Personal Loans for Medical Financing

Personal Loans for Medical Financing
  • LOANS UP TO $ 5000
Last Updated 09.04.2024
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Illness always comes unexpectedly. And paying for medical care in the US can hardly be called cheap. Even if you have health insurance, medical bills can run into thousands of dollars, and not everyone has the means to pay them back. Taking care of your health is of prime importance, so medical loans may come in handy to cover all expenses. That is why we are going to tell you everything about this type of loan and provide some simple tips on how to get it.

What Are Medical Loans?

A medical loan is a type of personal loan that is used for the sole purpose of paying for medical services. And you can get extra money for both emergency treatment and preventive care. In addition, medical loans are typically unsecured, meaning you do not have to pledge collateral and risk your car or home for the sake of your health. Another advantage is the fast accrual of money, as you receive a loan on the same day or within a couple of days after applying for it.

Medical loans are better suited for those who have a good credit history. However, you can still get healthcare financing even if your credit score is not so high. But in this case, you will have to pay greater fees and interest rates.

Are They Different from Personal Loans?

A medical loan is a separate type of personal loan that is used to pay for medical bills. Personal loans also include financing for other areas such as house maintenance and repairs, purchase of home appliances, wedding costs, travel expenses, car servicing, debt consolidation, and a few others.

Medical loans turned out to be the most popular type of personal loan. After all, the problem of medical debt in the United States is growing every year. So, a survey conducted in February 2022 showed that 56% of Americans have medical debt. Moreover, 23% owe $10 000 or more. At the same time, 1 out of 2 debtors has health insurance, which provides one more proof that you may need a medical loan even if you are insured.

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Reasons You May Need Medical Financing

If you are in dire need of medical care but do not have money and adequate insurance, a medical loan is the best option to cover all the costs of treatment. Indeed, if you are in a life-threatening condition, it is better to borrow money than to reschedule a visit to the doctor while experiencing enormous suffering and pain. Let’s consider the most popular reasons why people apply for loans for medical bills.

  • Ongoing medical treatment such as chemotherapy or dialysis
  • Long-term medical treatment such as rehabilitation and physiotherapy
  • Laboratory tests
  • Hospital stays
  • Emergency medical care
  • Coronavirus treatment
  • Artificial fertilization
  • Childbirth, prenatal and postnatal care
  • Hair restoration
  • Surgical interventions
  • Dental treatment
  • Plastic surgery

How to Compare Medical Loans

Before applying for a medical loan, you should make sure that you get the best and most favorable offer. Here are the main things you should consider when comparing available loan packages.

  • APR. The annual percentage rate includes fees and interest. The best APR rates are usually offered to those with a low debt-to-income ratio and a good credit score. The higher the APR, the more you will have to pay for the loan.
  • Terms. The terms of a medical loan imply a period during which you need to return the money. Lenders usually give their clients 12-60 months to repay the loan. The longer the term, the less you will have to pay monthly.
  • Amount of money. The loan amount differs for each person and depends on your credit history and score. So if you are out of debt and your credit scores are excellent, you have all chances to get large medical loans for surgery or any other procedures.
  • Fees. Each lender sets its own fees for a medical loan. Some avoid them at all, while others charge large commissions for lending money. Here are the main types of fees you should consider when comparing medical loans:
  • Origination fee
  • Registration fee
  • Advance fee
  • Late payment fee
  • Returned payment fee

How to Apply for a Medical Loan

Once you get sick but do not have enough funds to get proper medical care, it’s time to apply for some extra money for healthcare financing. How to do it? Follow these simple steps:

  1. Decide on the loan amount
  2. This is the first step to take before applying for loans for medical procedures. After all, you must be sure that you will manage to return the borrowed money, taking into consideration all the fees. So, perform the necessary calculations and determine the amount that matches your monthly household budget.

  3. Analyze your credit history
  4. This will help you decide what kind of lenders to look for. For example, some of them give money only to clients with excellent credit history, while others work with those who have low credit scores. Moreover, check your credit profile and correct the mistakes, if any.

  5. Explore the lenders and choose the one that is good for you
  6. You can get a loan for medical procedures in the same way as other types of loans – via a credit union, a banking facility, or an online lender. Find 3-5 loan options and analyze their APR, terms, amounts, and requirements for receiving money. Take all these aspects into account and make your final decision.

