9 Best Medical Loans Available in 2018

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Medical emergencies can be the source of huge financial burdens. Procedures, doctor visits, or even hospital transportation can set you back hundreds of thousands of dollars. You might have medical insurance, but depending on your coverage, an emergency could drown you in debt.

A Consumer Financial Protection Bureau report said in 2014 that 43 million Americans had overdue medical debt that hurt their credit.

To help reduce the cost of medical expenses or pay off medical debt, you might consider taking out a medical loan. Medical loans are available in a few ways from a variety of providers. But not all lenders are created equal. Here are some of your best options for medical loans.

Where to get medical loans

If you’re trying to find companies that offer medical loans, you have choices. Depending on what you need, you might find one option is better than another.

Getting a personal loan is one of the most common options for paying off medical debt. You can get one at a bank, credit union, or online. It’s important to compare personal loan lenders to see which ones offer you the best interest rates and repayment terms.

You also can try a personal line of credit. This method can be helpful if you’re getting a string of procedures done, such as intense dental work or long-term rehabilitation that requires payment after each visit.

Some offices and hospitals offer in-house financing options to pay for services. However, you might end up paying more in interest by using an in-house financing option, so be sure to explore all your options. Think about what you’ll be using the money for, when you can pay it off, and how much financing you qualify for before choosing this option.

9 best medical loans

Choosing to get a personal loan to handle medical expenses can be helpful for you, depending on your financial situation. Here are some of the best personal loan lenders.

1. SoFi

  • Loan amounts ranging from $5,000 to $100,000

  • Three- to seven-year terms

  • No minimum FICO score

  • No origination fees or prepayment penalties

  • No administration or late payment fees

  • Doesn’t allow a cosigner

  • Offers discounts for automatic monthly payments

  • No restrictions on loan purpose

  • Limited flexibility on monthly payment dates

  • Offers unemployment protection program in case of job loss

Get rates from SoFi and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

2. Upstart

  • Loan amounts ranging from $1,000 to $50,000

  • Three-, five-, and seven-year terms
  • Minimum FICO or Vantage Score of 620

  • Restrictions on approved borrowers

  • No prepayment fee

  • Origination fees ranging from 0% to 8%

  • 5% or $15 late fee, whichever is higher

  • Doesn’t allow a cosigner

  • Flexible monthly payment schedule

  • Repayment to begin one month after funds are received

  • Can make multiple payments per month

  • Doesn’t allow loan extensions, but offers alternative payment plans in case of emergency

Get rates from Upstart and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

3. FreedomPlus

  • Loan amounts ranging from $10,000 to $35,000

  • Two- to five-year terms

  • Origination fees ranging from 0% to 5%, depending on loan terms

  • Minimum FICO score of 640

  • Only fixed-rate loans available

  • Funds available within 48 hours

  • 5% or $15 late fee, whichever is greater

  • No prepayment fees

  • No restrictions on loan purpose

  • Allows co-borrower

Get rates from FreedomPlus and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

4. Citizens Bank

  • Loan amounts ranging from $5,000 to $50,000

  • Three- to seven-year terms

  • Only offers fixed interest rates

  • No origination, administration, or late payment fees

  • No prepayment penalty

  • Minimum income requirement of $24,000

  • Strong credit history needed

  • Payment due date set by the loan servicer

  • Allows cosigners

Get rates from Citizens Bank and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

5. LendingPoint

  • Loan amounts ranging from $2,000 to $25,000

  • 24- to 48-month terms

  • Doesn’t allow a cosigner

  • 0% to 6% origination fee; late fees

  • No prepayment penalty and no administration fees

  • Funds available within a day

  • No restrictions on loan purpose

  • Fair credit history needed

  • Loans not available in every state

  • Minimum annual income of $20,000

Get rates from LendingPoint and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

6. LendingClub

  • Loan amounts ranging from $1,000 to $40,000

  • 3- or 5-year terms

  • Minimal loan-use restrictions; medical expenses allowed

  • No administration fees or prepayment fees

  • 5% or $15 late fee, whichever is greater, after a 15-day grace period

  • 1% to 6% origination fee

  • Funds received within a week

  • Fixed interest rates

  • Allows a co-borrower

  • Flexibility to change the monthly due date

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7. Earnest

  • Loan amounts ranging from $5,000 to $75,000 depending on where you live

  • Three- to five-year terms

  • Minimum FICO score of 680

  • No origination, administration, prepayment, or late payment fee

  • Fixed interest rates

  • Doesn’t accept cosigners

  • Flexible repayment schedule

Get rates from Earnest and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

8. Avant

  • Loan amounts ranging from $2,000 to $35,000

  • Two- to five-year terms
  • Minimum credit score of 580

  • Loans available within a day

  • Fixed interest rates

  • No prepayment fee

  • Up to 4.75% administration fee

  • Late fees

Get rates from Avant and other lenders on Lendingtree:Get your rateDisclaimer: Student Loan Hero is a subsidiary of Lendingtree.

