Compare the best medical loan options in 2018 |

Compare medical loans

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

Tackle the bill from an emergency or an expensive treatment with extra funding from a lender.

Medical expenses can put a significant strain on your finances. According to the Bureau of Labor Statistics, Americans spent over $100 billion in 2016 on medical expenses alone. And according to the Kaiser Foundation, almost 30% of people report that they have trouble paying medical bills. A medical loan can help you cover bills from doctors, hospitals, or anything medical-related.

Credible Personal Loans - DUPLICATE FOR HERO ONLY

Our top pick: Credible

Quickly get personal loan offers from top online lenders.

  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $100,000
  • Loan Terms: 2–7 years
  • One simple form
  • Must have good to excellent credit

    What is a medical loan?

    Medical loans are personal loans used to finance medical costs.

    Hospital stays, surgeries, ER visits and expensive treatments can all add up. If you’re one of the many Americans who find themselves unable to pay their bill when it comes due, a medical loan can help cover the amount not paid by your insurance. You may also be able to consolidate all of your medical debt and secure a low interest rate, which is generally cheaper than opting for in-house financing from your healthcare provider.

    Top 5 providers for medical loans

    The providers listed in the table below are our top picks when you need to borrow money for medical bills.

    ProviderLoan amountsMin. credit scoreWhy it’s good for medical financing
    Prosper$2,000 to $40,000640Prosper is a peer-to-peer lender that offers a specific personal loan for medical expenses related to bariatric surgery, cosmetic surgery and dentistry and fertility treatments.Go to site
    Read review
    SoFi$5,000 to $100,000680SoFi has relatively low interest rates for a personal loan, and its large maximum amount mean you can borrow enough to pay for any medical expesne that crops up.Go to site
    Read review
    Laurel Road$1,000 to $45,000680With lower interest rates than many other personal lenders, Laurel Road can help you consolidate previous medical loan debt or finance your next procedure.Go to site
    Read review
    Even Financial$1,000 to $100,000580Good for people with fair credit, you can borrow a large amount with Even Financial to cover any number of medical procedures.Go to site
    Read review
    LendingClub$1,000 to $40,000660In addition to its peer-to-peer loans, LendingClub offers specialized medical loans through its Patient Solutions service.Go to site
    Read review

    Compare more loans to cover medical expenses

    Rates last updated November 14th, 2018

    Reveal your potential loan offers and rates

    Answer two quick questions to filter the loan offers and get the best one for you.

    Select your credit score range

    I don't know my credit score

    Finally, select where you live.

    To get your credit score:

    Experian logo

    Experian is a leading provider of personal and business credit reporting. Find out your FICO score now for less than the cost of a cup of coffee.

    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
    Monevo Personal Loans
    Quickly compare multiple online lenders with competitive rates depending on your credit score.
    3.34% to 35.99%. (fixed)
    LendingClub Personal Loan
    A peer-to-peer lender offering fair rates based on your credit score.
    6.95% to 35.89% (fixed)
    SoFi Personal Loan Fixed Rate (with Autopay)
    No fees. Multiple member perks such as community events and career coaching.
    6.99% to 14.87% (fixed)
    NetCredit Personal Loan
    Check eligibility in minutes and get a personalized quote without affecting your credit score.
    34%–155% (Varies by state) (fixed)
    Credible Personal Loans
    Get personalized rates in minutes and then choose a loan offer from several top online lenders.
    Good to excellent credit
    4.99%–36% (fixed)
    Marcus by Goldman Sachs Personal Loans
    Consolidate your debt or pay off large expenses with competitive rates and no fees.
    Good to excellent credit
    6.99% to 24.99% (fixed)
    Even Financial Personal Loans
    Get connected to competitive loan offers instantly from top online consumer lenders.
    4.99%–35.99% (fixed)
    Conveniently check your loan options without affecting your credit score.
    9.95%–35.99% (fixed)
    OneMain Financial Personal and Auto Loans
    An established online and in-store lender with quick turnaround times. Poor credit is OK.
    16.05%–35.99%* (fixed)

    Compare up to 4 providers

    8 types of financing to cover your medical expenses

    You aren’t limited to just personal loans when it comes to financing your medical expenses. These are a few of the many options you can explore to pay your bill and start recovering.

