Best Medical Loans

Medical care is costly all around the world. Insurance can cover many health care procedures, but not all types of care are covered by health insurance, and these usually come at a higher cost. In vitro fertilization, for example, costs an average of $12,000 per cycle. The majority of insurance providers do not have IVF coverage.

In cases like these, where you have medical costs that you can't afford to pay for outright, there are a few options available to a consumer. Using a credit card to pay for a procedure could be faster and easier than getting approved for a loan, but this comes at a very high-interest rate. Such credit cards usually require a good credit score.

Top 5 Medical Lenders

  • People with low credit scores are often approved
  • Loans can be used for a variety of reasons
  • Great customer support staff
Visit Site
  • BBB-accredited
  • Borrow between $2,000 and $25,000
  • Decisions in a few seconds
Visit Site
  • Member bonuses
  • Fixed and variable rates with no hidden fees
  • Straightforward and speedy sign-up
  • Flexible payment options
Visit Site
  • Cosigners accepted
  • Card number immediately
  • No annual fee
Visit Site
  • Best dental procedures
  • No origination fees
  • Personal approach to lending
  • Reduced monthly payments
Visit Site

Medical credit cards are intended explicitly for financing medical care. It can be used to pay for treatments or procedures not covered by insurance. High-interest rates are usually the problem here, as well. Medical loans can help you cover medical costs you can't afford, specifically, for treatment that your insurance policy cannot cover. This article talks about medical loans and the option of Hire Purchase for financing medical care. 

What Is a Medical Loan?

A medical loan is a loan taken out to pay for medical expenses. Medical loans are a kind of medical financing that can be used to cover a varied range of medical procedures, such as surgeries, prescriptions, fertility treatments, elective procedures, and more.

Two types of surgery loans people can apply for are secured or unsecured — the advantage to a secured loan that is a low-interest medical loan. Unsecured loans, on the other hand, do not require you to put up any collateral. Unsecured loans tend to come at a higher interest rate as this poses a greater risk to the lender. We feel as though secured loans are the best medical loans to look at. Lenders can judge your ability to repay the loan through a credit check. They take a look at your credit history and personal income. If approved, you get a larger loan at a lower interest rate.

Loan Process

Before beginning the medical treatment process, it is important to look into various kinds of loans. Medical loans can be obtained from several lenders. Including certain banks, online lenders, and credit unions. It's important to compare interest rates and have proper documentation with you. A driver's license or passport for identification and bank statements or salary slips to show income and address.  The repayment plan is another important aspect of this process. Most people choose to playback the cost in monthly installments. The amount agreed upon depends on the amount and the duration of the loan.

Your credit score is another crucial factor when applying for a medical loan. 

Your credit score might influence the interest rate, and a good score can earn you a better deal with your lender.

How to Apply

When you apply for a medical loan, it is a straightforward process. When doing the paperwork for a medical loan, you will need to research the different options available to you. The better your credit rating, the more likely you are to receive a medical loan with a great interest rate.

Certain cosmetic features allow people to apply for special financing; these procedures include plastic surgery financing and hair transplants.

How Much Do Medical Procedures Cost?

A lot of factors are involved in determining the cost of medical procedures, including the type of treatment, the hospital, and the team of doctors who perform it. 

Usually, insurance is supposed to cover medical procedures, but it only applies to methods that are considered a medical necessity. A medical necessity is any procedure, examination, or service that is performed after a diagnosis by a medical doctor. 

Most elective procedures are not covered by insurance. The cost of a medical procedure without insurance cost more than methods that are deemed necessary. Most lenders will provide financing for medical procedures, but require a good credit score.

However, some lenders provide certain loans for people with loans for medical procedures with bad credit. They have strict upfront terms and higher interest rates. The lower the credit score, the higher the interest rate. It's advisable to reserve the use of these loans for true financial emergencies.

Pros & Cons

Getting medical loans guarantees very low and fixed interest rates. The monthly payments are explained to you before you sign the forms related to your loan. The client can maintain a professional business relationship with their banker. 

