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Best Personal Loans for Medical Expenses

Medical loans are a type of personal loan that is specifically used to cover the costs of medical treatments and procedures. These loans can be used to pay for surgeries, dental work, hospital bills, or any other health-related expense. Unlike traditional personal loans, medical loans often have more flexible repayment terms, a quicker funding time and better rates.

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Compare Top Medical Expenses Loans Providers

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Credible

Credible is Free to Use

  • APR: 3.99%-35.99
  • Loan Term: 24-84
  • Min Credit Score: 600
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Key Facts

  • Free-to-use marketplace with a choice of vetted lending partners.
  • Borrowers are in control and can compare competitive loan options.
  • No prepayment fees and origination fees as low as 0%
Read Credible Review »

Credible Disclaimer: “Personal Loans Rate and Terms Disclosure: Rates for personal loans provided by lenders on the Credible platform range between 3.49-35.99% APR with terms from 24 to 84 months. Rates presented include lender discounts for enrolling in autopay and loyalty programs, where applicable. Actual rates may be different from the rates advertised and/or shown and will be based on the lender’s eligibility criteria, which include factors such as credit score, loan amount, loan term, credit usage and history, and vary based on loan purpose. The lowest rates available typically require excellent credit, and for some lenders, may be reserved for specific loan purposes and/or shorter loan terms. The origination fee charged by the lenders on our platform ranges from 0% to 8%. Each lender has their own qualification criteria with respect to their autopay and loyalty discounts (e.g., some lenders require the borrower to elect autopay prior to loan funding in order to qualify for the autopay discount). All rates are determined by the lender and must be agreed upon between the borrower and the borrower’s chosen lender. For a loan of $10,000 with a three year repayment period, an interest rate of 7.99%, a $350 origination fee and an APR of 11.51%, the borrower will receive $9,650 at the time of loan funding and will make 36 monthly payments of $313.32. Assuming all on-time payments, and full performance of all terms and conditions of the loan contract and any discount programs enrolled in included in the APR/interest rate throughout the life of the loan, the borrower will pay a total of $11,279.43. As of March 12, 2019, none of the lenders on our platform require a down payment nor do they charge any prepayment penalties.”

Editor's Choice

LendingTree

Quick & Easy Online Process

  • APR: 3.99-35.99
  • Loan Term: 3-180
  • Min Credit Score: 550
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Key Facts

  • The nation’s largest online lending marketplace
  • Over $260 billion in loans facilitated
  • One short form for multiple loan options
Read LendingTree Review »

LendingTree Disclaimer: A Personal Loan can offer funds relatively quickly once you qualify you could have your funds within a few days to a week. A loan can be fixed for a term and rate or variable with fluctuating amount due and rate assessed, be sure to speak with your loan officer about the actual term and rate you may qualify for based on your credit history and ability to repay the loan. A personal loan can assist in paying off high-interest rate balances with one fixed term payment, so it is important that you try to obtain a fixed term and rate if your goal is to reduce your debt. Some lenders may require that you have an account with them already and for a prescribed period of time in order to qualify for better rates on their personal loan products. Lenders may charge an origination fee generally around 1% of the amount sought. Be sure to ask about all fees, costs and terms associated with each loan product. Loan amounts of $1,000 up to $50,000 are available through participating lenders; however, your state, credit history, credit score, personal financial situation, and lender underwriting criteria can impact the amount, fees, terms and rates offered. Ask your loan officer for details. Rates and APR assume fixed rate for the term of the loan may not be available for all consumers, ask your lender for a fixed rate quote. Loan Example: A $10,000 loan with a 5-year term at 13% Annual Percentage Rate (APR) would be repayable in 60 monthly installments of $228 each. The actual payment amount and year-end balance will vary based on the APR, loan amount, and term selected. In this case the total amount expected to pay by the borrower will be $13,680 *This examples are for illustrative purposes only. The examples and match rates are not a guarantee, agreement, or commitment to loan funds or extend credit. Interest rates and terms are subject to change at any time without notice.

