Personal Loan for Medical Expenses

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Best Loans for Medical Expenses

Medical expenses can add up, leaving individuals searching for personal loans for medical expenses. The good news is that you can get the medical treatment you need and take a personal loan to help afford the expense.

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How To Apply For Personal Loan for Medical Expenses

1 Pre-qualify

Fill out easy online form to check for pre-qualified offers with no impact to your credit score

2 Select offer

Compare terms and payment options to select offer that’s best for you

3 Finish application

Complete application process on your selected lender’s website*

4 Receive funding

After loan approval, your funds should arrive within 1-2 business days*

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Learn More About Personal Loan for Medical Expenses

With a personal loan, you can access a lump sum of funds and take advantage of fixed monthly payments. Keep reading to learn more about the best personal loans for medical expenses.

Read more - FAQ

Can you get a personal loan for medical expenses?

Yes, using a personal loan to cover medical expenses is actually a quite common use of personal loan funds. You may want to use a personal loan to consolidate medical bills into one easy monthly payment rather than having to organize payments to several different entities each month. If you have high insurance deductibles, out-of-network charges, or you have particular charges your insurance will not cover, then a personal loan could be helpful to cover those costs. Or, maybe you have an upcoming medical or dental procedure that is considered cosmetic, or simply, your insurance only covers a portion of the cost. Again, a medical personal loan could be used to cover these costs. Essentially, a personal loan, if you qualify, can be used for almost any purpose that you choose, including medical expenses. 


What credit score is needed to get a personal loan for medical expenses?

A medical personal loan is no different from a regular personal loan when it comes to the minimum credit score requirements. Each lender will have its own credit score requirements, however, those minimum requirements seem to mainly fall into the 610 to 640 range. That being said, there are still plenty of lenders who may require a minimum credit score that is outside of that range. Some lenders may require a credit score above 660 or 680, while others may consider working with an applicant who is applying for a personal loan with a credit score as low as 580 or 560. The easiest way to determine which lenders are willing to loan you a medical personal loan based on your credit profile is to prequalify. The prequalification process is extremely quick and simple, and once completed, you will then be able to see which lenders see you as a viable candidate for a medical personal loan. Additionally, you will also begin to see what kind of interest rates you may be required to pay. 


What qualifies as a medical expense?

According to the IRS, a medical expense includes payments for the diagnosis, cure, mitigation, treatment, or prevention of a disease, or payments for treatments affecting any structure or function of the body. Some examples of these types of expenses may include payments of fees to doctors, dentists, surgeons, chiropractors, psychiatrists, psychologists, and other more nontraditional medical practitioners. Aside from paying the doctor or the dentist, medical expenses may also consist of payments to hospitals, nursing homes, clinics, inpatient addiction treatment centers, and other places where medical procedures take place. 


Is financing medical bills a good idea?

Financing medical bills may be a good idea in many circumstances, however, there are a few other options you may want to consider first, depending on your income level. For example, if you are considered in a lower-income bracket, you may want to see if you can qualify for financial assistance either through government programs, non-profit organizations, or through the health care provider where you received your care. There are many programs out there for individuals with medical bills who are facing financial hardship. 

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. 


What are the advantages of getting a personal loan for medical expenses?

There are many advantages to getting a personal loan for medical expenses. Some of those advantages include one simple monthly payment, a predetermined payoff period, and an opportunity to build your credit through on-time payments. Additionally, there are a couple of situations where it may be the most advantageous choice for you to obtain a personal loan to pay for your medical expenses. The first is debt consolidation. Second, if you are on the verge of defaulting on your medical bills, consolidating your debt may help you lower your monthly payments and prevent default. A default on medical bills can have a long-lasting and devastating impact on your credit report. 


What are the disadvantages of personal loans to pay off medical expenses?

While there are some advantages to obtaining a personal loan to pay off medical expenses, there are also some disadvantages to consider. First, a personal loan may have a higher interest rate than a medical provider payment plan or a medical credit card. Depending on your credit score, you may only have access to high APRs if your credit is not good. Additionally, you may not even qualify for a medical personal loan without collateral if your credit score is below the minimum credit score requirements of the lender. Meaning, if you should happen to default, you may have your vehicle repossessed or have a lien against your home. 


Should you get a personal loan for medical expenses with good credit?

If you have good credit, you may be able to qualify for a personal loan that has a lower interest rate than any credit card you own or the medical bills that you have. If this is the case, then a personal loan to cover medical expenses may be a good idea. 


Should you get a personal loan for medical expenses with bad credit?

If you have bad credit, you may want to explore financial assistance programs and payment plans directly through the medical provider. These types of programs do not affect your creditworthiness. Someone with bad credit may want to explore all of their options before pursuing a personal loan to cover medical expenses. A personal loan for someone with bad credit typically comes with higher interest rates and the possibility of needing to use collateral to secure the loan. 


How much can you borrow with a personal loan for medical expenses?

As with a personal loan that you would use for home improvements or a wedding, each lender has a maximum amount that they are willing to lend in the form of a personal loan. Some financial institutions may put that cap at around $50,000, while others may loan out as much as $100,000. 


Where can I get a personal loan for medical expenses?

Most banks, credit unions, and online lenders offer personal loans. Medical emergencies may leave you scrambling for funds to cover expenses, thus making online lenders an attractive option. Online lenders typically offer fast qualification processes and fast funding times. At Acorn Finance you can check personal loan offers from top national online lenders in 60 seconds or less with no impact on your credit score. 


Closing Thoughts

Taking care of yourself is a top priority. Confidently knowing that you can make monthly payments to cover medical expenses is a huge relief for most of us. If you need a personal loan for medical expenses, visit Acorn Finance. At Acorn Finance you can check personal loan offers between $1,000 and $100,000 with APRs as low as 3.99%, depending on credit score.

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