Loans for medical procedures are common due to the often high cost for certain procedures.
If your credit score is average or you need to borrow a high amount, it can be challenging to get a medical loan or even know where to start.
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A medical loan may be necessary to cover the cost of required or elective surgeries or outpatient procedures as we as emergency treatment. It’s not unheard of for medical treatments or surgeries to cost thousands of dollars.
If you don’t have this large amount of money on hand, you may need to borrow it. There are many quality places to get a medical loan from. Our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded.
Top Picks for Best Medical Loans
Upstart - Best For Elective Medical and Dental Procedures
Best Egg - Best For Higher Medical Expense Amounts
Because personal loans can have a big impact on your finances, it’s important to spend a little time reviewing your options to make sure you’re not overpaying. Also, it’s usually worth comparing your rates across multiple lenders to ensure you’re getting the best deal for your credit history and financial situation.
Our team of financial experts ranked lenders based on our ratings methodology for personal loans and found the best overall medical loans on the market. This ratings methodology evaluates lenders based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.
Best Medical Loans in 2023 - Full Overview
So what are the best medical loans to consider? Here are a few of our best picks including an in-depth review on loan features, rates, and what you can expect when you apply.
Upstart - Best For Elective Medical and Dental Procedures
Upstart offers medical and dental loans for surgery, orthodontics, infertility treatments, and other procedures. They have a streamlined application process and issue an average medical loan amount of $5,142.52 - although you may be able to borrow more. Your loan amount is determined by factors like your credit, income, and other information provided in your loan application. An Upstart medical loan would be best for someone who needs to borrow a few thousand dollars for a medical procedure that is elective Upstart doesn’t have strict requirements on the purpose for your medical loan and this includes procedures like cosmetic surgery.
Upstart’s offers medical loans with a repayment term of either 3 or 5 years. Interest rates can vary from 5.22% to 35.99% depending on your creditworthiness. Upstart also has a quick and easy online application and approval process.
Most approved applicants receive their loan funding after just 1 business day. Upstart does have origination fees but there are no downpayment requirements or prepayment penalties.
Upstart scores 4 out of 5 for loan features and a 5 out of 5 for qualification leniency. This company would be an ideal option if you are looking for a medical loan fast with few limitations or use requirements and have the credit score to lock in a reasonable interest rate.
Best Egg - Best For Higher Medical Expense Amounts
Best Egg provides medical loans ranging from $2,000 to $50,000. This could help you cover anything from the smallest outpatient medical procedures to even more expensive surgeries. Best Egg has an A+ rating on the Better Business Bureau and a 4.6 out of 5 rating on Trustpilot. There are very few medical purposes that wouldn’t be approved with this loan. Instead, the company is most focused on qualifying you for a loan that you can afford to pay back in a timely manner.
Best Egg offers an APR ranging from 5.99% to 35.99% for medical loans. There are healthcare installment loans with fixed payment amounts and you’ll choose from 3 and 5-year repayment terms. Best Egg allows you to research your loan options based on your qualifications with a soft-credit pull prequalification form.
This company shines in terms of its transparency as you’ll always know exactly how much you owe on your medical loan and will the loan will be paid off. There is an origination fee but there’s no penalties for paying your loan off early.
Sometimes medical costs can be unpredictable even if you have an estimate. Consider Best Egg if you want more flexibility in terms of how much you need to borrow and prefer a streamlined application and funding process. Most approved applicants will get their loans funded by the next business day.
Lightstream - Best For Borrowers With Great Credit
Lightstream has medical loans ranging from $5,000 to $100,000. These loans can be used for nearly any medical expense including dental procedures or infertility treatments. Lightstream offers low rates and fixed terms but you’ll need great credit to qualify. With an unsecured medical loan from Lightstream, there is no collateral required and you’ll also get an interest rate discount when you set up autopay.
Lightstream offers low rate medical loan with APRs as low as 5.73% but never higher than 20.49%. If you sign up for automatic payments, you’ll get a 0.50% interest rate decrease. Lightstream has repayment terms ranging from 36 months to 72 months.
You can check your rate and potential monthly payment right on their website without providing any of your personal information. Lightstream doesn’t define a specific credit score they accept for medical loans but does mention that you’ll need to have ‘good credit to apply’ which is around a 670 or higher according to Experian.
Lightstream is an exceptional option for a specific type of borrower. If you have limited credit history or a lower score, you probably won’t get far with the company. However, if your credit is great, they offer some of the best terms and rates.
Avant is a personal lender offering emergency and medical loans to people with less than perfect credit. You can borrow up to $35,000 for making this one of the best medical loans for surgery. While this company does have higher interest rates, they have fewer requirements so it’s easier to qualify for funding with a lower credit score or less income. You can prequalify and check your medical loan options online without it impacting your credit score. Avant has fixed payments and allows you to use your medical loan for any reason.
Avant offers loan amounts from $2,000 to $35,000 and APRs range from 9.95% to 35.99%. Terms range from 24 to 60 months and there is a 4.75% upfront administration fee. Avant offers next day funding for most approved applications so you can get the money quickly.
