Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Medical loans

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

Updated

Fact checked

Medical loans help cover doctors bills, surgery, hospital stays and other medical-related costs. If you are needing treatment but don’t have insurance or the funds to cover it, compare your options and find the right loan for you.

The Lending People - Personal Loan

The Lending People - Personal Loan

From

6.99 % p.a.

rate

  • Secured and unsecured loans
  • 100% online
Trustpilot Logo

The Lending People - Personal Loan

Apply today to get a decision within 60 seconds for a secured or unsecured loan up to $75,000.

  • Interest rate from: 6.99%
  • Min loan amount: $2,000
  • Loan term: 1 to 7 years
  • Fees: Broker fee of $250 to $995 depending on size and type of loan. Other fees vary with lender.
  • Eligibility: Be 18+, an NZ citizen or permanent resident, employed and earning at least $500 per week.
Go to site
Promoted

Compare unsecured personal loans

Name Product Interest Rate (p.a.) Min. Loan Amount Max. Loan Amount Loan Term Monthly Service Fee Establishment Fee
The Lending People Personal Loan
6.99% - 26.99%
$2,000
$75,000
1 to 7 years
$0 - $10 depending on lender
$50 - $695 depending on lender
Eligibility: Be 18+, an NZ citizen or permanent resident, in employment and earning at least $500 per week.
Secured and unsecured loans of up to $75,000 from a variety of reputable lenders.
LoanSpot Unsecured Personal Loan
8.95% - 27.95%
$3,000
$75,000
12 - 60 months
$0 - $10 depending on lender
$195 - $695 depending on lender
Eligibility: Must be 18+, be an NZ citizen/permanent resident, and have an income of least $400 per week.
Unsecured personal loans from $3,000.
Max Loans Unsecured Personal Loan
9.95% - 29.95%
$1,000
$40,000
1 - 7 years
$0 to $10 depending on lender
$195 to $995 depending on lender
Harmoney Unsecured Personal Loan
6.99% - 24.69%
$2,000
$50,000
36 to 60 months
$0
$200-$450 depending on loan size
Eligibility: Be a NZ resident/citizen and have a good credit score.
Apply for an unsecured personal loan up to $50,000 with no early repayment fees.
Nectar Unsecured Personal Loan
8.95% - 29.95%
$1,000
$20,000
6 months to 4 years
$0
$240
Eligibility: Must be 18+, an NZ citizen or permanent resident, have an income of $400 per week or more (after tax) and a stable credit history.
Unsecured loans from $1,000 with payouts made within one day of approval. Applications entirely online.
Teensy Personal Loan
22.95% - 29.95%
$1,500
$5,000
6-24 months
$10
$95
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.
Secured or unsecured personal loans.
loading

Compare up to 4 providers

What are medical loans?

Medical expenses, either 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.

Medical loans can cover the costs of both elective and essential medical requirements and procedures. 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 a loan to get the treatment you need.

What types of loans can you use?

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 $1,000 and $50,000, 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 funds for 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 and reward offers. Credit cards work differently than other loans, as you only need to make a minimum repayment each month and can redraw the credit up to your limit. Make sure you have the means to repay the money you use and that you won’t fall into further debt.

How should I compare medical loans?

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 fee and monthly account maintenance fees. Early repayment or redraw costs should also be taken into consideration.
  • 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, 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.

More guides on Finder

  • Passive income ideas for New Zealand investors

    Looking for an easy way to earn money while you sleep? Investing in shares, peer-to-peer lending and renting out property can all offer the returns you desire.

  • Kiwi Car Loans review

    Borrow up to $500,000 for your new vehicle, caravan, boat or motorcycle with a secured or unsecured finance from Kiwi Car Loans.

  • ScotPac business finance review

    Access business, trade or invoice finance for businesses of all sizes from ScotPac.

  • Car finance for work visa holders

    When you’re a temporary resident in New Zealand, you want to see everything, which can be difficult without a car. Luckily there are some lenders that consider car loans for people on a work or study visa. Find out how to apply here.

  • Understanding money – a young person’s guide

    Our teenagers’ guide to money answers some common questions about money and finance.

  • 20 top money tips for students

    Be smart with your money while you get your qualification with these top student money tips.

  • Mortgage repayment calculator

    In five steps our free and independent home loan repayment calculator tallies your minimum monthly, fortnightly or weekly mortgage repayments.

  • Payday loans in Auckland

    We look at payday loans available in Auckland, including which lenders are based here, alternatives to payday lenders.

  • Motor Vehicle Finance car loan

    Get the best rate for your circumstances with a car loan from Motor Vehicle Finance. Answers within two hours.

  • Cash Converters personal loans

    With stores across the country, as well as an online application option, this well-known lender is easily accessible.

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use, Disclaimer & Privacy Policy.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site