Last Updated on January 25, 2024 by Lori Pace
If you are in dire need, loans for medical procedures may be an option. This helps you avoid medical debt. It is difficult to pay for healthcare in the United States. A Commonwealth Fund report for 2019 shows that healthcare costs are between $ 360 to $ 1,500 per family, even with health insurance. So, the cost of health insurance can be higher for those without it. There are many loans available for medical procedures. These loans can significantly impact your finances and provide affordable medical care.
Where to Apply for Medical Procedures Loans?
Many credit unions, banks, and online lenders offer medical loans. Many health care providers also provide loans for medical procedures. They are more likely to be found in an office that offers expensive elective procedures like plastic surgery and cosmetic dentistry. These doctors are aware that patients are more likely than average to pay for these procedures out of pocket, so they have many more funding options.
There are many providers that offer loans for medical procedures. However, ot all lenders are equal. These are the best loans for medical procedures.
SoFi
SoFi is an excellent option to finance major medical procedures because they help in every step of your hopeful recovery.
- The loan amount can range from $ 5,000 up to $ 100,000
- Term from 24 to 84 Months
- There are no initiation fees nor prepayment penalties
- There are no late or administrative fees
- Discounts on automatic monthly payments
- There is limited flexibility with monthly payment dates
Upstart
To pay for medical expenses, you can apply for an Upstart loan. You can use this loan for both planned and unplanned hospital bills. You can also combine multiple loans to help manage debts if you have one.
- The loan amount can be as low as $ 1,000 up to $ 50,000
- 36- or 60-month terms
- Minimum FICO score of 600
- Restrictions for approved borrowers
- There are no prepayment fees
- Origination fees up to 8.0%
- Late fees of 5% and $ 15
- Cosigner not allowed
- Flexible monthly payment plan
- After receiving funds, the repayment must be made within one month.
- Multiple monthly payments are possible
- Loan extensions are not permitted.
LightStream
LightStream may be the best way to pay for your medical bills if you have good credit. You can also get a discount on your medical loans if you sign up for autopay.
- The loan amounts can range from $ 5,000 up to $ 100,000
- Term from 24 up to 144 Months
- Fixed interest rates
- You must have excellent creditworthiness
- Some restrictions regarding loan applications
- No fee
- There is no prepayment penalty
- No flexibility in the payment date
- On the approval of the application, funds can be received immediately
- Additional payments can only be made on the principal
Earnest
Earnest provides a personal loan, which can consolidate debt or pay for medical expenses.
- The loan amount you can get depends on where you live. It could be between $ 5,000 and $ 75,000.
- Term from 36 up to 60 months
- Minimum FICO of 650 points
- There is no administration, prepayment or late fee
- Fixed interest rates
- Acceptance of cosigners is not possible
- Flexible repayment schedule
Avant
They are a renowned lender in the United States that offers secured and unsecured loans. Avant makes it possible to pay for your medical expenses even if you have poor credit. After your loan application has been approved, funds will be deposited in your account the next day.
- The loan amount can range from $2,000 to $ 35,000
- Between 24 and 60 months period
- Approval of loan within one day
- Fixed interest rates
- No advance payment
- Management fees reach 4.75%
Medical Procedures Loans Support Your Life
Medical loans can be a great way to help with financial difficulties during times of medical emergency. You could be spending thousands on medical procedures, regular doctor visits, and hospital transportation. Take out loans to finance expensive systems to stay healthy.