If the medical loan is approved by 4:30 pm CT on a weekday, funds are deposited via ACH for the following business day. There are also offer live customer support via phone 7 days a week.
While Avant does have higher interest rates and an upfront loan processing fee, this company is also more willing to accept borrowers with a lower credit score or shorter credit history.
One Main Financial - Best For Joint/Co-signer Loans
One Main Financial provides medical loans for up to $20,000. These loans can be used for a variety of medical and dental expenses including surgeries and infertility treatments such as IVF. You can apply alone or with a cosigner. One Main Financial accepts lower credit scores so long as you can prove you’re earning enough to repay the loan. There are some loan fees to keep in mind, but interest and payments are fixed are there are no prepayment penalties. Like many other options on this list, you can get prequalified and check your rates online without impacting your credit score.
One Main Financial offers medical loans ranging from $1,500 to $20,000. There is an origination fee which can be a flat-fee ranging from $25 to $500. Or, it could be a percentage of your loan amount representing 1% to 10%. Medical loan terms range from 24 to 60 months and APRs are 18% to 35.99%.
One Main Financial has higher APRs and some fees to be mindful of. However, this company does allow joint financing and accept lowers credit scores if you need help qualifying for a medical loan. In addition, there are few limitations for the specific purpose of your medical loan.
Rocket Loans - Best For Medical Debt Consolidation
Rocket Loans provides medical loans to help you pay for past-due medical bills or upcoming medical expenses with ease. There is a brief online form to fill out to prequalify for a loan. From there, you can choose your medical loan rates, term, and other features based on your credit and other factors. Rocket Loans is good at trying to validate your application information in real time to expedite the approval of your medical loan. If you have multiple medical bills that need to be paid off or have gone to collections, you may want to consider a debt consolidation loan by Rocket Loans so you can roll all your bills into one monthly payment.
Rocket Loans allows you to borrow up to … with a 36 to 60-month repayment term. APRs range from 5.970% to 29.99%. There is an origination fee for each medical loan and this can be anywhere from 1% to 6% of the loan amount.
Same-day funding is available for borrowers who get approved and sign a promissory note by 1 pm ET on a business day.
Rocket Loans offers a standard medical loan along with the to option to get a debt consolidation loan for outstanding medical bills. They provide the funds via direct deposit with next to no loan use limitations. The caveat is the higher APRs and origination fee.
Choosing the best medical financing options for your situation depends on a few factors. Our expert team used many of the parameters below to rank the lenders in our list and this is a great starting point as you weigh options.
Loan features: Key loan features such as the term, maximum loan amount as well as loan use and limitations can make or break your decision so pay careful attention to these details.
Interest rates and fees: Some loans have higher fees than others or tend to give borrowers a higher interest rate. Compare rates and fees to make sure you’re getting the best terms for medical and healthcare loans.
Application process: Most borrowers appreciate a concise and streamlined application process. Decide where you’d like an online application, pre-qualification form with a soft credit pull initially, or other aspects included in the process.
Qualification process: Making sure you qualify for the medical loan before applying is important. Some lenders may have different credit score and income requirements or may allow co-signers.
Customer support: Consider things like accessibility to a live customer service rep to answer your questions along with the type of support offered (email, live chat, phone number, etc.)
Online user reviews: Reviews on independent sites like Trustpilot are important and can bring up potential red flags to watch out for.
Perks and bonuses: Many of the best medical loan companies are offering perks like payment flexibility, advanced technology (mobile app), and advertising transparency the enhance the experience.
Main Features of The Best Medical Loans
Fill in the table with the required features, address features related to medical loans only
Min. credit score
5.22% to 35.99%
Up to $50,000
36 - 60
5.99% to 35.99%
Up to $50,000
36 - 60
5.73% - 20.49%
Up to $100,000
36 - 72
9.95% - 35.99%
Up to $35,000
24 - 60
One Main Financial
18% - 35.99%
Up to $20,000
24 - 60
5.970% - 29.99%
Up to $45,000
36 - 60
What Is a Medical Loan?
A medical loan is a type of personal loan that’s used to pay for medical care. Sometimes, health insurance won’t cover the complete cost for surgeries, elective medical procedures, and other related costs.
Medical loans are offered by banks and other lenders and can be secured or unsecured.
When is a Medical Loan a Good Idea?
Medical loans might be a good idea if you need money quickly to cover a medical expense and don’t want to use a credit card. Medical loans may have lower APRs than a credit card and let you borrow a higher amount.
For example, if you need to pay for a procedure that could cost several thousand dollars, a surgery done with new medical equipment, or you got billed for a hospital stay, a medical loan can come in handy. That way, you can pay off your bills and out-of-pocket expenses.
Here are some other situations where a medical loan might be a good idea for your financial situation:
Urgent bills from medical emergencies
Infertility treatment such as in vitro fertilization (IVF)
Hair loss, hair restoration
Dialysis, chemotherapy and other medical procedures
Long-term care such as physical therapy or rehabilitation
Dental procedures, veneers, and dental surgeries
Cosmetic surgeries and weightloss procedures
The benefit of using a medical loan is that you can have one predictable monthly payment that’s usually at a fixed interest rate. This takes the stress out of wondering how you’re going to pay for medical expenses and can help you avoid bills going to collections
When is a Medical Loan a Bad Idea?