    • Unsecured personal loan. You can use an unsecured personal loan for any purpose, including medical expenses. There are plenty of lenders out there to cover any income or credit score, and you may be able to borrow between $3,000 to $50,000. Interest rates vary between 8% to 20% and loan terms generally last between 24 to 60 months.
    • Personal line of credit. A revolving line of credit can cover a series of procedures and any potential unexpected costs that may crop up. 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.
    • In-house healthcare financing. Certain healthcare providers offer loans specifically for medical procedures performed at their offices. This may limit what you’re able to do with your loan funds, but it may allow you to access better terms and lower interest rates than a standard personal loan.
    • 401(k) loan. Not all 401(k) plans allow you to take out a loan against the retirement account balance. But use this money wisely. You repay through payroll deduction, and some plans won’t allow you to contribute to your balance while you’re paying off a loan.
    • Home equity loan or HELOC. Your home will likely have equity you can draw on if you need to pay down a medical bill. These are secure loans and lines of credit that use your home as collateral. They have lower interest rates than unsecured loans, but you do risk foreclosure if you’re unable to repay.
    • HSA or FSA. Although not technically a loan, you can use funds from your health savings account or flexible savings arrangement to pay for medical bills. If you’ve contributed to your HSA or FSA account through your employment, you can draw from these to cover a portion of your medical expenses. However, because of the contribution cap, you may not be able to fully cover surgeries or other expensive procedures.
    • Small personal loans. If you’re confident you can repay your loan quickly and only need a small amount, a cash loan of up to $5,000 might suit your needs.
    • Medical credit card. Like a medical loan, a medical credit card is meant to pay for your doctor bills. They can be costly, though, and many will have deferred interest rather than a 0% introductory rate. CareCredit is a popular brand for medical credit cards.

    Think before you swipe that credit 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 quickly get expensive if you don’t pay your balance off right away.

    Aside from piling on interest, putting too much on your card can also hurt your credit utilization ratio. Your credit 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 can cause it to take a dip, and that’s not something you want to worry about when you’re recovering.

    What can I use a medical loan for?

    Medical loans are meant to cover the expenses your insurance doesn’t — either because your copay is too large or the service isn’t included in your package. The most common uses of a medical loan are usually procedures that aren’t considered crucial by insurance providers. They include:

    • Orthodontics, veneers and other dental services
    • Weight loss surgeries
    • Fertility treatments and adoption loans
    • Cosmetic and reconstructive surgery

    Of course, this isn’t the definitive list. Whenever you need to finance a medical procedure, a loan can be useful to cover the amount due to your provider and extend the payment plan to match your budget.

    Latest medical loan guides

    How can I find competitive financing?

    When you’re facing an large bill from past surgeries or multiple upcoming doctor visits, good interest rates and loan terms may be the last thing on your mind. However, understanding your loan is the first step to managing your finances and keeping your head above water.

    Start by checking out the personal loan options available from your local bank or credit union. These usually have the lowest interest rates and accept people with a variety of credit scores. After you’ve exhausted this avenue, compare your rates for online lenders. The application process can be done online, and you may not need to fax any information.

    Once you’ve found a few loan options that suit you, you can compare them by analyzing these aspects:

    • Application process. You don’t want to waste time filling out a bunch of paperwork just to be rejected. Many lenders will have quick online forms that allow you to submit for preapproval before your credit is run.
    • Credit score requirements. Lenders should list the minimum score for approval. Don’t apply for a loan you can’t afford — you’ll likely land in the rejection pile and you may harm your credit score.
    • 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 loan origination fee or a monthly fee. These can greatly impact your APR, and you should also know what types of late fees or penalties are charged if you’re late for a payment.
    • Loan term. How long you have to repay the loan will impact your monthly payments and the total amount you’ll pay in interest. 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.

    What information will I need to provide my lender?

    Medical loans work like other personal loans. Lenders will request that you supply both information about yourself and your income in order to determine if you meet eligibility criteria.

    • Personal information. Your name, date of birth, address, contact information and Social Security number.
    • Employment information. Your employer, how long you’ve been employed and your income.
    • Bank account information. Your bank’s routing number and your account number. This is only required for loans that will be deposited directly into your checking account.