The funds are quickly released after approval. The service is available to a wide range of users. In the long run, it helps to improve your credit, but getting coverage in the form of a medical emergency loan will hurt your credit score if you are late on your payments.

How to Prequalify for a Medical Loan

Prequalifying for a loan is a preparatory step in the medical loan approval process. It provides the lender with the opportunity to check your creditworthiness. It also gives the client an idea of the loan he/she might ultimately receive. Getting prequalified does not guarantee you a loan, and it isn't exclusive to medical loans. 

The lender carries out a credit check to access your credit score and history. This gives the lender an idea of how much risk is involved. Then they either deny or grant your prequalification application. 

If you prequalify, you will receive information about the loan you may receive, including the rate and loan amount. You can either accept or decline the offer. If you agree, you can go on to apply for a personal loan that can be used for medical financing.

Best Medical Lenders

  • Fixed Rate APR
  • High loan amounts
  • Flexible repayment plans
visit site
  • Borrow up to $35,000
  • Loan terms between two and five years
  • Accepts credit scores Fair to Excellent
visit site
  • Discount for automatic monthly payments
  • Available in all 50 states
  • Referral bonus of up to $400
  • No origination fee
visit site

What Can I Use a Medical Loan For?

Medical loans cater to most procedures that aren't covered by your insurance provider. These procedures come at a high cost. Most times, these aren't considered medical emergencies. 

Some of the procedures covered by medical financing or have specific loans include: 

  • Plastic surgery loan
  • Dental loans
  • Bariatric financing
  • Fertility financing
  • Vision care financing 
  • Hearing-aid financing
  • Hair-restoration loan
  • Maternity leave loan
  • Vet loan

Is a Medical Loan the Right Choice?

Medical loans could be a better and safer way to go when financing health care. Especially costs that aren't covered by insurance. Procedures that aren’t covered by insurance companies include plastic surgery and financing and hair financing. 

You get the opportunity to borrow a fixed loan amount upfront. Have a specific repayment plan so you know how long it will take you to cover your debt.  You can get a loan at a lower interest rate, especially if you have good credit. You have a choice of fixed or variable interest rates. Funds are also quickly released after approval. The advantages of a medical loan far outweigh the disadvantages. 

Especially when compared with other options, it might not be a perfect choice, but it's undoubtedly a good choice when done right and with proper research.

Where to Get a Medical Loan

There are a lot of companies offering medical loans with favorable terms. Examples include:

  • Laurel Road
  • Earnest
  • Eloan
  • Upstart
  • Avant
  • LendingClub
  • SoFi
  • Prosper
  • LendingPoint

Main Factors to Consider for Medical Loans

When you are looking for a medical loan, it's good to get quotes from multiple lenders. This ensures that you get the best possible deal. Some key factors to consider have been listed below:

Annual Percentage Rate (APR)

The APR signifies the total cost of a loan, including fees and interest.

You would want to go for the lowest possible APR because it can significantly lower your monthly payments and the total cost of borrowing.

Origination Fees

This is an upfront charge by a lender for processing a new loan application. They are generally between 0.5% and 1% of the loan amount. You might want to get a loan that doesn't charge an origination fee. But if you find a loan that offers a low-interest rate. The origination fee shouldn't be a deterrent to taking the loan.

Application Requirements

Pay attention to what the lender requires. Some lenders insist on a good credit score, while some lenders are more lenient on that. Some lenders will require you to provide a consigner while some lenders do not.

It's also a good idea to go with a lender with a soft credit inquiry so as not to hurt your chances of getting the loan.

Loan Terms

Pay attention to other terms of the loan, such as:

  • Minimum and maximum loan amounts
  • Fixed or variable interest rate
  • How long you have to pay back the loan
  • Prepayment penalties or other fees in case of default.