9. LightStream

  • Loan amounts ranging from $5,000 to $100,000

  • Two- to seven-year terms

  • Fixed interest rates

  • Excellent credit required

  • Some loan restrictions

  • No fees

  • No prepayment penalty

  • No payment date flexibility

  • Can receive funds on the day of application approval

  • Can make extra principal-only payments

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Is a medical loan right for you?

If you’re planning to have a medical procedure done or trying to get out of medical debt, medical loans might be a good option for you. Compare all lenders to see which ones offer the best personal loans for medical purposes.

If you need medical loans but don’t have strong credit, consider getting a cosigner or co-borrower. Having a cosigner with good credit might help you qualify for a loan that you otherwise can’t, and might lower your interest rate if you do qualify. If you decide to go this route, though, ensure that the lender you choose allows you to apply with a cosigner.

While medical loans are great when you’re in need, be cautious when taking out a loan. Remember that you’ll need to repay the money with interest. Make sure you can do so when the time for repayment comes.

Note: Student Loan Hero has independently collected the above information related to the lenders. The lenders have neither provided nor reviewed the information shared in this article. All rates and terms were current as of June 5, 2018. For the latest available rates and terms, contact the lender directly.

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Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

RATES (APR)loan amount
7.73% – 29.99% $1,000 to $50,000
6.26% – 14.87%1 $5,000 to $100,000
6.99% – 35.97%* $1,000 to $50,000
56.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $35,000
4.99% – 29.99%4 $10,000 to $35,000
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1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Personal Loans: Fixed rates from 6.990% APR to 14.865% APR (with AutoPay). Variable rates from 6.255% APR to 12.555% APR (with AutoPay). SoFi rate ranges are current as of September 1, 2018 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. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. 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, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 6.255% APR assumes current index rate derived from the 1-month LIBOR of 2.08% plus 4.425% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. 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.

    To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.See Consumer Licenses.
  2. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  3. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  4. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)
2 Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states:

  1. To qualify, a borrower must (i) be a U.S. citizen or permanent resident; (ii) reside in a state where OppLoans operates; (iii) have direct deposit; (iv) meet income requirements; (v) be 18 years of age (19 in Alabama); and, (vi) meet verification standards.
  2. This information is current as of October 10, 2017 and is subject to change. Opportunity Financial, LLC lends or arranges loans in the following states: Alabama, California, Delaware, Florida, Idaho, Illinois, Kansas, Maryland, Missouri, Nevada, New Mexico, Ohio, South Carolina, Tennessee, Texas, Utah, Virginia, and Wisconsin. We do not lend or arrange loans in all states. Opportunity Financial offers line of credit products in: Kansas, Tennessee and Virginia. Please note: This is an expensive form of credit. This service is not intended to provide a solution for longer-term credit or other financial needs. Loans made or arranged by Opportunity Financial are designed to help you meet your short-term borrowing needs. Loan amounts may vary and are dependent upon qualification criteria and state law. Refer to Loan Cost & Terms at www.opploans.com for additional details. Complete disclosures of APR, fees and payment terms are provided within the transaction documents, such as the Loan Agreement. First-time Opportunity Financial customers typically qualify for an installment loan of $1,000 to $5,000 with an APR from 59% to 199%. For example, a $1,000 loan made or arranged by Opportunity Financial with 12 bi-weekly payments of $130 has a 199% APR. After the 12th successful payment, the loan would be paid in full.
  3. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day. In some cases, we may not be able to verify your application information and may ask you to provide certain documents. Some customers applying for a loan may be required to submit additional documentation due to state law and qualification criteria.
  4. Lower APRs and longer terms when compared to a typical payday lending product. According to the Consumer Federation of America, a non-profit consumer advocacy group, payday loans range in size from $100 to $1,000, depending on state legal maximums and carry an average APR of 400% and an average loan term of two weeks. The maximum APR for a loan offered by OppLoans is 199% and loan sizes range from $1,000-$5,000 with a typical term of six months dependent on the state law.
  5. As of October 17, 2017. Ratings on third-party websites may periodically change; please check the third-party websites for up-to-date reviews and ratings. Google+ Rating: 4.8 out of 5 based on 1,824 reviews. Facebook Rating: 4.7 out of 5 based on 270 reviews.
3 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.
4 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 4.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 4.99% APR loan, a borrower will need excellent credit on a loan of $15,000 with a term of 24 months, and qualify for at least two of the following discounts: (1) add a co-borrower who has sufficient income; (2) use at least fifty percent of the loan proceeds to directly pay off existing debt; or (3) show proof of having at least forty-thousand dollars in retirement savings – contact FreedomPlus for further details.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.