Compare medical loans

A health emergency or expensive ongoing treatments — find out how a medical loan could help you manage payments.

Medical expenses, whether planned or unplanned, can put a significant strain on your finances. While costs vary, some procedures can set you back tens of thousands of dollars, not to mention the cost of staying in the hospital and taking time off work. A medical loan can help you cover bills from doctors, hospitals, or anything medical-related.

Prosper Personal Loan

Prosper Personal Loans

You could borrow up to $35,000 for a variety of purposes, with rates starting from 5.99%.

  • Recommended Credit Score: 640 or higher
  • Minimum Loan Amount: $2,000
  • Maximum Loan Amount: $35,000
  • Loan Term: 3 or 5 years
  • Turnaround Time: 1-3 business days
  • Simple online application process
  • No prepayment penalties

    What is a medical loan?

    A medical loan is a personal loan that can cover the costs of both elective and necessary medical procedures. Covering medical costs can be expensive — and even with private health insurance, you may have to pay an excess, or worse, your procedure might not be covered at all. If you don’t have the all the cash on hand, you can take out one of these loans to cover your medical costs.

    Top picks for medical financing

    ProviderLoan amountsMin. APRMin. credit score
    SoFi$5,000–$100,0005.49%Good creditRead our review
    Laurel Road$1,000–$45,0005.5%680Read our review
    Even Financial$1,000–$100,0004.99%580Read our review
    LendingClub$1,000–$40,0005.99%Good creditRead our review

    Compare lenders who offer loans to cover medical expenses

    Rates last updated November 20th, 2017

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    Unfortunately, none of the personal loan providers offer loans for that credit score. If you are in urgent need of a small loan, you might want to consider a short term loan.
    Name Product Product Description Min. Credit Score Max. Loan Amount APR Requirements
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    680
    $45,000
    From 5.5% (fixed)
    Must be a US citizen or permanent resident with a valid I-551 card
    Even Financial Personal Loans
    Get matched to the best loan offer instantly from top online consumer lenders.
    580
    $100,000
    From 4.99% (fixed)
    Must have a minimum credit score of 580+. Must be 18+ years old and be an American citizen or permanent resident.
    Prosper Personal Loan
    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.
    640
    $35,000
    From 5.99% (fixed)
    Must be 18+ years old, an American citizen or US permanent resident and have a 640+ credit score.
    SoFi Personal Loan Fixed Rate (with Autopay)
    Borrow up to $100,000 with a competitive APR and no fees.
    Good to excellent credit
    $100,000
    From 5.49% (fixed)
    You must be a U.S. citizen or permanent resident, and 18 years or older.
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    600
    $25,000
    From 15.49% (fixed)
    Must have a fair credit score of 600 or better and verifiable income. Must live in a state where LendingPoint services.
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    660
    $40,000
    From 5.99% (fixed)
    You must be over 18 years of age, a permanent resident of the US or an American citizen and have a steady source of income.

    Compare up to 4 providers

    What types of financing can I use to cover medical expenses?

    You can consider a few different types of financing if you require medical treatment:

    • Unsecured personal loan. You can use unsecured personal loans for any purposes, including medical expenses. You can usually borrow between $3,000 and $50,000 depending on what you can afford to repay, and interest rates vary between 8%-20%.
    • Specialized medical loan. Providers such as Mac Credit and ACA Loans provide financing for specific medical procedures, including cosmetic surgery and dental work.
    • Bad credit personal loan. If you only require a small amount and are not eligible for a standard personal loan, you can consider a short-term loan. You can apply for a loan from $100 and have it repaid within a few months. Keep in mind interest rates and fees will be much higher with short-term loans.
    • Credit card. If your medical expenses are small enough for you to pay back quickly, you might want to consider putting it on your credit card. It can help you meet your monthly minimum, get cash back and other rewards — saving you money in the end. If you qualify for a card with a 0% introductory APR, you might want to consider applying for one so you have more time to pay off a larger expense.
    Think before you swipe that credt card
    If you’re looking to finance an expensive procedure that you know you won’t be able to pay back quickly, think twice before slapping it on plastic. Credit cards typically come with higher interest rates than personal loans (though not as high as short-term loans) and can get expensive quickly if you don’t pay it off right away.
    Aside from piling on interest, putting too much on your card can also hurt your credit utilization ratio. Your credit card utilization ratio is the amount of credit you use versus the amount of credit you qualify for (in this case, your spending limit). Having a credit utilization ratio of 35% or over is bad news for your credit score and any increase can cause it to take a dip.

    How can I find competitive financing?

    Here are some features to consider when comparing medical loans:

    • Fees. Most loans come with fees, and medical loans are no different. Depending on the lender you choose, you may have to pay loan establishment fees or monthly fees.
    • Repayments. Lenders may differ in how flexible they are with their repayments, also. Most loans require monthly repayments, but they also may allow you to make additional repayments to help save you money. Some lenders may charge a fee for early repayment — be sure to check for that as well.
    • Loan amount. As medical costs can be quite steep, medical loans are usually for higher amounts than other loans. Some medical loans may have quite high minimum loan amounts, some around $10,000, so make sure you won’t have to borrow more than you need.
    • Loan terms. As the loan amount is generally higher with medical loans, the lender may offer you a longer period to pay it back, as well. Check to see if you will be able to manage the repayments with the loan terms that the lender sets.

    Frequently asked questions

    Interest rates vary depending on the lender and your credit profile. You can explore the starting rates of the lenders in our comparison table above. After applying for the loan, you’ll receive a more accurate estimate of the interest rate the lender will charge.

    Most likely, yes. Lenders don’t usually exclude certain procedures, as long as the procedure was performed by a reputable medical professional. You can check the lender’s website before applying or call their customer service line to be sure.

    Medical loans are usually meant to pay the facility or medical profession that’s owed. If your bill has been sent to collections, a debt consolidation loan may be more fitting. Check with the lender you’re interested in to get more information.

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    US Personal Loans Offers

    Learn about our information service
    Prosper Personal Loan

    Borrow only what you need for debt consolidation, home improvements, special occasions and more — with APRs based on your credit score.

    LendingClub Personal Loan

    A peer-to-peer lender offering fair rates based on your credit score.

    SoFi Personal Loan Fixed Rate (with Autopay)

    Borrow up to $100,000 with a competitive APR and no fees.

    Upstart Personal Loans

    This newer service looks beyond your credit score to get you a competitive-rate personal loan funded by accredited investors.