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 Bank, N.A
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Loan amounts ranging from $5,000 to $100,000
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24 to 84-month terms
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Minimum FICO score of
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No origination fees or prepayment penalties
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No administration or late payment fees
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Doesn’t allow a cosigner
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Offers discounts for automatic monthly payments
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No restrictions on loan purpose
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Limited flexibility on monthly payment dates
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Offers unemployment protection program in case of job loss
2. Upstart
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Loan amounts ranging from $1,000 to $50,000
- 36 or 60-month terms
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Minimum FICO score of 600
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Restrictions on approved borrowers
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No prepayment fee
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Origination fees ranging from 0.00% - 8.00%
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5% or $15 late fee, whichever is higher
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Doesn’t allow a cosigner
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Flexible monthly payment schedule
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Repayment to begin one month after funds are received
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Can make multiple payments per month
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Doesn’t allow loan extensions, but offers alternative payment plans in case of emergency
3. FreedomPlus
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Loan amounts ranging from $7,500 to $50,000
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24 to 60-month terms
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Origination fees ranging from 1.99% - 4.99%, depending on loan terms
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Minimum FICO score varies
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Only fixed-rate loans available
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Funds available within 48 hours
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5% or $15 late fee, whichever is greater
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No prepayment fees
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No restrictions on loan purpose
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Allows co-borrower
5. LendingPoint
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Loan amounts ranging from $2,000 to $36,500
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24 to 72-month terms
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Doesn’t allow a cosigner
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Origination fee ranges from 0.00% - 7.00%
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No prepayment penalty and no administration fees
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Funds available within a day
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No restrictions on loan purpose
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Fair credit history needed
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Loans not available in every state
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Minimum annual income of $20,000
6. LendingClub
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Loan amounts ranging from $1,000 to $40,000
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36 or 60-month terms
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Minimal loan-use restrictions; medical expenses allowed
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No administration fees or prepayment fees
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5% or $15 late fee, whichever is greater, after a 15-day grace period
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3.00% - 6.00% origination fee
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Funds received within a week
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Fixed interest rates
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Allows a co-borrower
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Flexibility to change the monthly due date
7. Earnest
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Loan amounts ranging from $5,000 to $75,000 depending on where you live
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36 to 60-month terms
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Minimum FICO score of 650
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No origination, administration, prepayment, or late payment fee
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Fixed interest rates
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Doesn’t accept cosigners
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Flexible repayment schedule
8. Avant
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Loan amounts ranging from $2,000 to $35,000
- 24 to 60-month terms
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Minimum credit score
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Loans available within a day
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Fixed interest rates
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No prepayment fee
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Up to 4.75% administration fee
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Late fees
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
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Loan amounts ranging from $5,000 to $100,000
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24 to 144-month terms
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Fixed interest rates
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Excellent credit required
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Some loan restrictions
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No fees
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No prepayment penalty
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No payment date flexibility
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Can receive funds on the day of application approval
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Can make extra principal-only payments
*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.
Interested in a personal loan?
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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
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.
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.
| Lender | RATES (APR) | loan amount | |
|---|---|---|---|
 | 7.99% – 23.43%1 | $5,000 to $100,000 | |
 | 4.37% – 35.99% | $1,000 to $50,000 | |
 | 7.46% – 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% – 35.99%4 | $2,000 to $36,500 | |
| compare rates on Lendingtree now | |||
1 Includes AutoPay discount. Important Disclosures for Sofi. Sofi DisclosuresFixed rates from 7.99% APR to 23.43% APR APR reflect the 0.25% autopay discount and a 0.25% direct deposit discount. SoFi rate ranges are current as of 8/22/22 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. Upgrade DisclosuresPersonal loans made through Upgrade feature Annual Percentage Rates (APRs) of 7.46%-35.97%. All personal loans have a 1.85% to 8% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. Loans feature repayment terms of 24 to 84 months. For example, if you receive a $10,000 loan with a 36-month term and a 17.59% APR (which includes a 13.94% 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 $341.48. Over the life of the loan, your payments would total $12,293.46. 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 bank partners. Information on Upgrade’s bank partners can be found at https://www.upgrade.com/bank-partners/ . Opploans DisclosuresDirect 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.
Happy Money Disclosures
Lendingpoint DisclosuresApplications submitted on this website may be funded by one of several lenders, including: FinWise Bank, a Utah-chartered bank, Member FDIC; Coastal Community Bank, Member FDIC; Midland States Bank, Member FDIC; and LendingPoint, a licensed lender in certain states. Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 7% may apply depending upon your state of residence. Upon final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. Loans are offered from $2,000 to $36,500, at rates ranging from 7.99% to 35.99% APR, with terms from 24 to 72 months. Minimum loan amounts apply in Georgia, $3,500; Colorado, $3,001; and Hawaii, $1,500. For a well-qualified customer, a $10,000 loan for a period of 48 months with an APR of 24.34% and origination fee of 7% will have a payment of $327.89 per month. (Actual terms and rate depend on credit history, income, and other factors.) The $15,575.04 total amount due under the loan terms provided as an example in this disclaimer includes the origination fee financed in addition to the loan amount. Customers may have the option to deduct the origination fee from the disbursed loan amount if desired. If the origination fee is added to the financed amount, interest is charged on the full principal amount. The total amount due is the total amount of the loan you will have paid after you have made all payments as scheduled. | |||
