Facing uncovered out-of-pocket expenses from a medical procedure is stressful. A medical loan might help.
| Lender | User ratings | Best for | APR range | Loan terms | Loan amounts | Minimum credit score |
|---|---|---|---|---|---|---|
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Quick funding timeline | 8.99% - 35.99% | 36 to 60 months | $2,000 - $50,000 | 600 |
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Fair credit borrowers | 7.99% - 35.99% | 24 to 72 months | $2,000 - $36,500 | 660 |
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Rate matching | 9.49% - 25.49% (with autopay) | 24 to 84 months | $5,000 - $100,000 | Not specified |
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Good credit borrowers | 8.99% - 25.81% (with discounts) | 24 to 84 months | $5,000 - $100,000 | 680 |
 | Secured personal loans | 8.49% - 35.99% (with discounts) | 24 to 84 months | $1,000 - $50,000 | 580 | |
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User Ratings & Reviews
Ratings and reviews are from real consumers who have used the lending partner’s services. | Poor credit borrowers | 6.40% - 35.99% | 36 and 60 months | $1,000 - $50,000 | 300 |
| APR range | 8.99% - 35.99% |
| Loan terms | 36 to 60 months |
| Loan amounts | $2,000 - $50,000 |
| Origination fee | 0.99% - 8.99% |
| Minimum credit score | 600 |
| Pros | Cons |
|---|---|
Low potential APR for borrowers with excellent credit Fast funding timeline in most cases No prepayment penalties | High maximum APR for fair credit Comes with origination fees Not available in IA, VT, WV and DC |
Best Egg is an online lender that offers secured and unsecured loans through Cross River Bank, an Federal Deposit Insurance Corp (FDIC)-insured financial institution. If you meet its credit score requirements, Best Egg offers quick funding — they say half of their customers get money the next day. However, its repayment terms are less flexible than some other lenders.
Best Egg doesn’t offer loans in every state. If you live in a state where Best Egg isn’t available, you could consider one of its credit card products.
Read our full Best Egg personal loan review.
To qualify for a Best Egg loan, you must:
| APR range | 7.99% - 35.99% |
| Loan terms | 24 to 72 months |
| Loan amounts | $2,000 - $36,500 |
| Origination fee | 0.00% - 10.00% |
| Minimum credit score | 660 |
| Pros | Cons |
|---|---|
Accessible to borrowers with lower credit scores Doesn’t use hard check for prequalification Funds may be available the next business day | High maximum APR Loans may have origination fees, though not all do No cosigners |
LendingPoint uses artificial intelligence to more accurately predict whether a borrower will default. As a result, it is able to approve credit scores as low as 660. The maximum amount you can borrow is lower than other lenders, though, and you could pay a high APR if you don’t have the best credit history.
Fortunately, you’re able to prequalify and see if you can get a LendingPoint loan without taking a hard credit check. If you do get approved, watch out for origination fees: you may have to pay 0.00% - 10.00% of the loan’s value up front, depending on where you live.
Read our full LendingPoint personal loan review.
To get a LendingPoint loan, you must:
| APR range | 9.49% - 25.49% (with autopay) |
| Loan terms | 24 to 84 months |
| Loan amounts | $5,000 - $100,000 |
| Origination fee | None |
| Minimum credit score | Not specified |
| Pros | Cons |
|---|---|
Offers rate matching through Rate Beat program Autopay discount available No fees | Requires hard credit pull since it doesn’t offer prequalification Minimum credit score not disclosed Only accepts good-to-excellent credit |
One of the features that helps LightStream stand apart is its Rate Beat program. If another lender approves you for an unsecured loan with an APR lower than LightStream’s, LightStream may beat it by 0.10 percentage points.
There are stipulations you must meet to take advantage of this deal. Namely, you must submit your RateBeat request at least two business days before LightStream disburses your loan.
Note that you can’t prequalify for a personal loan with this lender. Instead, you’ll have to agree to a hard credit check, which can knock your credit score down a few points. Further, the lender doesn’t disclose its minimum credit score. However, it only approves borrowers with good-to-excellent credit, and that a high FICO Score may not be enough for approval.
Read our full LightStream personal loan review.
LightStream is a little vague about its requirements. Generally, it approves borrowers with:
| APR range | 8.99% - 25.81% (with discounts) |
| Loan terms | 24 to 84 months |
| Loan amounts | $5,000 - $100,000 |
| Origination fees | 0.00% - 6.00% (not required) |
| Minimum credit score | 680 |
| Pros | Cons |
|---|---|
Competitive APRs No required fees Offers unemployment assistance | Only approves good credit or higher May not be ideal for small medical bills due to low minimum loan amount Must pay optional origination fee for lowest APRs |
There’s a lot to like about SoFi personal loans. For one, its APRs are competitive. It also offers a few discounts, including ones for autopay and debt consolidation. And if you lose your job through no fault of your own, you could apply for the lender’s unemployment assistance program. Here, SoFi may reduce your monthly payments to help keep you above water.