  7. Apply
  8. To apply for a medical loan, you need to fill out a special application form and provide the lender with some documents that traditionally include:

    1. Identity (ID) proof
    2. Income proof
    3. A copy of your salary slips
    4. Employment certificate
    5. Address proof
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Pros and Cons of Medical Loans

Many people apply for a medical loan without fully understanding its nuances. If you are going to take a loan for medical expenses, you should learn about its advantages and disadvantages to identify whether this option is right for you.


  • Extensive terms. Most lenders offer repayment terms for medical loans from 12 to 60 months. This allows you to choose the most comfortable period to pay the money back.
  • Fast money accrual. Most people tend to delay doctor’s visits until the situation becomes critical. And medical loan allows you to receive money for treatment as quickly as possible, traditionally within 12-48 hours.
  • Small fees. This applies to those with excellent credit history and a high FICO score. Such clients enjoy loans with the lowest possible fees or with no fees at all.
  • Flexibility. You can use medical loans for procedures that are not covered by insurance.
  • Ease of use. In modern times, there are many online lenders that provide medical insurance. So you do not even need to leave the house to get money. In addition, you can pay for medical services virtually.


  • High-interest rates and fees for bad credit holders. If your credit history is far from ideal, get ready to pay a good sum of money to repay the loan. Indeed, the interest rate for bad-credit holders often reaches 36%.
  • Amount limits. Sometimes, the loan amount offered by a lender may not be enough for the medical procedures you need. Moreover, there are certain financial restrictions for people whose credit score is low.
  • Late payment fees can be high. It happens that you cannot make a payment on the monthly loan amount on time or simply forget about it. In this case, you will pay a late fee which may range from $10 to $35.

Medical Loans for Bad Credit

Medical loans are available to everyone, even for those with a low credit score (below 670 according to the FICO system) or no credit history. The point is that lenders always take risks when they give bad credit medical loans to such clients. Therefore, they impose large interest rates and fees for those with a low FICO score. So if you have bad credit, it may be better to consider other options for financing medical treatment.

Alternatives to Medical Loans

Medical loans are just one of the options for healthcare financing. If you have bad credit or cannot get a medical loan for some other reason, there are several other options for you to consider.

Credit cards

This is a good option to cover small expenses for medical procedures. Some lenders even offer special medical credit cards. But there is one downside, credit cards often come with higher interest rates (the APR varies from 4.99% to 35.99%). Although, some providers offer no-interest medical financing if you manage to pay off the loan within a certain period.

Payment plans

Most healthcare institutions offer various payment plans that cover treatment and allow you to pay off the medical debt within 12-18 months. At the same time, they set minimum fees or offer no-interest payment plans. Therefore, this is a great alternative to medical loans, which often come with high fees, especially if you have a low credit score.


There are many charitable organizations that help people in need pay their medical bills. The most renowned nationwide charities are the Patient Access Network and the HealthWell Foundation. Moreover, you can find organizations that help children and people with certain illnesses. Google more charities if this option interests you. Of course, you will not receive money as quickly as you want, but charity institutions never charge any fees or interest rates.


More than half of US residents have healthcare debts. And medical loans are designed to solve this problem. Do not delay a visit to your doctor! Even a seemingly non-serious illness can become life-threatening without proper medical care. If you have a good credit history and a high credit score, you can get a medical loan with no or minimal interest. Thus, you will solve all your health issues and manage to pay off the loan without any problems. We hope this article was helpful. Keep in mind that LoanSolution is always here to solve your financial troubles. Take care!

Carl Packman
Carl Packman
Author’s Page

Carl Packman is a researcher, broadcaster, and writer. He wrote several books, including Loan Sharks: The Rise and Rise of Payday Lending, which comments on personal debt and finance issues. Also, Packman wrote Payday Lending – Global Growth of the High-Cost Credit Market, which reviews the growth of the high-cost credit industry from the early 1990s. He boasts a BA in Film and Philosophy from the London Metropolitan University. Carl Packman is a valuable contributor on our platform, sharing great insights into lending. He has helped improve our website by doing his authoritative preview of different topics.

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