9 Best Medical Loans Available in 2021

 December 2, 2020
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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.

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.

  • SoFi
  • Upstart
  • FreedomPlus
  • LendingPoint
  • LendingClub
  • Earnest
  • Avant
  • LightStream

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

  • 24 to 84-month terms

  • Minimum FICO score of

  • 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 rate

2. Upstart

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

  • 36 or 60-month terms
  • Minimum FICO score of 600

  • Restrictions on approved borrowers

  • No prepayment fee

  • Origination fees ranging from 0.00% - 8.00%

  • 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 rate

3. FreedomPlus

  • Loan amounts ranging from $7,500 to $40,000

  • 24 to 60-month terms

  • Origination fees ranging from 1.99% - 4.99%, depending on loan terms

  • Minimum FICO score varies

  • 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 rate

5. LendingPoint

  • Loan amounts ranging from $2,000 to $36,500

  • 24 to 60-month terms

  • Doesn’t allow a cosigner

  • Origination fee ranges from 0.00% - 6.00%

  • 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 rate

6. LendingClub

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

  • 36 or 60-month 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

  • 3.00% - 6.00% origination fee

  • Funds received within a week

  • Fixed interest rates

  • Allows a co-borrower

  • Flexibility to change the monthly due date

Get rates from LendingClub and other lenders on Lendingtree:Get your rate

7. Earnest

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

  • 36 to 60-month terms

  • Minimum FICO score of 650

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

  • Fixed interest rates

  • Doesn’t accept cosigners

  • Flexible repayment schedule

8. Avant

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

  • 24 to 60-month terms
  • Minimum credit score

  • 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 rate

Avant branded credit products are issued by WebBank, member FDIC. *If approved, the actual loan terms that a customer qualifies for may vary based on credit determination, state law, and other factors. Minimum loan amounts vary by state. **Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33.

9. LightStream

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

  • 24 to 144-month 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

Get rates from LightStream and other lenders on Lendingtree:Get your Rate

*Your APR may differ based on loan purpose, amount, term, and your credit profile. Rate is quoted with AutoPay discount, which is only available when you select AutoPay 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 3.99% APR with a term of 3 years would result in 36 monthly payments of $295.20.

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. For the latest available rates and terms, contact the lender directly.

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LendingTree allows you to compare rates from multiple lenders by filling out one easy form. How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

How Student Loan Hero Gets Paid

How Student Loan Hero Gets Paid

Student Loan Hero is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). Student Loan Hero does not include all lenders, savings products, or loan options available in the marketplace.

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Student Loan Hero is an advertising-supported comparison service. The site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.

RATES (APR)loan amount
5.99% – 18.85%1 $5,000 to $100,000
4.37% – 35.99% $1,000 to $50,000
5.94% – 35.97%* $1,000 to $50,000
99.00% – 199.00%2 $500 to $4,000
5.99% – 24.99%3 $5,000 to $40,000
7.99% – 29.99%4 $7,500 to $40,000
compare rates on Lendingtree now
NMLS #1136: Terms & Conditions Apply
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of March 19, 2020 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 creditworthiness, years of professional experience, 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.
  2. 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.
  3. 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.
  4. If you lose your job through no fault of your own, you may apply for Unemployment Protection. SoFi will suspend your monthly SoFi loan payments and provide job placement assistance during your forbearance period. Interest will continue to accrue and will be added to your principal balance at the end of each forbearance period, to the extent permitted by applicable law. Benefits are offered in three month increments, and capped at 12 months, in aggregate, over the life of the loan. To be eligible for this assistance you must provide proof that you have applied for and are eligible for unemployment compensation, and you must actively work with our Career Advisory Group to look for new employment. If the loan is co-signed the unemployment protection applies where both the borrower and cosigner lose their job and meet conditions.
  5. 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 Includes AutoPay discount. Important Disclosures for Opploans.

Opploans Disclosures

Direct Deposit required for payroll.

Opploans currently operates in these states: . *Approval may take longer if additional verification documents are requested. Not all loan requests are approved. Approval and loan terms vary based on credit determination and state law. Applications processed and approved before 7:30 p.m. ET Monday-Friday are typically funded the next business day.

  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. NV Residents: The use of high-interest loans services should be used for short-term financial needs only and not as a long-term financial solution. Customers with credit difficulties should seek credit counseling before entering into any loan transaction.

  3. OppLoans performs no credit checks through the three major credit bureaus Experian, Equifax, or TransUnion. Applicants’ credit scores are provided by Clarity Services, Inc., a credit reporting agency.

  4. Based on customer service ratings on Google and Facebook. Testimonials reflect the individual’s opinion and may not be illustrative of all individual experiences with OppLoans. Check loan reviews.

  5. Rates and terms vary by state.

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. The loan terms presented are not guaranteed and APRs presented are estimates only. To obtain a loan you must submit additional information and documentation and all loans are subject to credit review and our approval process. The range of APRs is 7.99% to 29.99% and your actual APR will depend upon factors including your credit score, usage and history, the requested loan amount, the stated loan purpose, and the term of the requested loan. To qualify for a 7.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. 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 rate available. All loans are made by Cross River Bank and MetaBank®, N.A., Members FDIC.
* Important Disclosures for Upgrade Bank.

Upgrade Bank Disclosures

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. Accept your loan offer and your funds will be sent to your bank or designated account within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes the transaction. From the time of approval, funds should be available within four (4) business days. Funds sent directly to pay off your creditors may take up to 2 weeks to clear, depending on the creditor. Personal loans issued by Upgrade’s lending partners. Information on Upgrade’s lending partners can be found at https://www.upgrade.com/lending-partners/.