Compare Top Medical Expenses Loans Providers
Use the loan to free you from the restraints that result from mounting medical care debts. Compare and choose the right personal loan for your needs.
Minimum Credit score
What Is a Medical Expenses Loan?
A loan for Medical Expenses can be used to pare down the bills you may owe for health care Expenses involving procedures, treatments, therapies, and ambulance transport. The financing can be used to supplement the payments insurance does not cover or can be used to pay medical costs that you owe out-of-pocket yourself.
This type of personal loan can be used to cover your health care expense as well as the health care needs of a pet. Therefore, you can get the funding you need to meet just about any medical obligation so you can focus more on your medical care, a loved one’s health needs, or the medical needs of a beloved pet.
Medical Expenses Loan: How to Get Started
To apply for a Medical Expenses personal loan, you will need to take the following steps.
- Check Your Credit Score. When you apply for any type of personal loan online, you need to review your credit score first through the 3 credit bureaus. Because your Medical Expenses personal loan is primarily based on your credit score, knowing the score will help to determine the APR you will be charged.
- Select Your Loan Type. Some companies specialize in Medical Expenses funding so it is better to go through them if you want the best rates for this loan type.
- Get Prequalified for Medical Expenses loan financing. When you choose several lending providers you like, you will need to get prequalified for your Medical Expenses loan next. Doing so will give you the repayment details and terms for your Medical Expenses online personal loan. If you agree to shorter loan terms, you can also get a lower fixed APR.
- Compare the Lenders. After you have had a chance to get prequalified through different Medical Expenses loan funders, you can review their loan terms and APRs, and see which one fits best with your lending or personal budget requirements. For a Medical Expenses personal loan, go with a lender that offers the lowest APR and features the lowest fees for a manageable loan term.
- Supply the Necessary Info and Documents. When you choose a lender, you will need to provide the required loan documentation and information for Medical Expenses loan funding. In this case, you need to supply the following details and documents:
- Personal Identification (Social security card, passport, or driver’s license)
- Proof of earnings or income (W-2s, paystubs, or filed tax returns)
- Employer information (Name of company, manager’s name, and phone number and address)
- Proof of residence (utility bill with your name and address or a lease agreement)
- Apply for the Loan and Start Making Payments. After you apply for your Medical Expenses personal loan and start making payments, you might add some extra money to each payment each month to repay the loan faster. Doing so will make the loan repayment less taxing and stress-free.
What You Have to Know on Medical Expenses Loan Financing
To take out a Medical Expenses personal loan, you should be aware of the following terms:
- Annual Percentage Rate (APR) – The rate of interest charged on a Medical Expenses personal loan, expressed at an annual rate.
- Application Fee – The amount a lender charges for processing a Medical Expenses loan application and the related documents. These fees are usually non-refundable and may or may not be included in processing a personal loan.
- Debt-to-Available Credit Ratio – When considering you for a Medical Expenses loan, a lender may look at your debt-to-available credit details. This represents the money you owe compared to the credit available through credit lines and credit cards. Therefore, the debt-to-available credit ratio shows how much available credit you are using. The higher this percentage, the riskier you appear to a lender.
- Debt-to-Income Ratio – The percent of your monthly pre-tax income that is being used to pay off debts, such as auto loans, credit cards, and student loans. Lenders assess 2 key ratios. The first ratio is a front-end ratio or the percent of monthly pretax earnings spent on your house payment. The second percent is a back-end ratio or the other debts that are factored into the house payments.
- Late fee – A fee charged customers who take out a Medical Expenses loan who pay a payment late or pay less than the required monthly amount.
- Late Payment – A delinquent payment or a failure to pay on a loan before the agreed date. A late payment can hurt your credit score for as long as 7 years.
- Medical Expenses Lender – The financial institution that provides a Medical Expenses loan for paying medical bills.
- Net Income – Your income after taxes have been deducted. It is also called your take-home pay. This is the amount considered by a lender when assessing your ability to repay a loan amount.
- Prepayment Penalty – A fee charged by a lender when a borrower pays off a loan before its scheduled term. Usually, prepayment penalties are not applied by standard lenders. If you are taking out a subprime Home Improvement loan, you need to read the loan terms carefully, as this fee may be applied.
- Principal – The amount of money owed on a loan, excluding the charged interest or APR.
- Risk Score – Another name for a credit score.
- Subprime Borrower – Some people who request funding for Medical Expenses may be subprime borrowers. A subprime borrower usually has a poor credit score because of late payments or collection accounts. Lenders evaluate and grade subprime borrowers on the degree of past collection problems – A to D, or lower. Subprime borrowers can qualify for Medical Expenses loans but at a higher interest rate.
- Utilization Ratio – A ratio that shows a lender how much available credit you are using.
- Unsecured Loan – Most personal loans online, or Medical Expenses loans, are not collateralized. Therefore, they are not secured with a form of collateral, such as a house or car. The lender assesses the borrower’s ability to pay primarily on their credit score.
Recommended Medical Expenses Loan Lenders
SoFi (pronounced SEW-fi, which stands for Social Finance) provides a quick application process and navigable platform. Their low-fee personal loans make them an excellent choice for anyone interested in taking out a Medical Expenses personal loan. You will also like SoFi’s unemployment feature, which allows you to defer loan payments if you become unemployed or run into a problem with hardship. They also offer lower and more competitive rates than many personal loan providers of Medical Expenses loan products. You can finance up to $100,000 on the SoFi website, so if you have a lot of medical bills, this site is worth checking out.
Lending Tree does not provide direct loans for Medical Expenses financing. Rather, the company provides a listing of third-party lenders that offer personal loans for the costs related to Medical Expenses funding. You can obtain Medical Expenses financing easily through Lending Tree, as the site does not require a perfect credit rating. In fact, all types of credit ratings are accepted on the site. Use the platform as your gauge in getting a Medical Expenses loan that will best fit your budget and criteria for paying off your medical bills.
Best Egg is a lending source that makes it easy to get qualified for a Medical Expenses loan online. The lending provider offers personal loans for Medical Expenses loan customers at fixed APRs. Therefore, you can receive funding from Best Egg easily and quickly. Simply go onto the platform and check their best rate for your Medical Expenses loan financing. You can get approved for a Medical Expenses loan on the site for $2,000 to $40,000.
Credible allows you to compare rates for several Medical Expenses loans through one easy application. The Credible website is, therefore, an excellent resource for Medical Expenses personal loans, making it attractive for anyone who has accumulated plenty of medical expenses and debt. Customer testimonials rank the provider high in customer service as well. Keep in mind that you will eventually be matched with a third-party lender, so you do need to carefully examine the terms of each loan. The site also offers the best rate guarantee. If you do not secure the best loan rate possible for your Medical Expenses loan, it will pay you $200.
Upstart represents a lending website that gives anyone seeking a Medical Expenses loan a fast way to receive the money. The loan process is fast, and several factors are considered when deciding on the loan approval. These criteria include the applicant’s credit score, job history, income, and educational background. The site describes how their loans work, thereby answering any questions customers may have about a Medical Expenses loan or similar type of funding. You can also receive financial education on the lending platform – good to know if you have not taken out a Medical Expenses loan before.