LightStream

Division of SunTrust Bank

  • APR: 3.99 - 19.99*
  • Loan Term: 24 - 84*
  • Min Credit Score: 660
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Key Facts

  • Good credit gets low rates and zero fees
  • Fast and easy online process
  • $100 Loan Experience Guarantee¹
Read LightStream Review »

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Lowest rates require excellent credit. Rateis quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay are 0.50% points higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice. Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66. 1After receiving your loan from us, if you are not completely satisfied with your experience, please contact us. We will email you a questionnaire so we can improve our services. When we receive your completed questionnaire, we will send you $100. Our guarantee expires 30 days after you receive your loan. We reserve the right to change or discontinue our guarantee at any time. Limited to one $100 payment per funded loan. Truist teammates do not qualify for the Loan Experience Guarantee. Truist Bank is an Equal Housing Lender. © 2021 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

SoFi

Great Rates. Unique Benefits

  • APR: 6.99-22.23
  • Loan Term: 24-84 months
  • Min Credit Score: 680
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Key Facts

  • Competitive rates available for good credit scores and income source
  • Access to financial advisors, private networking events, & unemployment protection
  • Flexible terms & payment options with no fees whatsoever
Read SoFi Review »

Fixed rates from 6.99% APR to 22.23% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 1/18/22 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

Marcus

No Fees, Simple Process

  • APR: 6.99-19.99
  • Loan Term: 36-72
  • Min Credit Score: FICO 660
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Key Facts

  • No sign-up, prepayment fees, or late fees
  • Flexible loan options
  • Great customer service available
Read Marcus Review »

Marcus By Goldman Sachs Offer Terms and Conditions
Your loan terms are not guaranteed and are subject to our verification of your identity and credit information. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. The availability of a loan offer and the terms of your actual offer will vary due to a number of factors, including your loan purpose and our evaluation of your creditworthiness. Rates will vary based on many factors, such as your creditworthiness (for example, credit score and credit history) and the length of your loan (for example, rates for 36 month loans are generally lower than rates for 72 month loans  Your maximum loan amount may vary depending on your loan purpose, income and creditworthiness. Your verifiable income must support your ability to repay your loan. Marcus by Goldman Sachs is a brand of Goldman Sachs Bank USA and all loans are issued by Goldman Sachs Bank USA, Salt Lake City Branch. Applications are subject to additional terms and conditions. Loan example, a $15,000 loan at 12.99% APR with 48 on-time monthly payments of $402.33 would have an estimated total cost of $19,312.

Prosper

Your Loan, Tailored for You

  • APR: 6.95-35.99
  • Loan Term: 36-60
  • Min Credit Score: 640
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Key Facts

  • Easily compare rates from their investors using a peer-to-peer model
  • Loans range from $2,000 – $40,000, allowing for quick funds
  • No prepayment penalty fees
Read Prosper Review »

Prosper Disclaimer: “APRs presented are estimated and were created based upon information entered by the consumer and through analysis of information publicly available at Prosper.com. The estimated APR presented does not bind Prosper or the lending partner. The range of APRs available through Prosper is 6.95% to 35.99%. Only borrowers with excellent credit qualify for the lowest rate available. Your actual APR depends upon credit score, Prosper Rating, loan amount, credit usage and history. All loans are subject to credit review and approval. All loans made by WebBank, member FDIC. *Loan example, a three-year $10,000 personal loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10 to a total amount of $10,839.6. Origination fees vary between 2.41%-5%. Personal loan APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for personal loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility for personal loans is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All personal loans made by WebBank, member FDIC.”

