Medical Loan Finder

Our top pick: LendingClub

• Min. Credit Score Required: 640
• Max. Loan Amount: $40,000
• APR: 6.95% to 35.89%
• Requirements: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.

• Less strict eligibility requirements
• Get funds in just a few days
• High Trustpilot rating

Our top pick: LendingClub

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

• Min. Credit Score Required: 640
• Min. Loan Amount: $1,000
• Max. Loan Amount: $40,000
• APR: 6.95% to 35.89%
• Requirements: US citizen or permanent resident, verifiable bank account, steady source of income, ages 18+.

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Top 4 providers for medical loans

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

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 they’re 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 with some even providing basic dental services — 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.

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.

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How can I find competitive financing?

When you’re facing a large bill from past surgeries or multiple upcoming doctor visits, good interest rates and loan terms may be the last thing on your mind. But understanding your loan could help you save.

Start by checking out the 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. You can usually apply completely online without having to fax any documents.

Once you’ve found a few loan options that suit you, compare these five main factors:

1. Preapproval. You don’t want to waste time filling out a bunch of paperwork just to be rejected. Many lenders have quick online forms to submit for preapproval before your credit is run.
2. Credit score requirements. Lenders typically list a minimum score for eligibility. If your credit score doesn’t meet the minimum, consider a different lender.
3. Interest rate. Lenders determine what rate to charge you based on your creditworthiness. If you have bad credit, finding the lowest rate should be at the top of your priority list since lenders will charge more.
4. Fees. Some lenders charge an origination fee. This affects your loan’s APR and affect how much money is ultimately deposited into your account.
5. Loan term. How long you have to repay the loan affects 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 how to handle your medical debt.

Alternatives to taking out a medical 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.

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

• What will the interest rate be on my medical loan?

  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. which usually ranges from 6% to 36%.

• Will a medical loan cover my specific procedure?

  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.

• Can I use a medical loan to pay for a medical bill that's in collections?

  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 appropriate. However, if you’re applying for a personal loan to use for medical expenses, its specific purpose likely won’t matter.

• Can I apply with a cosigner?

  It depends on your lender, but many lenders allow you to have a cosigner if you believe it will increase your chances of qualifying for the loan.

• Can a medical bill go into default?

  Yes. If you don’t pay your medical bill in full or don’t set up a payment plan with your physician, your bill may go into default and sent to collections.