Although SoFi doesn’t charge any required fees, you can opt to pay an origination fee in exchange for a lower APR. Do keep that extra expense in mind when comparing offers.
Read our full SoFi personal loan review.
In addition to a credit score of at least 680, SoFi requires borrowers to fit certain criteria:
| APR range | 8.49% - 35.99% (with discounts) |
| Loan terms | 24 to 84 months |
| Loan amounts | $1,000 - $50,000 |
| Origination fee | 1.85% - 9.99% |
| Minimum credit score | 580 |
| Pros | Cons |
|---|---|
Can use your car as collateral for lower APRs Fast approval decisions and quick funding timeline Flexible loan terms | High maximum APR Charges origination fee Does not offer the highest loan amount |
Upgrade, an online lending platform, has some unique features relative to other medical loan lenders. For one, you can get a secured loan by using your car as collateral, which can help you get a better APR. However, be sure you can make your payments, or else you risk losing your collateral. Upgrade loans also have autopay and debt consolidation discounts.
Beyond that, Upgrade has a few drawbacks, namely an origination fee that applies to every loan. There’s also a high maximum APR and a higher credit floor than some of the other lenders on this list. Fortunately, Upgrade allows you to prequalify for loans with a soft credit check.
Read our full Upgrade personal loan review.
Like the other lenders on this list, Upgrade will review factors like your credit score, credit usage and payment history to determine your creditworthiness. At minimum, borrowers must be:
| APR range | 6.40% - 35.99% |
| Loan terms | 36 and 60 months |
| Loan amounts | $1,000 - $50,000 |
| Origination fee | 0.00% - 12.00% |
| Minimum credit score | 300 |
| Pros | Cons |
|---|---|
Accepts bad and thin credit Low minimum APR (if you qualify) May get loan as soon as next business day | Only two repayment term options Potential for high origination fee High maximum APR |
Upstart, a loan marketplace, may approve you even if you have bad (or no) credit. Its minimum credit floor is just 300, and not having credit doesn’t automatically exclude you. And if you have excellent credit, Upstart offers one of the most competitive starting APRs currently on the market.
Loans through the marketplace are available only in three- or five-year terms, although you can pay off your loan early anytime without penalty. You can also prequalify without taking a hard credit inquiry, but high origination fees could eat into the amount of your loan.
Read our full Upstart personal loan review.
Upstart’s credit requirements are looser than some, but it doesn’t approve everyone. To be eligible, you must have:
Also, Upstart loans are not available if you live in Iowa or West Virginia.
A medical loan is a personal loan for medical costs. Personal loans are often unsecured loans, which means they don’t require collateral. From medical bills to your living expenses during recovery, you can use a personal loan to pay for virtually anything.
Medical loans are a good option if you need money quickly for a medical procedure — you may even be able to get funding the same day you apply.
Yes, many lenders let you take out a personal loan to pay for medical expenses. There are many reasons for personal loans and generally few limits to their uses. They’re unsecured, meaning there’s no collateral. Personal loans for medical bills are backed by your promise to repay the lender. Interest rates can be higher than they would be for a secured loan, which uses an asset as collateral.
A medical loan is a type of personal loan, so it falls under the same guidelines. Without good credit, you may have trouble qualifying for a personal loan at all. If you have bad credit and a lender approves you, you’re likely to pay much higher interest rates than a person with a strong credit profile.
As soon as you get your hospital bill, call the provider’s billing department. Many medical offices offer bill reduction and sometimes even forgiveness, depending on your ability to pay the balance.
Some hospitals even have financial assistance programs to help people who can’t afford the care they need. You may qualify if you’re uninsured or if you owe a significant amount after insurance.
If you can’t pay medical bills, whether by yourself, with a personal loan or any other means, that unpaid debt could impact your credit score. If you’re 60 to 120 days late, your healthcare provider might sell your debt to a collection agency. However, the credit bureaus have a 365-day grace period for you to clear up that debt before it will show on your credit report.
Also, if your bill is less than $500, it will not appear on your credit report, regardless of how long the debt remains unpaid. Still, it’s important to keep in contact with your provider and work out a payment plan, if possible.
One of the most important factors mortgage companies review when you apply is your DTI, or debt-to-income ratio. This measures the amount of money you bring in compared to how much you owe. Your DTI does not include medical debt.
Additionally, your medical debt will not impact your eligibility for an FHA loan, USDA loan and in some cases, a VA loan.