Top 5 Medical Loans


Plastic surgery doesn’t just belong to celebrities anymore. As the cost of treatment has lowered slightly over the years and more online lenders are providing products for these types of procedures, plastic surgery has become much more common. That isn’t to say it’s not still expensive, though, and it’s likely why people turn to online lenders as a result. Using financing to pay for breast augmentation, for example, allows you to spread the cost and get the treatment you need without substantial change to your daily life. If this is something you plan to do, then be sure to consider Upstart to help cover the costs. 

Upstart is one of the few lenders that offer favorable plastic surgery loans since its terms are flexible and APRs are low. Depending on your credit score, you can borrow up to $30,000 with a rate as low as 6.19%, saving you over 20% compared to using a credit card. 


While we can’t all have children, the number of people that can afford to pay for fertility treatment is much lower. And since the procedures aren’t guaranteed to work, spending such a large amount of money can be somewhat of a gamble. If you need to borrow money to pay for fertility treatment, you’ll need to be careful when choosing a lender, since many of the ones available will charge exorbitant APRs and line their loans with hidden charges. Out of all the credible online lenders, SoFi is probably your best bet for fertility treatment. 

Firstly, SoFi comes with really low APR compared to other lenders, and there are no fees for loan origination, late payments, or prepayment. You can borrow up to $100k from as low as 5.99% APR and at the 18.64% APR at the most. Other lenders can go well beyond 30%, just to be clear. Loans come with unemployment protection as standard and can be spread across seven-year terms. 

Lending Club

No one wants to wait until payday to fix a cracked tooth, and the cost of dental care can be so high that a lot of us can’t afford to fork out for it anyway. In order to receive the treatment you need, there’s no better lender to turn to than the Lending Club. With up to $40,000 available, depending on your credit score, you could afford to pay for a whole new set of teeth if you wanted to.

There are three types of lending options available and it only takes a few minutes to check the options you’re eligible for. The APR starts as low as 4.99% for installment loans and terms can run as long as 84 months, though you might prefer to take one of the shorter options. Whichever type you choose, your teeth can get the care they need without breaking the bank too much. 

Laurel Road

When you’ve got a family to take care of, trips to the opticians and the cost of new glasses go up when you have everyone else to think about. Rather than struggle for the next few months, turning to an online lender means you can maintain the same quality of life while still affording to pay for your kids’ glasses. You’ll need to keep in mind the interest that you’ll be required to pay, though, so be sure to go with a lender like Laurel Road

The APR on Laurel Road’s fixed-rate loans is low in comparison to its competitors, coming in at a minimum of 5.50%. You can borrow anything up to $80,000 if you need to, giving you enough to pay for your much-needed eye treatment with enough left over for any home improvements you have lined up. Plus, if you sign up for automatic monthly payments, you’ll get a 0.25% discount on the amount you have to repay.


Our hearing deteriorates as we get older but some people experience this at a much younger age. Whether it’s with hearing aids or some form of treatment, getting the care you require for your ears can be expensive. Earnest is the first choice when it comes to protecting the health of your ears since the terms and interest of its loans are desirable and suited to people with all budgets. 

With Earnest, you can borrow up to $75,000 for any surgery or treatment you might require, with APR from as low as 5.99%. Plus, payments can be split between 36 and 60 months, so you don’t have to make major adjustments to your lifestyle in order to cover the loan. It only takes a couple of minutes to see whether you can take a loan or not and you’ll receive the money in just one or two business days once you’ve been approved.

Medical Loans With Bad Credit

Having bad credit makes it a little more challenging to get a loan. The same applies to a medical loan as lenders want to know that you are capable of paying back your debt.

However, it's not impossible to get a medical loan in spite of an imperfect credit score. Some lenders make special provisions for people with bad credit. Be sure to do your research and try to work directly with the lender to see if you can arrange a payment plan.


Medical loans can help cover a variety of health care procedures, including those that are not covered by insurance, and you can't afford to pay out of pocket for. They aren't the only financing option available, but they are a good one to consider.

They have a lot of advantages and can be easily tailored to an individual's interest. Take time to do your research and compare quotes from different lenders. Try to get a loan with the lowest possible rates and best terms for your unique financial situation.