Medical Expenses Financing
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Medical Expense Loans
Our health is a top priority. But unfortunately, health comes at a cost. If you have found yourself having to choose between your health and your finances, you may be in need of medical expenses financing.
Quick. Simple. Secure.
How To Apply For Medical Expenses Financing
Fill out easy online form to check for pre-qualified offers with no impact to your credit score
Compare terms and payment options to select offer that’s best for you
Complete application process on your selected lender’s website
After loan approval, your funds should arrive within 1-2 business days2
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“The process couldn’t have been any easier. I filled out a short form that took me less than 2 minutes and within seconds I got multiple offers from lenders.”
- Mike T. (TN)
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- Carol R (FL)
“I like the easy online and 100% paperless experience of Acorn Finance. I received my money two days after completing my application.”
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FREQUENTLY ASKED QUESTIONS
Learn More About Medical Expenses Financing
Keep reading to learn more.
Read more - FAQ
How can I get a loan for surgery?
So just how do you find the best loan for surgery without spending tons of time? Acorn Finance. It’s easy. Simply fill out the form online and receive personalized loan offers within 60 seconds or less. With no impact to your credit score, you really have nothing to lose – and everything to gain.
What qualifies as a medical expense?
Can you pay a medical loan in installments?
What are the pros & cons of medical financing?
On the other hand, some forms of financing can come with high interest rates, and scams are common. Consumers must be careful not to be taken advantage of by predatory lenders.
Before choosing a financing offer, make sure you have done your homework. Time crunch or not, you should start by comparing offers at Acorn Finance.
Need medical expenses financing? Check offers now!
Is there such a thing as a medical loan?
Medical loans can be used for a variety of healthcare expenses including insurance premiums, hospital bills, prescription medications, surgical procedures, and dental care.
What is a medical loan?
Once approved for the loan, you can pay your medical bills with the money provided to you by the lender in the form of an upfront lump sum payment. It is then your responsibility to pay back the loan amount over time through monthly installments.
Simply because a medical loan is an unsecured loan, does not mean there are no consequences if you are unable to pay back the loan. You may not directly lose your home or vehicle like you would if you default on a secured personal loan, however, there are many consequences to be aware of.
The consequences of defaulting on an unsecured medical loan can have a long-lasting impact on your financial future. For example, any late or missed payments can bring down your credit score significantly due to the fact that a borrower’s payment history makes up around 35% of an overall credit score. If you submit several late payments, miss some payments, and eventually default on the loan, you could see a drop in your credit score of more than 100-points. Any type of loan default can also remain on your credit history for up to 7-years. During those 7-years, you may find it more difficult to obtain a mortgage, a car loan, or even a credit card.
This is why it is important to only borrow what you can afford, and if your medical bills are for a larger amount than what you can afford to borrow, then you may need to talk to the medical provider or a government or charitable/non-profit organization that may be able to help you find some additional resources.
For example, some medical providers may be able to have a portion of your bill placed on a payment plan after you pay off a significant portion of the bill with funds from a medical loan. Simply take out a medical loan for the amount you can afford and that comes with monthly payments you can easily work within your budget, then pay off as much of the medical bill as you can. The medical provider then may be able to put the rest of the balance on their own low or no-interest payment plan.
When it comes to government and charitable/non-profit organizations, there are numerous organizations that are interested in helping uninsured or underinsured patients find the resources they need to ensure they receive the best healthcare available for their condition. If you are unable to cover all your medical bills with a medical loan, then you may want to explore what kinds of organizations are out there that can help people in your situation.
Is a medical loan a personal loan?
What credit score is needed for medical financing?
Either way, the better your credit score, the better deal you may be able to find on a medical loan. This is because most lenders determine a loan’s APR mostly based on the credit history of the potential borrower. The lower their credit score and the worse off their credit history is, the more interest and fees the borrower may have to pay to obtain the loan.
If you have a credit score that is below 600, you still may have some options to find a medical loan that works for you. There are some lenders who specialize in working with bad credit borrowers. These particular lenders may be more willing to work with someone with a credit score below 600, however, they may charge a high origination fee and a higher interest rate on the loan that they may see as risky.
If you are a bad credit borrower and you still don’t think you can qualify for a medical loan, even with a lender who specializes in bad credit loans, there are still a few things you can do. First, you may want to go online and complete a prequalification application for the loan amount you need. When you prequalify, you can see if you may qualify for a medical loan on your own merit or if there is little to no chance. If you do prequalify, you may find out that you may need to pay interest rates as high as 36% along with several other types of fees. This can make borrowing money extremely expensive and it can cause a borrower to fall deeper into debt and risk defaulting.
If you cannot qualify for a loan on your own, or you can qualify but the loan is too expensive, you may want to consider a secured loan option. Secured loans are personal loans that are secured with either some form of collateral or by a cosigner who is willing to be responsible for the loan if the primary borrower is unable to make the payments.
Aside from having a minimum credit score of 600 or more, a borrower may also want to have a lower debt-to-income ratio to improve their chances of qualifying for a medical loan. Many lenders may want to see a debt-to-income ratio that is below 36% whereas some lenders may work with a borrower with a DTI as high as 43%. It all really depends on the lender, the loan amount, and the credit score of the borrower.
How do you finance medical expenses?
You can finance your major or minor medical expenses a number of different ways including a credit card, healthcare credit card such as CareCredit, personal loan, home equity line of credit, home equity loan, or even in-house loans and payment plans offered by your doctor’s office.
Similarly, you can use a Health Savings Account (HSA) or Flexible Spending Account (FSA) if you have one offered through your employer. These accounts allow you to use money contributed before taxes for eligible healthcare expenses.
