Compare medical loans for financing your treatments in 2018

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.


Personal loans through Prosper

You could borrow up to $35,000 for a variety of purposes, with rates from 5.99%–35.99%.

  • 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. credit score
    SoFi$5,000–$100,000Good creditRead our review
    Laurel Road$1,000–$45,000680Read our review
    Even Financial$1,000–$100,000580Read our review
    LendingClub$1,000–$40,000Good creditRead our review

    Compare lenders who offer loans to cover medical expenses

    Rates last updated April 23rd, 2018

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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
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    4.99%–35.99% (fixed)
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    3.09%–35.99% (fixed)
    Upgrade Personal Loans*
    Affordable loans with two simple repayment terms and no prepayment penalties.
    5.96%–35.97% (fixed)
    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.
    5.99%–35.99% (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    5.98%–35.89% (fixed)
    CompareFirst Personal Loans
    An easy-to-use loan connection service geared toward introducing first-time borrowers to affordable personal loans.
    2.99%–36% (fixed)
    Best Egg Personal Loans
    A prime lender with multiple repayment methods.
    5.99%–29.99% (fixed)
    FreedomPlus Personal Loans
    Consolidate debt and more with these low-interest loans. Cosigners welcome.
    4.99%–29.99% (fixed)
    Laurel Road Personal Loans
    Get a personal loan with no application or origination fees and a rate discount for autopay.
    5.5%–11.74% (fixed)
    LendingPoint Personal Loans
    Get a personal loan with reasonable rates even if you have a fair credit score in the 600s.
    15.49%–34.99% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    34%–155% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    typically around 18.49%* (fixed)

    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.

    Latest medical loan guides

    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.

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    US Personal Loans Offers

    Important Information*
    Even Financial Personal Loans

    Get connected to competitive loan offers instantly from top online consumer lenders.


    Borrow only what you need for debt consolidation, home improvements and more — with APRs based on overall creditworthiness.

    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.

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