Medical loans
A medical loan is a personal installment loan used to pay healthcare bills the patient owes after insurance, or to fund elective procedures insurance won't cover. Unlike provider-financed plans, a personal loan pays the bill in full upfront and gives you a single fixed monthly payment.
Why apply here.
- 01Cover hospital bills, surgery copays, dental work, IVF, and elective procedures
- 02Loan amounts from $500 to $50,000
- 03Fixed APRs typically 7.99% to 35.99%
- 04Predictable monthly payments instead of revolving medical credit
- 05Pay providers directly and avoid in-collection reporting
About this loan.
Should I use a personal loan or medical credit card (CareCredit)?+
It depends on the math. Promotional-rate medical credit cards can charge 0% for a defined window, but apply deferred interest retroactively if not paid in full by the end of the promo. A fixed-rate personal loan offers payment certainty and no retroactive-interest trap.
Will the lender know what the loan is for?+
You may be asked the purpose at application, but funds are deposited to your checking account and you pay the provider directly. Personal loans are not restricted-use; the lender does not direct payment to a hospital or clinic.
Can I get a medical loan if I'm already in collections?+
Possibly. Some lenders in our network consider applicants with collections on their report, particularly medical collections, which credit-scoring models increasingly de-weight. Your APR will likely be at the upper end of the range.
Are medical loans tax-deductible?+
The interest on a personal loan used for medical expenses is not deductible. However, the medical expenses themselves may be deductible if you itemise and they exceed 7.5% of your AGI. Consult a tax professional.