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Best Personal Loans for Medical Expenses

April 2024

Medical loans can a be useful tool to pay for an emergency or planned procedures or even to refinance existing medical debt. Here is our list of best personal loans for medical expenses.
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The cost of healthcare is prohibitive for many people looking for medical attention. According to a recent study by the Kaiser Family Foundation, half of U.S. adults say they or a family member skipped some sort of healthcare or dental care because of the cost. Despite that, the United States is still the developed country that spends the most per capita on healthcare costs according to a report by Johns Hopkins University.
Not surprisingly, many resort to personal loans to finance medical costs. Here is our list of the best-rated personal loans to finance medical expenses.
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SuperMoney's list of the best healthcare loans is based on the qualitative recommendations of our community members and the quantitative recommendations of our ranking algorithms.
However, finding a lender that will provide personal loans for medical expenses is not the only factor you should consider when comparing personal loans for medical financing. Other features to consider are flexible loan terms, low-interest rates, and competitive fees.

Common Questions About Personal Loans for Medical Procedures

Why use personal loans for medical expenses

One of the main advantages of using a personal loan to finance medical expenses is how flexible they are. You can use unsecured personal loans for practically anything. A medical loan can pay for emergency treatment, or planned procedures like a knee replacement or C-section. You can also use them to cover out-of-network charges, high deductibles, or pharmacy costs. However, you're not limited to medical costs. Medical loans are also a good way to pay for related costs, such as travel, and living expenses.
Another important benefit of using a personal loan to meet medical expenses is that they have longer repayment terms, which make even large loan amounts more affordable.

What credit score is needed for medical financing?

The minimum credit score for a medical loan varies by lender. Some lenders will consider borrowers with bad credit, but they also charge high interest rates. To qualify for the best interest rates, you typically need a credit score of 720 or more. Alternatively, you can also qualify for competitive rates if you apply with a cosigner that has great credit.

What are the rates for medical personal loans?

The interest rates for the best medical loans vary depending on several factors, such as your credit, the loan amount, and the lender you choose. The lowest interest rates are usually around 6% APR, but only high-income borrowers with excellent credit can qualify for them. Interest rates of 20% to 30% APR are common for medical loans. SuperMoney's loan offer engine allows you to check your rate and loan offer without hurting your credit.

Does a medical loan add to your costs?

Yes, paying for your medical bills with a personal loan instead of cash will increase the cost of your medical treatment. This is because lenders are typically for-profit companies that make money off the interest and fees they charge borrowers. After all, a medical loan is just a regular personal loan that you earmark for medical expenses.

Isn't a medical credit card a better choice?

It depends. Some medical providers do offer medical credit cards with low interest rates or even 0% APR for six to 24 months. If you can qualify for one and repay the balance within the introductory period, then a medical credit card can be a cheaper option. Still, if you can't pay it off within that period, you will probably have to face high-interest rates on the balance. In some circumstances, the issuer applies the new interest to the original loan amount, not only the balance due.

Where do you find the best personal medical loans?

You can get personal medical loans online or from local lending institutions. The list above is an excellent place to start comparing the best-rated medical loans for you and your family.

Can you use a medical loan to consolidate medical costs?

Yes, you can. Consolidating existing medical expenses into a personal loan could be a smart move. Typically, personal loans have lower interest rates than credit cards. At first, putting your medical debt on a card with an introductory offer of 0% can make a lot of sense. But if you don't repay it before the offer expires, your interest rate can jump to double digits.
You can reduce the interest rate by consolidating the credit card debt into a personal loan. However, remember that if you take several years to repay the loan, you could pay more interest and increase the overall cost of the debt even though your monthly payments are lower.

When are medical loans a good idea?

Personal loans are a legitimate way to pay for medical expenses. They provide fixed terms, relatively large loan amounts, and competitive interest rates. However, medical loans are not always the cheapest way to pay for these expenses. Only consider them after exhausting other options, such as negotiating directly with medical providers, requesting a payment plan, or paying with a 0% APR credit card.
If you're struggling to pay for your medical bills and considering a personal loan, check what rates you qualify for before you make a decision. It's important to compare several lenders, so you can be sure you're getting the best deal possible. SuperMoney's loan offer engine allows you to compare the rates and terms of leading lenders without hurting your credit.

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