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Last updatedJune 2022

Best Medical Loan Companies 2022

Receive the care you need, today

Using a personal loan to cover medical expenses can get you out of a tough spot, fast. Compare rates, choose the right loan for you, and apply now.

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Editorial Reviews

Credible

Credible

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LendingTree

LendingTree

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LightStream

LightStream

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Upstart

Upstart

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What is a Medical Loan?

Emergencies happen, and when they do, you could be left with a massive medical bill that you cannot afford. Other procedures, known as electives, are optional medical treatments that aren’t covered by insurance. These surgeries, including some infertility treatments, plastic surgery, and dental care, can be quite pricey.

The solution to both unforeseen medical emergencies and electives not covered by your insurance may be a convenient medical loan. What is a medical loan, how do you apply and get approved for one, and what types of terms can you expect? Find out now.

Getting a Medical Loan: What You Need to Know

Personal loans are loans that can be used for any purpose without strings attached, making them the ideal choice for financing a surgery or paying for other medical bills. When you take out a personal loan, you’ll be charged an interest rate that’s based on the current rates along with your credit history. You will pay off some of the loan each month, and this can be paid off over the course of several years, making the entire financial obligation more manageable.

Since banks are less flexible, make it more difficult to get approval, and are tighter with their loan amounts, opting for a private lender or loan provider is often a better option for most people. When shopping around for a medical loan, look for a lender that will give you reasonable rates, fair repayment terms, and helpful resources. Two things you don’t want to do when trying to finance a medical procedure are:

  • Put the charges on your credit card
  • Take out an untrustworthy payday loan

The reason both these options should be avoided is the same: you’ll end up paying astronomical interest rates. When rates are too high, people frequently end up unable to pay the hefty fees, fall into debt, and ruin their credit. That's why these options are not recommended. Instead, opt for a personal loan from a reliable lender, and save yourself thousands of dollars over time, and a huge headache as well.

Discover Your Options: What You Can Do with a Medical Loan

Medical loans issued by a trustworthy marketplace loan provider or a peer-to-peer lender are the solution many borrowers are looking for to help ease the financial burden of surgery and other medical treatments. Medical loans can be used for a variety of purposes, including:

  • Medical procedures
  • Medications
  • Transportation
  • Rehabilitation
  • Co-payments
  • Dental work and X-rays

Before applying for a medical loan, be sure to ask for enough to cover all of the expenses involved with the procedure (for example, transportation), so you are not left with additional expenses to pay in addition to your monthly loan payments.

Applying for a Medical Loan

Applying for a medical loan is easier than ever. In fact, most lending portals have online forms that take just a minute to fill out. Visit the lender’s website, fill out the form, and wait for offers to come your way. Generally, you’ll be asked to provide your name, phone number, address, employment record, credit score, and sometimes you'll be asked to provide proof of employment, like pay stubs.

Once you fill out the initial application, many lenders will give you a pre-approval quote that tells you approximately how much APR you can expect to pay with a loan from that provider. If you see something you like, you’ll go on to the next application stage in which a hard credit pull is done, more specific terms are offered, and the loan is finalized if you are interested.

Using an online loan marketplace means that your application is sent out to several lenders simultaneously, so you’ll receive multiple offers while only having to fill out a single form. It’s also a good way to compare rates, since you have all of the information condensed into a single space. Compare the different offers you receive so that you can select the loan provider that offers you the most competitive rates with the most flexible terms for your situation. This will make loan repayments easier for you and less expensive.

Getting Medical Financing for Surgery

As mentioned, you can also get medical financing for surgeries as well as treatments required. Both surgeries needed for health reasons as well as electives can be paid for with a medical loan. Some of the electives that people use personal loans for are appearance improvement procedures, such as:

  • Hair transplants
  • Weight loss surgery
  • Breast implants
  • Aesthetic orthodontics
  • Tummy tucks

Of course, even surgeries covered by your insurance can become expensive between the co-pays, the doctors’ visits, and the prescriptions. As such, you can use a medical loan to pay for surgeries that are covered as well.

APR (Annual Percentage Rates)

The APR is an estimated total of all the payments you will have to make for your loan each year and one of the most important factors to look at when comparing loans. This figure can vary from one person to another and from loan to loan. Generally, the APR will depend on 2 things:

  1. The current national rates
  2. Your personal credit history

The current national rate fluctuates, and lenders will take this into consideration when charging you an APR. You can opt for 1 of 2 types of loans: fixed rate or variable rate. The fixed-rate loan will lock in an APR, and it will remain at this rate for the duration of your loan. This can be a good choice if the rates are particularly low when you take out a loan. Alternatively, a variable interest rate is one that fluctuates along with the average. That means that sometimes you’ll pay a higher rate, and sometimes you’ll pay a lower rate. If you need to know your monthly payment to the last dollar up front, a fixed rate is a better option for you. Otherwise, a variable-rate loan could potentially save you more in the long run.

