Medical loans

If a medical emergency were to strike, could you foot the bill?


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Medical expenses, either planned or unplanned, can put a significant strain on your finances. While costs vary, some procedures may 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, to other medical-related costs. These loans vary, so it’s essential to compare your options and find the right loan for you.

Harmoney Unsecured Personal Loan

Harmoney Unsecured Personal Loan


6.99 % p.a.


  • Borrow from $2,000
  • 100% online
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100% confidential application

Harmoney Unsecured Personal Loan

Apply today to get approved within minutes for up to $50,000.

  • Max. loan amount: $50,000
  • Loan term: 36 to 60 months
  • Turnaround time: 99% of approved online applications funded in 24 hours
  • Fees: Establishment fee of $200 for loans from $2,000-$5,000 and $450 for loans from $5,000-$50,000
  • No early repayment fees
  • Personalised interest rates based on your circumstances
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Comparison of unsecured personal loans

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
Harmoney Unsecured Personal Loan
6.99% - 29.99%
36 to 60 months
$200-$450 depending on loan size
Apply for an unsecured personal loan up to $50,000 with no early repayment fees. Eligibility: Be a NZ resident/citizen and have a good credit score.
Nectar Personal Loan
8.95% - 29.95%
6 months to 4 years
Unsecured loans from $1,000 with payouts made within one day of approval. Applications entirely online. Eligibility: Must be 18+, an NZ citizen or permanent resident, and have an income of $400 per week or more (after tax).
Teensy Personal Loan
22.95% - 29.95%
6-24 months
Eligibility: Must be at least 22; in full time employment or receive a full-time benefit; have a minimum income of $500 per week after tax; be a New Zealand citizen or permanent resident.
NZCU South Personal Loan (Unsecured)
10.90% – 28.90%
Up to 7 years
An unsecured personal loan up to $50,000 with personalised repayment options. Eligibility: Be an 18+ permanent NZ resident or non-resident on a working visa, earn $500+ weekly.

Compare up to 4 providers

What is a medical loan?

A medical loan can cover the costs of both elective and essential medical requirements and procedures. Covering medical expenses can be costly, and even with private health insurance you may have to pay an excess, or your provider may not include cover for the procedure. If you don’t have the ready money, you can take out one of the following loans to cover your medical costs.

What types of personal loans can you 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 an unsecured personal loan for any purpose, including medical expenses. Lenders will typically let you borrow between $200 and $65,000, depending on what you can afford to repay. Interest rates vary between 9.95-29.95% p.a.
  • Specialised medical loan. Providers such as Westpac and Nova Medical Finance provide cash for specific medical procedures, including cosmetic surgery and dental work.
  • Short-term 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 repay within a few months. Bear in mind that interest rates and fees will be much higher with a short-term loan.
  • Credit card. If you have a credit card or are eligible to apply for one, this is another finance option to consider. A credit card may be suitable if you don’t know how much money you need to borrow, or you want to take advantage of interest-free periods. Make sure you check your surgery is eligible as an interest-free purchase, and you have the means to repay the money you use.

How should I compare my medical loan options?

Medical loans offer many of the same features as other personal loans, but some of the features are more specific:

  • Fees. Most loans come with costs, and medical loans are no different. Depending on the lender, you may have to pay a loan establishment or monthly fees. Also, it may attract fees such as early repayment or redraw costs, if these features are available.
  • Repayments. Lenders may differ in how flexible they are with repayments. Most offer you the option of making your repayments weekly, fortnightly or monthly, but some may allow you to make additional repayments to help save you money in the long term.
  • Loan amount. As medical costs can be quite steep, medical loans are usually for higher amounts than other loans. Some medical loans have quite high minimums, eg around $10,000, so make sure you don’t borrow more than you need.
  • Loan terms As the loan amounts are typically higher with medical loans; the provider may offer you a more extended period to pay it back. Check to see if you can manage the repayments with the loan term the lender sets.

Further Reading: Same day personal loan funding

Whatever type of finance you choose, make sure it matches your financial needs and budget.

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