Medical loans come very handy when there is a medical emergency and you are short of money. When we think about loans – the first thing that comes to our mind is home loan. We tend to forget that apart from home loans and other personal loans, medical loans indeed help an individual during crisis.
Rising costs of medical treatment, unexpected and unforeseen doctors’ bills, hospital charges, and sundry expenses linked to medical treatment can burn a hole in your pocket.
Top medical loan providers(lenders)
Some of the best medical loans offered are as follows:
1. American Medical Loans
This loan covers all your medical expenses with amount being available up to $10,000 at competitive APRs. A health insurance provider covers only some part of the expenses leaving you with hefty bills. This is where medical loans help. Right from cosmetic surgery to dental surgery, or even for covering medicine expenses, loans are available for all purposes.
2. Med Loan Finance
It is a finance company dedicated to offer the best medical loans. It works with people having all kinds of credit histories and backgrounds. The loan amount ranges from $500 to $100,000 with lowest interest rates possible. It offers financing for hair transplant, dermatology, infertility, bariatric procedures, dental and many more treatments.
It offers patient financing options for surgery procedures such as tattoo removal, gastric bypass, invitro fertilization and many more. Financing is available up to $35,000. The repayment plan is quite convenient, and you can be assured that all your costs will be covered.
This is a financing company that provides customers with easy options to settle their medical bills. With several loan programs available, even those with poor credit will qualify for this loan. Right from IVF to dental surgery, they promise to be by your side when you need them the most. In fact, financing options are also available for your pet’s medical treatment.
It offers financing for orthodontics, hair restoration, general surgery, bypass surgery and many other medical procedures. The loan amounts range between $1,000 to $35,000 for a period of 36 months to 60 months. There is no down payment required to apply for this loan.
6. Avant Loans
They are personal loans that can be used for almost any situation. So, if you are dealing with an unexpected medical emergency, Avant personal loans can ease your burden. Funds are deposited directly into your account and can be used at your disposal.
7. SoFi Loans
It offers personal loans that can be used for medical expenses. Out of pocket payments and unexpected health issues can be difficult to handle. SoFi offers personal loans at low interest rates so that you can focus on your health and getting well soon. SoFi loans can be used to cover those charges that are not covered by your insurance such as cosmetic surgery, bariatric surgery, and dental operations and so on.
Medical bills add up within no time and without any warning. It becomes very stressful if you have to bear the costs from your pocket. Peerform medical financing loans are available without any collateral and hidden fees. Application process is simple. It covers everything right from infertility treatments to cosmetic surgeries.
9. Prosper Healthcare Lending
They specialize in healthcare financing and help patients afford the required treatments. With instant pre-approval, you have the option of reviewing the terms and rates before accepting the loan. Being an online financing platform you can get in touch with them from home and expect a reply within no time.
10. OneMain Financial
You can borrow from OneMain Financial to fund emergency medical procedures, planned medical procedures and for purchasing medical devices. A leading name in personal financing, OneMain Financial can offer a loan up to $25,000 at great rates. Moreover, it takes minutes to apply and the lender is known to offer one-on-one customer support.
The medical loan available with Earnest comes with a maximum term of 3 years. The APRs are fixed and may range between 5% and 12% for a loan amount that can go up to $50,000. Borrowers need to have 700+ credit score to get approved, but there are no origination fees or prepayment penalty fees.
A division of SunTrust Bank, LightStream has to offer a range of personal loans, including the one that can help you pay for various medical costs. The company can fund anything between $5,000 and $100,000 for a period of 2 to 7 years at rates ranging between 6% and 12%. Application is easy and approval is fast depending upon your eligibility for the loan. Besides, there are no origination fees and the APRs are fixed.
The loan at Upstart can help you pay for medical emergencies even if you have less than perfect credit. You can borrow up to $50,000, but the rate of interest is a bit higher and can go up to 30%. Also, it may charge an origination fee and probably a prepayment penalty.
A peer-to-peer lender, LendingClub can help when your are struggling with bad credit. Borrowers with a credit score as low as 600 may get approved for a loan amount ranging between $1,000 and $40,000. The loan term can be up to 5 years and there will also be an origination fee.
Medical bills can be daunting despite your health insurance. Apart from applying for medical loans, there are several medical credit cards that can be used instead of applying for a loan. They work somewhat like loans, but come with pre-loaded balance. The purpose of a medical credit card is to settle your hospital expenses and you can choose an easy repayment option later.
Apart from the various financing options listed above, personal loan is a great option for someone seeking to finance hospital costs. It not only helps you ease the stress of large bills, but also relieves you from paying a huge amount immediately.