Your personal credit history will also play a significant role in determining your APR. People with lower credit scores will receive higher APRs as a rule. However, thanks to FICO 9, creditors are looking at your credit history differently than they used to. Instead of just seeing a score, they'll look at why you have that credit score. If your score is low because you had an unexpected medical emergency in the past that brought down your score, you will be judged more favorably than someone whose score was lowered because they recklessly racked up an enormous credit card debt on unnecessary purchases, for example. Be sure to look at your credit report, take measures to clean it up in any way you can, and remove any fraudulent entries or misinformation before applying for your medical loan.

The APR calculation on personal loans will vary depending on your lender, but it will typically be lower than what you would receive from a payday or short-term loan – usually starting at 10% and capping at 35.99%. It is not ideal to owe any money, but if you require a loan, then a personal loan could certainly be a viable option.

APR rates mentioned include associated fees.

Full repayment for the loans displayed range between 61 days to 180 months.

Representative example: assuming a loan of $10,000 over 60 months at a fixed rate of 3.1% per annum and fees of $60.00. This would result in a representative rate of 3.3% APR, with monthly repayments of $180.80, for a total amount paid of $10,848.00.

Personal Loan Terms

The beauty of personal loans is that you can get flexible terms on the loans you take out.

  • When you make the payment

Some providers will let you choose which day of the month you need to make your loan repayment. This is a convenient way to set up your loan payments so that it falls in line with your monthly finances. Other lenders will allow you to switch your payment date if you find that another day of the month is more convenient or feasible.

  • Fees

Pay close attention to any fees being charged by the lender. The presence of a fee such as a closing fee or processing fee isn’t necessarily a deal-breaker, but you want to be aware of all of the fees you’ll be charged up front. Any lender that hides its fee policies is not going to earn trust points. Also, make sure to include the fees when comparing different lenders and rates you receive.

  • Repayment length

How long you'll have to repay your loan is another important term to consider. The longer you have to pay off the loan, the lower your monthly payments will be. This will obviously make paying off your loan much easier on a day-to-day basis. However, the longer you take to pay off the loan, the more money you end up paying, for 2 reasons. One, because for each month that your loan exists, you need to pay interest, so the longer the repayment plan, the more interest you pay. Two, the longer your repayment plan, the higher your interest rate will be. This is not always the case, but it is the general rule for the vast majority of lenders. If you can afford it, pay off your loan as quickly as possible. If you simply cannot afford high monthly payments, spreading out your loan over several years is a better option.

  • Pre-payment penalties

Another thing to look for is a pre-payment penalty. Some lenders will charge you this fee if you make larger payments than your monthly minimum or if you pay off your loan before the agreed upon date. This is because they are losing out on the interest payments you would be paying if the loan had come to full term. Look for a lender that doesn't charge a pre-payment penalty. This way, if you come into some money down the road or if you can manage a higher monthly payment one month, you can decrease your overall loan payments without being penalized.

Finding the Right Loan Provider

A medical loan is an easy way to consolidate all of your medical expenses into one easy to manage payment. It will also help you cover a medical procedure that isn't covered by your insurance or carries more expenses than your finances can handle. Finding a reliable personal loan provider will ensure that you receive fair terms, good rates, and positive experience all around, so read these reviews to get an honest, first-hand perspective on top medical loan providers. Pay off your loan each month responsibly, and your medical loan will even help you build your credit for better rates in the future.



* LightStream Terms and Conditions:

*Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be 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. SunTrust now Truist is an Equal Housing Lender. © 2020 Truist Financial Corporation. SunTrust®, Truist, LightStream®, the LightStream logo, and the SunTrust logo are service marks of Trust Financial Corporation. All rights reserved. All other trademarks are the property of their respective owners. Lending services provided by SunTrust now Truist Bank. You can fund your loan today if today is a banking business day, your application is approved, and you complete the following steps by 2:30 p.m. Eastern time: (1) review and electronically sign your loan agreement; (2) provide us with your funding preferences and relevant banking information; and (3) complete the final verification process. After 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.

*  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, our evaluation of your creditworthiness, your credit history, if we have recently declined your loan application and the number of loans you already have with us. To obtain a loan, you must submit additional documentation including an application that may affect your credit score. 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. You may be required to have some of your funds sent directly to creditors to pay down certain types of unsecured debt. Receive a 0.25% APR reduction when you enroll in AutoPay. This reduction will not be applied if AutoPay is not in effect. When enrolled, a larger portion of your monthly payment will be applied to your principal loan amount and less interest will accrue on your loan, which may result in a smaller final payment. See loan agreement for details.

