigination fee of 3% ($30.00)
Monthly payment$171.07
Total loan cost$1,056.41

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

What factors should I consider when comparing loans?

When comparing your loan options, you should take the following factors into account:

  • Application process. If you need a loan quickly, you will want to compare lenders who have easy and fast application processes. Many lenders will provide online applications that usually take less than ten minutes to complete.
  • Credit score requirements. Lenders should list the minimum credit score necessary for approval. If you don’t meet the requirement, don’t apply for the loan – you’ll likely slightly damage your credit score since the lender will do a hard pull on your credit file.
  • Loan amount. Make sure the lender offers the amount you need. Some lenders will have minimum and maximum amounts you can borrow. Remember to only borrow exactly what you need since you will be paying interest on the money you borrow.
  • Interest rate. Lenders calculate your interest based on your credit score, income and debt-to-income ratio. If you have bad or fair credit, finding the lowest rate should be at the top of your priority list. You don’t want to spend hundreds or thousands more than you have to because of interest.
  • Fees. Depending on the lender you choose, you may have to a pay an administrative fee or a monthly fee. These can greatly impact the overall price of your loan. In addition, you should also know what fees are charged if you’re late for a payment or if you want to make early repayments.
  • Loan term. How long you have to repay the loan will impact your monthly payments and the total cost of your loan. A longer term means lower payments, but more spent on interest. Choose a loan term that doesn’t break your budget but won’t cost you too much in interest.

FlexMoney Personal Loan

FlexMoney Personal Loan

From

18.9 %APR

rate

  • Same day funding
  • Quick online application
  • Pay off loan anytime

FlexMoney Personal Loan

Apply online in less than 10 minutes. If approved, receive funds in as little as 24 hours. Pay off your loan at any time.

  • APR: 18.90% - 46.93%
  • Loan amount: $500 - $15,000
  • Loan term: 6 - 60 months
  • Fees: No application, origination or prepayment fees
  • Min. credit score: 500
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What are the eligibility requirements?

In order to apply for a loan, you will usually need to meet some basic eligibility requirements. These will vary by lender, however they usually include:

  • Be 18 years of age, or the age of majority in your province or territory
  • Be a Canadian citizen or a permanent resident with a valid Canadian address
  • Have a working bank account
  • Have proof of income
  • You may need to meet a certain credit score

What if I don’t want to take out a loan?

Not everyone has the extra income to spend on making loan payments, and people with poor credit will likely find the interest they’re being charged too much to handle. Instead, consider some of these options:

  • Your age. Depending on the province you reside in and your age, you may be eligible for free coverage of some of the medical services that are not covered elsewhere.
  • Request a payment plan. You may be able to work out a payment plan with the hospital, dentist, chiropractor or specialist who treats you. Let them know about your financial situation and see if they are willing to work out a scheduled repayment plan with you.
  • Get private insurance. You might consider looking into private insurance. This type of coverage can set you back a few hundred dollars each year, however it can save you a lot in the long run if you find yourself constantly on prescription medication or in and out of the dentists office a lot.

Bottom line

If you find yourself constantly paying for uncovered medical bills in Canada, you may need to borrow money to pay off your treatments and services. While loans can help you out in the short term, they can throw you into a spiral of debt. Compare your loan optionscarefully and know what you’re getting into before you sign on the dotted line.

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