Loans for Medical Expenses
Personal loans can be an option when facing medical expenses.
Get a flexible loan amount and choose your own repayment terms with a personal loan.
Checking your loan options does not affect your credit score.
Options for Medical Expense Loans
Obtaining an unsecured loan to cover medical expenses can provide a low-cost alternative to accumulating credit card balances for medical costs.
Although Americans are legally required to have health insurance, CBS News reported that a survey conducted by Transamerica found that individuals aged 18 to 34 made up 44 percent of uninsured Americans in July 2014. Even if you have health insurance, the reality is that deductibles, copays, and charges not covered by your health insurance company can quickly add up. The Consumer Financial Protection Bureau reported in December 2014 that 43 million American consumers have past-due medical debts on their credit reports. A personal loan or medical loan can help you pay for medical expenses not covered by insurance and can also prevent additional issues when medical bills are sent to collection agencies due to non-payment.
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Prescription Eyeglasses
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Hearing Aids
Weight-Loss Programs
Chiropractors
Dental Work
Unsecured loans for medical expenses
Unsecured personal loan: Obtaining an unsecured personal loan to cover medical expenses can provide a low-cost alternative to using your credit card balances for paying medical costs. Ask your financial institution or shop online for a personal loan. Unlike a home equity loan or line of credit, a personal medical loan is not secured by your home, so you won’t risk foreclosure if you’re unable to repay it on time.
In-house financing/medical credit: Some healthcare providers may offer in-house financing, but these options can come with very high interest rates and fees. When you’re sick or injured, it’s not the best time to make financial decisions, so don’t feel pressured to accept financing without the opportunity to shop around and compare costs for personal/medical loans.
Different types of personal loans
Explore the different types of personal loans to find the one that best fits your needs for paying off medical debt. Once you’ve chosen a type of financing, compare rates, terms, and costs. Compare the Annual Percentage Rate (APR) for each medical loan you’re considering; the APR includes the interest rate, fees, and charges expressed as an annual percentage of the loan amount.
When reviewing personal/medical loan quotes, take note of any questions or concerns you have about each quote. Contact the lenders and ask for clarification or more information if needed. Before selecting a lender, make sure your questions have been fully answered to your complete satisfaction.