* LendingClub Terms and Conditions:

A representative example of loan payment terms is as follows: you receive a loan of $13,411 for a term of 36 months, with an interest rate of 12.16% and a 5.30% origination fee of $711, for an APR of 15.99%. In this example, you will receive $12,700 and will make 36 monthly payments of $446.46. Loan amounts range from $1,000 to $40,000 and loan term lengths are 36 months or 60 months. Some amounts and term lengths may be unavailable in certain states. APR ranges from 8.05% to 35.89% and is determined at the time of application. Origination fee ranges from 3% to 6% of the loan amount. Lowest APR is available to borrowers with excellent credit. Advertised rates are subject to change without notice. Loans are made by LendingClub Bank, N.A., Member FDIC (“LendingClub Bank”), a wholly-owned subsidiary of LendingClub Corporation, NMLS ID 167439. Loans are subject to credit approval and sufficient investor commitment before they can be funded or issued. Certain information that we subsequently obtain as part of the application process (including but not limited to information in your consumer report, your income, the loan amount that your request, the purpose of your loan, and qualifying debt) will be considered and could affect your ability to obtain a loan from us. Loan closing is contingent on accepting all required agreements and disclosures at Lendingclub.com. “LendingClub” is a trademark of LendingClub Bank.

* One Main Finanacial Terms and Conditions: 

Example Loan: If you borrowed $6,000 with a 24.99% APR and 60-month term, your payments would be $176.07 per month. This example is based on an average customer with good credit. Not all applicants will be approved. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). If approved, not all applicants will qualify for larger loan amounts or most favorable loan terms. Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Loan approval and actual loan terms depend on your state of residence and your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). APRs are generally higher on loans not secured by a vehicle. Highly-qualified applicants may be offered higher loan amounts and/or lower APRs than those shown above. OneMain charges origination fees. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $25 to $500. Percentage-based fees vary by state ranging from 1% to 10% of your loan amount subject to certain state limits on the fee amount. Loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z such as college, university or vocational expense; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. North Dakota: $2,000. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: North Carolina: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

† Credible Terms and Conditions:

Credible is so confident in the personal loan rates you’ll find on Credible, we’ll give you $200 if you find and close with a better rate elsewhere. See full terms and conditions

‡ Upgrade Terms and Conditions:

Personal loans made through Upgrade feature APRs of 5.94% - 35.97%. All personal loans have a 2.9% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by Upgrade's lending partners. Information on Upgrade's lending partners can be found at https://www.upgrade.com/lending-partners/.

* Freedom Terms and Conditions:    

The financial solutions for which you will be evaluated are offered by service providers with which we are affiliated and/or compensated by who participates on our website. Terms and conditions apply to each, and not all are available in every state.

Personal loans are available through our affiliate Freedom Financial Asset Management, LLC d/b/a Freedom (NMLS ID #227977), originated by Cross River Bank, a New Jersey State Chartered Commercial Bank or MetaBank®, N.A., Members FDIC, Equal Housing Lenders and may not be available in all states. All loan and rate terms are subject to state law requirements, eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, credit usage and history. Loan amounts range from $7,500 to $50,000, vary by state and are offered based on underwriting conditions. Freedom does not arrange loans in Arizona under $10,500.

* To qualify for a 7.99% APR loan, a borrower will need excellent credit for loan amounts less than $12,000.00, with a term equal to 24 months. Loan origination fees vary from 1.99%to 4.99%, though most loans will have a loan origination fee of 4.99%. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rates available.

*SoFi Limited Offer Terms and Conditions: 

SoFi Checking and Savings is offered through SoFi Bank, N.A.  
$100 Welcome Bonus Offer Terms: Terms and conditions apply. The offer is subject to lender approval. The offer is only open to new Personal Loan borrowers and may not be combined with other offers aside from the direct deposit discount, direct pay discount, and autopay discount. To receive the offer, you must: (1) register and apply through this landing page; (2) complete your application and fund a personal loan with SoFi; (3) have or apply for a SoFi Checking and Savings or SoFi Money account to receive the bonus; (4) and meet SoFi’s underwriting criteria. Once conditions are met and the loan has been disbursed, your $100 welcome bonus will be deposited into your SoFi Checking and Savings or Money account within 30 calendar days. If you do not qualify for the SoFi Checking and Savings or SoFi Money Account, SoFi will offer payment via ACH pending your completion of Form W9. Bonuses that are not redeemed within 180 calendar days of the date they were made available to the recipient may be subject to forfeit. Bonus amounts of $600 or greater in a single calendar year will be reported to the Internal Revenue Service (IRS) as miscellaneous income to the recipient on Form 1099-MISC in the year received as required by applicable law. The recipient is responsible for any applicable federal, state, or local taxes associated with receiving the bonus offer; consult your tax advisor to determine applicable tax consequences. SoFi reserves the right to change or terminate the offer at any time with or without notice.

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 6/15/22 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.