LoansUnder36

Over 100 Lenders at Your Fingertips

  • APR: 5.99-35.99
  • Loan Term: 3-72
  • Min Credit Score: 300
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Key Facts

  • See loan offers from over 100 lenders
  • Loans available for any type of credit
  • Fees depend on specific lender
Read LoansUnder36 Review »

loansunder36 Disclaimer: “loansunder36.com (the “website”) is not an offer or solicitation to lend. The website only provides a service and is not an agent, representative, or broker of any lender and does not endorse or charge you for any loan or product. The website operators are not lenders, do not make loans of any type, and do not make credit decisions. The website collects personal information provided by you and forwards it to partners in our lender network. You are under no obligation to use this website or service to initiate, contact, nor apply for credit or any loan product with any service provider or lender. Loan amounts vary from $500 and $35,000 but not all lenders can provide up to $35,000. Providing your information on the website does not guarantee you will be approved for a loan or credit product. Cash transfer times may vary between lenders and may depend on your individual financial institution. In some circumstances faxing may be required. If you have any questions, contact your lender directly for details, questions, or concerns regarding your loan or credit product. Short-term cash loans are meant to provide you with short-term financing to solve immediate cash needs and should not be considered a long-term solution. This service and lenders are not available in all states. Lenders may perform credit checks with the three credit reporting bureaus: Experian, Equifax, or Trans Union or may perform alternative credit checks or consumer reports through alternative providers. By submitting your request, you acknowledge, agree, and authorize that (a) your information may be sent to lenders and/or third-party partners on your behalf, and (b) such lenders may obtain consumer reports and related information about you from one or more consumer reporting agencies, such as TransUnion, Experian and Equifax to evaluate your creditworthiness. Loan products  have a 3 months minimum repayment term. Loan example: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07 to a total of $10,565.2″

5K Funds

Fast & easy online application

  • APR: 5.99-35.99
  • Loan Term: 3-72
  • Min Credit Score: 300
View details

Key Facts

  • 5K Funds makes it easy to get rates and start comparing terms from multiple lenders.
  • 5K Funds has an extensive network of reputable lenders.
  • Borrowers have the freedom to use a personal loan in a number of ways.
Read 5K Funds Review »

5kFunds.com (the “website”) is not an offer or solicitation to lend. The website only provides a service and is not an agent, representative, or broker of any lender and does not endorse or charge you for any loan or product. The website operators are not lenders, do not make loans of any type, and do not make credit decisions. The website collects personal information provided by you and forwards it to partners in our lender network. You are under no obligation to use this website or service to initiate, contact, nor apply for credit or any loan product with any service provider or lender. Loan amounts vary from $1,000 and $35,000 but not all lenders can provide up to $35,000. Providing your information on the website does not guarantee you will be approved for a loan or credit product. Cash transfer times may vary between lenders and may depend on your individual financial institution. In some circumstances faxing may be required. If you have any questions, contact your lender directly for details, questions, or concerns regarding your loan or credit product. Short-term cash loans are meant to provide you with short-term financing to solve immediate cash needs and should not be considered a long-term solution. This service and lenders are not available in all states. Lenders may perform credit checks with the three credit reporting bureaus: Experian, Equifax, or Trans Union or may perform alternative credit checks or consumer reports through alternative providers. By submitting your request, you acknowledge, agree, and authorize that (a) your information may be sent to lenders and/or third-party partners on your behalf, and (b) such lenders may obtain consumer reports and related information about you from one or more consumer reporting agencies, such as TransUnion, Experian and Equifax to evaluate your creditworthiness. Loan products have a 3 months minimum repayment term. Loan example: A $6,000 loan with a 24.99% APR that is repayable in 60 monthly installments would have monthly payments of $176.07 to a total of $10,565.2

PenFed Credit Union

Offers Unsecured Personal Loans Online

  • APR: 4.99 - 17.99
  • Loan Term: Up to 60
  • Min Credit Score: 700
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Key Facts

  • Offers loans as small as $500.
  • Useful mobile app to manage your loan.
  • Offers extremely competitive rates.
Read PenFed Credit Union Review »

Rates and offers current as of July 2021 and are subject to change. *Your actual APR will be determined at the time of disbursement and will be based on your creditworthiness, which includes an evaluation of your credit history and the length of your PenFed membership. Not all applicants will qualify for the lowest rate. Rates quoted assume excellent borrower credit history. Other conditions may apply. †The initial inquiry will be a soft pull that may not affect your credit score. If you choose to initiate a loan application after checking your rates, you will be required to authorize a full credit report inquiry, which would be considered a hard pull and may affect your credit. Loan amount determines rate and term. All loans are subject to a minimum monthly payment of $50. 1Loan Payment Example: A $35,000 personal loan financed at 4.99% APR would amount to 60 monthly payments of approximately $676.49 each.