What credit score is needed for medical financing?
Online lenders are more likely to approve consumers with bad credit. For example, the online lender Upgrade offers unsecured personal loans to applicants with credit scores as low as 560.
Can I pay a medical loan with my HSA?
This is because payments made to reduce the balance of a credit card or loan are not qualified medical expenses but reimbursing yourself for out-of-pocket medical costs originally paid with the credit card or loan can be (as long as the expense was incurred after you opened the HSA).
In addition, you will not be able to use your HSA balance to pay any of the interest or fees associated with the loan or credit card.
How do medical procedures make money?
Can I get a medical loan with a 500 credit score?
If you have a credit score of 500, this is likely going to be too low for approval. While you can try, you may be better off trying to improve your credit first.
Thankfully, applicants with poor credit may still be able to get a medical loan if they can find a friend or family member who is willing to cosign for them. When you use a cosigner, the credit score and other qualifying information of that individual is used to help you obtain the loan.
Can I get a medical credit card with bad credit?
However, you may be able to obtain a medical credit card even with moderately bad credit.
Healthcare credit cards to consider include CareCredit, the Wells Fargo Health Advantage card, and the AccessOne MedCard. Each of these financial institutions has their own list of qualifications for approval. For example, CareCredit has been reported to approve applicants with scores as low as 600. Some lenders such as AccessOne do not run your credit at all.
If you are able to find and qualify for a card with a 0% introductory APR, this can be one of the best ways to finance medical expenses as long as you pay off the balance in a timely manner.
Is there such a thing as a medical loan?
Medical loans can be used to pay bills that stem from medical treatments, prescription medications, special medical equipment like crutches or wheelchairs, and dental, vision, or metal health services. Essentially, any expenses related to your physical, mental, and emotional health can be covered with a medical loan.
Yes, medical loans are a viable financing option for many borrowers who may need some help paying for their medical bills. Whether or not you have insurance, you may need a significant sum of money to cover insurance deductibles, out-of-pocket costs, or even entire procedures. If for any reason your insurance company does not cover a particular procedure, or if you do not have medical insurance, then a medical loan can be used to pay for any costs associated with that procedure.
Medical loans are unsecured personal loans available through banks, credit unions, and online lenders that are used to pay for medical care.
Can I take out a personal loan for surgery?
There are many forms of surgery that may not be covered by insurance and where a personal loan can be helpful. These types of surgeries are often called cosmetic surgery or plastic surgery. Some of the most common types of cosmetic surgery include liposuction, breast augmentation, breast reduction, blepharoplasty, rhinoplasty, facelifts, and gynecomastia treatment.
The average cost of liposuction in the US can range from $2,000 to $4,000 whereas breast augmentations can cost between $5,000 and $10,000. Cosmetic surgeries are not cheap, however, there are many benefits to plastic surgery that help address health issues and improve quality of life and self-esteem. For example, many women who seek breast reduction surgery seek the operation because their condition leads to other issues like chronic back and/or neck pain. Since any one of these cosmetic procedures can cost a few thousand dollars or more, and medical insurance typically does not cover any of the cost, a medical loan may be a good option for someone who is looking to have one of these surgeries.
Should medical loans have interest?
If you are trying to avoid interest altogether, you may be able to pay your medical bills with a brand-new zero-interest credit card. Many credit cards offer a 12 to a 24-month introductory period where you pay no interest throughout the grace period. You may need to have good or excellent credit to qualify for a credit card with 0% interest, however, if you can qualify for a credit card with a high enough credit limit, you may want to consider paying your medical bills with the new card. Once all your medical bills are paid with the credit card, you then will have the 12, 18, or 24-month grace period to pay off the total amount without accumulating a single dime of interest.
Another option you may want to consider if you are trying to avoid paying interest on your medical bills is to discuss financing options directly with the medical provider. Some medical providers may have their own financing options with 0% interest grace periods or they may not charge any interest at all. At the very least, it may be wise to discuss your bill with your medical provider because they may charge an interest rate that is lower than what you may be able to qualify for through a personal medical loan.
Do medical bills have interest rates?
How long are medical loans for?
Is it hard to get financing for plastic surgery?
How do people afford plastic surgery?
What is the minimum monthly payment on medical bills?
Is financing medical bills a good idea?
Another option you may want to explore is signing up for a payment plan directly through the health care provider. Many providers have payment plan programs that can even be interest-free if the total amount is repaid within a predetermined amount of time. But, what if you already have medical bills, and the time to apply for financial assistance or a repayment plan has already passed? Then consolidating existing medical debt by applying for a medical personal loan may be able to help you save time and money. Medical debt, in the form of hospital bills, doctor visits, ER visits, dental procedures, eye exams, and physical therapy appointments, can add up, especially if you are responsible for the medical bills of the entire family. Having multiple monthly payments, across multiple health care providers, with various due dates can be overwhelming. Additionally, if you happen to accidentally miss a payment or make a late payment, you may begin to incur additional fees that make your medical bills more expensive overall. This is where a personal medical debt consolidation loan would be beneficial. With a personal loan, you can then pay off all your various medical debts with one upfront cash payment. Once all the debts have been paid in full, you then can begin making one simple monthly payment to the lender. This may alleviate some stress in your life and potentially save you money depending on the interest rates you were being charged by the various medical providers.
Should you get a personal loan for medical expenses with good credit?
Should you get a personal loan for medical expenses with bad credit?
How much can you borrow with a personal loan for medical expenses?
Where can I get a personal loan for medical expenses?
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