9 Best Medical Loans Available in 2018

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.

• SoFi
• Upstart
• FreedomPlus
• Citizens Bank
• 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

• 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

Visit SoFi

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

Visit Upstart

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

Visit FreedomPlus

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

Visit Citizens Bank

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

Visit LendingPoint

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

Visit LendingClub

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

Visit Earnest

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

• 4.75% administration fee

• Late fees

Visit Avant

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

Visit LightStream

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.

Interested in a personal loan?

Here are the top personal loan lenders of 2018!

Lender	Rates (APR)	Loan Amount
1 Includes AutoPay discount. Important Disclosures for SoFi. SoFi Disclosures Personal Loans: Fixed rates from 6.199% APR to 15.365% APR (with AutoPay). Variable rates from 6.145% APR to 14.685% APR (with AutoPay). SoFi rate ranges are current as of June 15, 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 6.145% APR assumes current 1-month LIBOR rate of 1.97% plus 4.175% 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. 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 Citizens Bank. Citizens Bank Disclosures Personal Loan Rate Disclosure: Fixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount. * Important Disclosures for Upgrade Bank. Upgrade Bank Disclosures Personal Loan Rate Disclosure: Fixed interest rates from 6.49% – 19.49% (6.49% – 19.49% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.
	7.73% – 29.99%	$1,000 - $50,000	Visit Upstart Check rate nowon SLH's secure site
	6.15% – 15.37%1	$5,000 - $100,000	Visit SoFi Check rate nowon SLH's secure site
	6.87% – 35.97%*	$1,000 - $50,000	Visit Upgrade
	8.00% – 25.00%	$5,000 - $35,000	Visit Payoff Check rate nowon SLH's secure site
	4.99% – 29.99%	$10,000 - $35,000	Visit FreedomPlus
	5.99% – 18.99%2	$5,000 - $50,000	Visit Citizens
	15.49% – 34.49%	$2,000 - $25,000	Visit LendingPoint
	5.99% – 35.89%	$1,000 - $40,000	Visit LendingClub
	5.49% – 18.24%	$5,000 - $75,000	Visit Earnest
	9.95% – 35.99%	$2,000 - $35,000	Visit Avant