What Is a Medical Expenses Loan?

A medical expenses loan, also known as a healthcare loan or surgery loan, is a loan that is taken out to cover the cost of medical expenses. These loans are helpful for patients who have a high-deductible insurance or no health insurance at all.

Personal medical loans can be used to pare down the bills you may owe for health care charges involving procedures, treatments, therapies, doctor consultations, physician visits, and ambulance transports. 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.

Medical Loan Uses

Medical loans can be used to cover your healthcare expense of many sorts, as well as the healthcare needs of a loved one or even a pet in some cases. Therefore, you can get the funding you need to meet just about any medical obligation so you can focus more on your medical care.

Medical Loans: Pros and Cons

Much like any other type of loan, medical loans come with a list of pros and cons. Although it might be unavoidable to take out this type of loan, it is still important to know the benefits and downsides.

Pros

  • Good for many medical expenses – Medical expense loans can be used to pay for a variety of medical procedures such as surgery, chemotherapy, radiation therapy, physician appointments, or the purchase of needed prescriptions. Some lenders even offer to cover the expenses of a loved one’s medical needs.
  • More comfortable interest rates – The interest rates on these loans are often lower than other types of personal loans because they are tax deductible.
  • Flexible repayment – The repayment period is usually longer than other types of personal loans due to the nature of the loan’s purpose.
  • Quick funding – Medical expense loans provide quick access to funds. This can be a huge relief for some people who are in dire need of financial assistance.

Cons

  • Rates – Only borrowers with good or excellent credit are offered low interest rates.
  • Associated fees – Additional fees, such as origination fees, late-payment fees etc. may apply.
  • Credit score – Any type of loan can affect your credit score negatively if you default on your payments or miss payments altogether.

Things to Look Out For When Comparing Medical Loans

  • APR – The APR combines the interest rate and the lender’s fees. It is crucial to be prepared and know how much you’ll need to repay in total.
  • Credit score requirements – Lenders often offer the best rates to people with a higher credit score. Make sure you know your credit score and the corresponding rates.
  • Amount – Make sure that the lender you choose can offer to cover the amount you need, with the best rates you can afford.
  • Repayment time – Know when the lender expects the loan to be repaid, and make sure you can meet the deadlines.
  • Associated fees – Medical loans often come with different fees. Learn which fees you’ll have to pay and include the information in your overall calculation.

Personal Loans for Medical Surgery

Whether it is an unavoidable surgery or some sort of cosmetic procedure, it is a good idea to figure out how you will finance the procedure. If you do not have the savings to pay for the surgery, you will need to look at alternative options, as there will often be hefty costs.

As the name suggests, these loans are designated for surgeries and medical procedures and can be the ideal way for someone to finance them.

A lot of the leading providers of standart personal loans will have specialist medical loans for surgery options. These will usually relate directly to common types of procedures, which sometimes makes it easier to get a better deal on your borrowings.

Medical Loans for Bad Credit

Your credit score shouldn’t prevent you from getting the healthcare you need, especially in the case of an emergency. Medical loans for bad credit are a type of loan that is specifically designed to help people with bad credit get the medical care they need. These loans are typically offered by private lenders.

The interest rates on these loans can be high, but you can choose to pay them off over a more extended period of time. This will help you avoid paying high monthly payments and still get the medical care you need.

The first step in getting a medical loan for bad credit is to find a lender that will work with you. You can find these medical financing companies by looking at our list of recommended lenders. Once you have found a lender, you will need to fill out an application and provide them with information about your financial situation, and get the funding you require.

FAQ on Medical Expenses Loans

What credit score do I need to take out a medical loan?

How do I decide on a lender for a medical loan?

What factors are used to calculate the amount I will pay monthly?

Will I need to make a down payment on a Medical Expenses loan?

What is the standard interest rate for a medical loan?