Personal medical loans are available online and from local lending institutions. Also called signature loans, unsecured loans allow you to borrow money without putting up collateral. The interest rates are usually fixed, with a payoff period of two to three years or longer.
Are medical loans a thing?
A medical loan is a personal loan that’s used to pay for medical costs. Medical loans are a good option if you need money quickly for a medical procedure. You may be able to get funding the same day that you apply for a personal loan.
What banks do medical loans?
Here’s a list of the best lenders offering medical loans:
- SoFi: Best for medical loans for low rates.
- LightStream: Best for overall medical loans.
- Upstart: Best for medical loans for thin credit.
- LendingClub: Best for medical loans for co-signers.
- Universal Credit: Best for medical loans for bad credit.
What credit score is needed for medical financing?
The company typically funds personal loans for medical expenses in one to two business days. You must have at least a 600 credit score to apply for a personal loan from Upstart.
How long are medical loans?
Here are some of the main benefits of a medical loan: Variety of loan terms: Most personal loans offer repayment term options ranging from 36 to 60 months, allowing you to select a length that best suits your needs. And since interest rates are fixed, you’ll have the exact same payment each month.
What is the interest rate for medical loans?
What is the interest rate? Medical loan interest rates typically range from 4.99% to 35.99%. As a comparison, the average two-year personal loan rate in August 2020 was 9.34% APR, according to the Federal Reserve.
Can I take out a loan for therapy?
Personal loans can be used for a range of medical treatments, including elective procedures, fertility treatments, prescriptions, surgeries and more. A number of lenders, including certain banks, credit unions and online lenders, offer personal loans that can be used for medical treatment.
What is the minimum credit score for United Medical Credit?
While there are various factors that determine if a patient will be approved, United Medical Credit’s lenders may approve patients with credit scores as low as 570. With loan amounts of $500 – $25,000 and terms up to 60 months, United Medical Credit may be able to help more patients move forward.
How can I get financing for plastic surgery?
One of the most common ways to pay for plastic surgery is to take out an installment loan. Typically, you’ll find unsecured personal loans are widely available and can be used to pay for a plastic surgery procedure. These loans can be found at local banks and credit unions as well as online and peer-to-peer lenders.
What credit score does synchrony bank require?
Synchrony mails prepaid offers to consumers who have at least a fair credit score (640-699). To receive a credit card through a pre-approved offer, you still need to apply.