Sara Routhier, Managing Editor and Outreach Director, has professional experience as an educator, SEO specialist, and content marketer. She has over five years of experience in the insurance industry. As a researcher, data nerd, writer, and editor she strives to curate educational, enlightening articles that provide you with the must-know facts and best-kept secrets within the overwhelming world o...

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Joel Ohman is the CEO of a private equity-backed digital media company. He is a CERTIFIED FINANCIAL PLANNER™, author, angel investor, and serial entrepreneur who loves creating new things, whether books or businesses. He has also previously served as the founder and resident CFP® of a national insurance agency, Real Time Health Quotes. He also has an MBA from the University of South Florida. ...

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Reviewed by Joel Ohman
Founder, CFP®

UPDATED: Jul 21, 2021

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Summary

  • Medical loans are personal loans that are strictly for medical expenses
  • You can secure low APRs if you have good credit history
  • Lightstream has an interest rate as low as 2.49%

Different types of medical loans are still considered personal loans. You can find various types of medical loans from multiple companies, but each company carries a unique loan amount and annual percentage rate (APR).

Our guide explains everything you need to know about getting different types of medical loans from lenders online.

Once you learn about types of medical loans, enter your ZIP code in the free online quote tool above to compare multiple lenders in your area.

Where can I find different types of medical loans?

If you’re searching for medical loans, you’re unlikely to find them. Medical loans are personal loans. Different medical loans are available from multiple lenders.

The term “medical” is attached to the personal loan to make it clear that the loan is specifically for medical procedures and products. It doesn’t matter whether the loan is for something essential to your health or cosmetic.

Therefore, medical loans for bad credit are no-credit-check emergency loans. Any medical loans for cosmetic surgery are considered personal loans.

Some surgeries may be related to work. You may have access to business loans if the surgery is work-related. Always ask questions to secure the best medical loans for surgery.

Continue reading to learn which lenders provide the best personal loans in the United States.

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Who are the best lenders for medical loans?

The top personal loan companies provide affordable types of medical loans. But, what does that mean? By affordable, we mean personal loans with low interest rates.

Higher APRs mean you pay more back on a medical loan. If you can secure a lower APR, you save money in the long run.

Let’s look at a few companies with the best service in the U.S.

Top 7 Personal Loan Lenders
LendersFixed APR RangesMinimum Credit Scores
Avant9.95% - 35.99% APR550
Best Egg5.99% - 29.99% APR600
LendingPoint15.49% - 35.99% APR580
Lightstream2.49% - 19.99% APR660
Prosper6.95% - 35.99% APR640
SoFi5.99% - 18.83% APRN/A
Upstart8.27% - 35.99% APR580
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Lightstream has the lowest available APR out of the seven companies. Meanwhile, LendingPoint has the highest minimum APR.

Avant provides medical loans to people who have at least a 550 credit score. But what about companies that aren’t on the list? Here are a few more and what they’re known for.

  • Prosper Healthcare Lending – Best for fast application processing
  • United Medical Credit – Best for cosigners
  • CareCredit – Best for multiple treatments

Keep shopping around until you find a medical loan company that offers a low interest rate.

How do I apply for a medical loan?

You can be approved for a medical loan within minutes. Go to the website of any loan company and request a loan.

You’ll have to put in some personal information, and the lender does a soft check on your credit.

If you meet the lender’s requirements, you get approved. Your loan amount is based on your credit score.

According to the Federal Trade Commission (FTC), companies issue higher credit limits and lower interest rates to people with good credit because they present a lower risk.

Who benefits the most from medical loans?

Anyone can benefit from a medical loan. However, medical loans are perfect for borrowers who need to build credit while getting the medical treatment they need.

Seniors can hold on to their hard-earned money, and young adults can build credit as they get routine medical treatment.

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What is the alternative to medical loans?

If your credit score is too low to receive a medical loan, you’ll need to find an alternative. Here are a few options you can use.

  • See if the hospital has financial assistance programs
  • Get a discount
  • Compromise for a lower monthly payment
  • Don’t pay for services that you didn’t receive
  • Shop around for a no-credit-check emergency loan

No-credit-check loans have high APRs. We recommended looking for more options before you commit to a high-interest loan.

What are the advantages and disadvantages to medical loans?

Before we wrap up this guide, let’s look at a few highlights and drawbacks of medical loans. We summarized them in the table below.

Medical Loans: Pros and Cons
Medical Loan ProsMedical Loan Cons
Lower Interest Rates than Some Credit CardsHigh-interest Rates for Borrowers with Bad Credit
Quick FundingLow Funding
Several Loan Terms
Versatile with Any Medical Treatment
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Medical loans have more pros than cons. They’re helpful for those with good credit but limited for people with poor credit. If you can pay off a few no-credit-check loans, you can raise your credit score.

Types of medical loans: What’s the bottom line?

Medical loans are personal loans that restrict the use of the loan to medical-related expenses. You can’t use your medical loan for business or car purchases.

If your credit score is good, you can secure low interest rates and a higher credit limit.

Now that you’ve learned about types of medical loans, use our free comparison tool to compare multiple lenders near you.