3 Bank Loans For Medical Treatment

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Last Updated on November 9, 2023 by Lori Pace

Even with health insurance, thousands of dollars can be spent on medical bills in the United States. One in four Americans has difficulty paying their medical bills. This is why they delay or put off their treatment. Both preventive and emergency care are important. In this article, you can find more information about the proceed finance and bank loans for medical treatment.

Banks offer loans to help pay for medical expenses of those who are not able to pay upfront. There are also medical grants that can be used by the government or non-profit organizations to pay medical bills and treatment. Before applying for a loan, make sure you read the qualification checklist.

How Do Bank Loans For Medical Treatment Work?

How Do Bank Loans For Medical Treatment Work

A bank loan to pay for medical treatment is for financing medical treatment. You may use it to pay for various medical expenses, treatment and emergency procedures.

Unsecured loans are the most common for medical treatment. This means that you don’t have to take any risk in order to save your health. These loans are best for people with excellent credit ratings as they offer a high interest rate.

A secured loan is also available for those with poor credit ratings. If you don’t pay the loan, you will lose your collateral. You’ll pay less in the future and get a lower interest rate.

Online applications are accepted as well as at brick-and-mortar banks. You can find the available rates and terms after pre-qualification based on your financial information. You will need to complete a credit check and verify your salary before you can apply for the loan. The approval process can take up to a week. You will need to pay fixed monthly payments until you get the funds.

What Main Benefits Of Bank Loans for Medical Treatment Are?

A bank loan can be an alternative to your emergency savings. These are the main benefits of a bank loan:

  1. Personal Loan Terms – Has a range of terms that can be chosen from 36 to 60 month. You can choose the length that suits you best.
  2. Fast Funding – A bank loan to pay for medical treatment can sometimes be the only way to get critical care. It is available in just days and you receive the money immediately.
  3. Flexible – Loans can be used for treatments and procedures that are not covered by insurance as well as living and travel expenses during treatment and recovery.

Where To Apply For these Medical Treatment Loans?

A personal loan from a bank to pay for medical treatment can be as low as 6% and can go up to $100,000. The following are the top banks that offer personal loans:

Marcus by Goldman Sachs

Marcus is Goldman Sachs’ online lending and banking arm. You can borrow up to $40,000 with an interest rate of 6.99 per cent. Marcus does not charge fees. You can also modify your monthly due date up to three times throughout the loan’s term.


  1. Minimum Credit Score: 660
  2. Estimated APR: 6.99%–19.99%
  3. Loan Amount: $3,500–$40,000
  4. Available Term Lengths: 3 to 6 years
  5. Fees: None

TD Bank

TD Bank can offer unsecured personal loans. They can fund you in one day with a variety of loan amounts. Pre-qualification is required for a soft credit assessment. They don’t charge monthly, annual, origination, or prepayment fees. Apply at your local branch or by calling. You also have the option to apply online.


  1. Minimum Credit Score: This agency accepts credit applications from anyone with a credit history. However, to be eligible for a competitive rate you will need to have good credit (at minimum 690 FICO).
  2. Estimated APR: 6.99%–21.99%
  3. Loan Amount: $2,000–$50,000
  4. Available Term Lengths: 3 to 5 years
  5. Fees: Late payment fee of 5 per cent or $10, whichever is less

PNC Bank

PNC Bank is an excellent alternative for those who prefer in-person banking. However, it’s also possible to apply online. PNC personal loans come with no prepayment, origination, or application fees. PNC banking customers may also receive a 0.25% rate reduction on personal loans if they opt to autopay with a PNC checking or savings account. You can apply for a loan amount starting at $1,000. A co-applicant can also help you qualify.


  1. Minimum Credit Score: None; average score is 727, according to SEC filings.
  2. Estimated APR: Starting at 6.54% (with autopay)
  3. Loan Amount: $1,000–$35,000
  4. Available Term Lengths: 6 months to 5 years
  5. Fees: None


Medical bills are one of the most expensive expenses Americans will incur in their lifetime. Bank loans can be a great option for medical treatment, even though the price of preventive services might seem prohibitive. When choosing your bank, make sure you are informed.

Lori Pace
Lori Pace

Lori Pace is a single mother of three daughters ages 7 and under. As a working mom from home, she balances kids, work and two crazy dogs with humor and love. Follow Lori as she honestly gives tips and advice based on her own experiences as a single mom!