Medical loans are not always a good idea. It all depends on factors like your financial situation, credit profile, desired repayment timeline, and more. Here are some situations where a medical loan may actually be a bad idea.
You don’t meet the credit or income requirements. There are medical loans for bad credit. However, there’s no guarantee you’ll get approved. If you don’t meet the income or credit requirements, this should serve as a caution that a medical loan for your situation is not the best idea.
Interest and fees can significantly increase costs: Some medical loans can be costly if you have a high interest rate or monthly payment. There’s also added fees like the origination fee to consider as well. Medical loans don’t reduce the cost of your medical expenses. So you’ll need to pay back the loan plus extra over time so decide if you can truly afford this.
You need more time to pay off the loan: Most medical loans allow you 3 to 5 years to pay back the debt. However, if that’s not enough time, you may need to consider other options.
How to Get a Medical Loan?
Getting a medical loan is similar to applying for a personal loan. Here are some steps you’ll need to follow.
Get prequalified or get an initial quote: Lots of lenders allow you to fill out a short form online to either receive a quote or get prequalified for a medical loan. This allows you to submit some basic information and preview loan terms and options. Sometimes, the form may ask for your social security number but double-check to make sure it’s just a soft credit pull at this point.
Consider the terms and compare options: After you have a good idea of what you’ll qualify for, consider those terms and compare options. This is the perfect time to shop around to see who’s offering the best APR, decide the repayment term you need, and consider which fees you’ll be responsible for.
Submit an application: After you’ve done your due diligence, it’s time to formally submit an application. You’ll need to enter your personal information such as your address, employer, income, social security number, and desired purpose for the loan funds.
Upload any necessary supporting documents: Once your application is submitted, it will be processed and the lender may request additional documentation. This is where you may be asked to submit pay stubs, bank statements, proof of address and so on to validate your application details.
Accept loan terms and receive funding: If you are approved for a loan, you’ll be asked to sign a document acknowledging that you accept the specific loan terms. Once you’ve accepted the loan terms, you’ll receive the funds. Some lenders provide funds in as little as one business day while it may take a few days for others to transfer the money.
Alternatives to Medical Loans
A medical loan isn’t always the best solution for everyone. It’s important to consider alternative options as well. Before you agree to pay a medical bill, it’s important to check the charges for accuracy since billing mistakes happen all the time. You wouldn’t want to take out a loan to pay for medical expenses that you aren’t even responsible for.
If the bill is accurate, ask about payment plan options. Some medical offices offer payment plans to help you pay for your medical bills overtime. Depending on your income, you may also be able to qualify for financial assistance. Using a payment plan gives you consistent monthly payments but without the added interest and fees that often come with a medical loan.
Another option is to sign up for a medical credit card. If you have good credit, you may be able to lock in a 0% APR for several months allowing you to pay off your medical bills interest-free.
How to Lower a Medical Bill?
Before considering medical financing, it’s important to explore ways to lower your medical bills as well. Healthcare providers offer programs and options to help relieve the burden of medical debt.
Oftentimes, all you need to do is ask about these options. Here are a few ideas to help you lower your medical bills.
Ask if there’s a financial assistance program. Hospitals and medical providers often have programs that can reprice and lower your medical bills if you are facing a financial hardship. Usually, these programs require you to fill out an application and provide proof of income.
Review your insurance coverage. It’s a tedious task but it could save you quite a bit of money. If your insurance doesn’t cover a medical expense that is included in your coverage summary, you can discuss this with them and possibly get your bill reduced.
Negotiate medical bills. Medical costs can be negotiated. If you don’t have insurance or are unable to make payments, see if there’s a patient advocate you can speak with to negotiate the bill to an amount that’s reasonable for you.
Medical loans can come in handy when you need money to cover medical costs fast and prefer fixed monthly payments. There is no one-size-fit-all medical loan option for everyone, but our carefully researched list of best medical loans can certainly help.
Get clear on your reasons for choosing a medical loan and which terms you’re looking for. Also, be sure to prequalify first so you can preview and compare your options early on.
Frequently Asked Questions(FAQ)
What credit score do you need for a medical loan?
Credit score requirements vary by lender but most times, you need at least a 580 or 600 score to qualify for a medical loan. Some lenders even allow you to have a co-signer or co-borrower if your credit score it too low or you have a limited credit history. While you may get approved for a loan with a lower credit score, this could result in a higher interest rate.
How long does it take to pay off a medical loan?
It depends on your loan terms such as your interest rate and repayment terms. Most medical loans allow you 3 to 5 years to pay off the balance. You can pay your balance off early if you want. Just make sure the lender doesn’t charge any pre-payment penalties.
Does a medical loan affect my credit score?
If you prequalify for a medical loan and get a soft credit pull, this will not affect your credit. When you apply for the loan and the lender does a hard credit pull, this will impact your credit by showing up as an inquiry on your credit report.
There’s no guarantee that your credit score will increase or decrease when you get a medical loan. However, making timely and consistent payments can build positive payment history over time.