You can get medical financing by shopping for unsecured Health loans. Also called personal loans or signature loans, these financial products let you borrow money without putting up any collateral. For all Bad Credit Loan, please fill out our online form.
Medical expenses can take a toll on you both emotionally and financially. Loans, which are unsecured personal loans, can help you cover those bills, whether unexpected.
What is a medical loan? The basics
A medical loan is a personal loan used to pay for medical costs. Personal loans are unsecured, which means they don’t require collateral and can be used to pay for virtually anything, from the medical bills themselves to your living expenses during recovery time.
Medical loans are a good option if you need money quickly for a medical procedure — you may even be able to get funding the same day you apply for a personal loan.
Pros and cons of medical loans
- You can get the funding you need quickly, sometimes, on the same day you applied
- You can use the loan to pay for virtually anything
- Repay medical debt with a fixed interest rate and fixed monthly payments
- You can request a loan for the amount you need, whether that’s as little as $1,000, up to $100,000, or more apply now for Health Loans.
- You’ll pay interest (other financing options may require no interest or less interest)
- Those with low or no credit will see high-interest rates if approved at all.
- You may have to pay a loan origination fee of about 1% to 8% of the cost of the loan, as well as a prepayment penalty if you pay off the loan early.
- You may not find a personal loan small enough for the procedure you need