    If you plan on using your loan to consolidate your debt, you may need to provide information about these accounts so the lender can send funds to pay off your accounts for you.

    Is a medical loan the right choice?

    Medical loans are good solutions for many situations, but that doesn’t mean they’re always the right choice. When browsing your financing options, keep in mind that medical loans are meant to be used to pay for upcoming or past medical procedures and surgeries.

    If you find yourself with quite a bit of medical debt already accrued, a medical loan won’t be your best choice. Rather, you may want to seek out debt consolidation services to combine multiple monthly payments into one.

    If you have more than just a medical expense you need to pay for, then a personal loan or line of credit might suit your needs better. Many of these also allow for cosigners, which could potentially help you qualify for more money or a lower rate than you would if you applied as an individual.

    No matter your decision, proceed with caution. Every loan, whether it’s medical or not, comes with fees and interest. Be sure to create a solid budget for payments when determining if medical loans are the best choice for you.

    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 without good credit will likely find the interest they’re being charged too much to handle. Instead, use these three methods to handle your medical expenses without a loan.

    • Negotiate medical bills. Providers have discounts you may not know about unless you ask, and there’s nothing shameful about haggling prices when it comes to your bill. The trick to negotiating is staying firm and knowing what you’re after — having a good idea of how much other providers charge for your procedure is a good place to start.
    • Request a payment plan. As long as you paying on a medical bill, it won’t go into collections. Requesting a payment plan with your provider can help you make a difference in what you owe. Since many billing departments are willing to start a payment plan without interest, you may be able to save more money than you expected.
    • Check for clerical errors. It’s important to go over your bill carefully and make sure everything has been coded correctly. A generic medication may have been listed under a name brand or a procedure may have been incorrectly labelled. These mistakes mean your insurance can’t process the bill properly and may charge you for something you didn’t receive.

    Options for low-cost or free medical care

    These won’t cover the medical bills that have already come due, but they can help make a dent in future expenses. Many are free of charge, available to people without insurance or both.

    • Community health centers. No matter your insurance coverage and income, you won’t be turned away from a community health center. These operate on a sliding pay scale so you won’t be charged more than you can reasonably afford.
    • Nurse practitioners. Seeing a nurse practitioner can cut the cost of a doctor visit and are often qualified to perform many of the services done by your general practitioner so you won’t miss out on the care you need.
    • Medical bill advocates. Negotiating with your provider and insurance company is hard enough when you’re well, but if you suffer from chronic illness or don’t want to jump through hoops, hiring a medical bill advocate may increase your chances of lowering your payment or convincing your insurance company to shell out for a procedure.
    • Health fairs. Many counties and cities run health fairs semiregularly to treat people who may not have access to medical care. Often, you can receive an overall wellness checkup, and during flu season, you may be able to snag a cheap shot.
    • National Association of Free & Charitable Clinics (NAFC). Formed to help the working poor, underinsured and uninsured find low-cost alternatives to health care, the NAFC has clinics all over the US.
    • Medicaid and other county healthcare services. If you’re struggling to pay for your healthcare or don’t receive insurance through an employer, Medicaid and other equivalent county services are a good option. Your copays will be reasonable, and you won’t have to worry about huge costs when you stay in-network.
    • Crowdfunding websites. Using crowdfunding to finance a medical procedure is becoming more common. If you know you’ll be struggling to pay for an important health issue, looking to your peers is a good place to ease the financial burden.
    • Partnership for Prescription Assistance (PPA). Not every struggle is with a procedure. If you have an ongoing condition that needs medication, the PPA can help you find programs to assist you.

    Common terms you may come across when financing medical costs

    Bottom line

    Medical loans can be a life-saver, but they don’t come cheap. By comparing your options and using multiple sources of funding, you can lower your expenses and pay for whatever procedure you need done. Since many medical loans are personal loans, you should browse the available lenders and find the terms that work for you and your financial situation.

    Frequently asked questions

    Was this content helpful to you? No  Yes

    Ask an Expert

    You are about to post a question on

    • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
    • 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 only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Privacy and Cookies Policy and Terms of Use.
    Go to site