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  • Writer's picturePreston Morris

Can you borrow money for medical expenses?

Updated: Jun 21

A medical loan is an unsecured personal loan that covers health care costs. It can be used to consolidate existing medical debt, cover emergency or planned medical procedures like dental work or plastic surgery, or pay for high deductibles and out-of-network charges.

Medical Loan
Medical Loan

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Yes, a personal loan can be taken out to pay for virtually anything. It's unsecured, meaning there's no collateral. Personal loans for medical bills are backed by your promise to repay the lender; as a result, interest rates can be higher than they would be for a secured loan, which uses an asset as collateral.


A medical loan is a type of personal loan, so it falls under the same guidelines. Without good credit, you may have trouble qualifying for a personal loan at all. If they are approved, those with bad or no credit are likely to pay much higher interest rates than a person with a strong credit profile. Certain lenders grant personal loans specifically for good, fair or bad credit.

Is a medical loan right for you?

Medical loans can be a helpful financial tool for you to navigate medical bills without disrupting your current cash flow or putting other financial goals on pause. However, a medical loan may not always be the best option. Here are some general questions to consider when determining if a medical loan is the right option for you:

  • Is my expense eligible for a medical loan?

  • How much money would I need to borrow?

  • How quickly do I need the funds?

  • How much extra would I be paying in interest?

  • Do the repayment terms feel reasonable?

Once you have a better idea of what your priorities are, it is recommended to consider all your available medical financing options.

Looking For a Medical Loan?

CLICK Here For Instant Medical Loan Application!

Medical Loan

Unsecured personal loans for medical bills

These so-called medical loans are popular and easy to get. The most significant advantage is that you don’t have to pay your medical bills immediately. You can divide them into monthly installments. You can borrow from 1,000$ to 100,000$ with interest rates ranging from 6% to 36%. The odd thing is that if your credit score is low, the interest will be higher.

What’s good about personal loans is that they are unsecured, meaning that there is no collateral. You don’t have to risk your possessions (house, car, etc.) to get them. The lender will give you a lump sum, and the interests are effective immediately. This is the best option for those with high credit scores because they can benefit from low-interest rates.

Medical Loan

Other Medical Payment Options

For many Americans, the natural inclination when confronted with expenses beyond what they can pay is to pull out a credit card. This isn’t always a bad thing – if the amounts are small and the cards carry a reasonable interest rate, it’s certainly the easiest short-term solution. Unfortunately, the amounts aren’t usually small and most of our credit cards carry interest rates well above those available on the right personal loan for medical bills. It’s far too easy for credit card debt to spiral out of control even without medical expenses in the mix. Think carefully before choosing this as your go-to solution.

Looking For a Medical Loan?

CLICK Here For Instant Medical Loan Application!

Medical credit cards are a relatively new option which may prove useful. These cards are designed specifically for medical expenses, and may offer better terms than a typical credit card. Conversely, not every medical facility or doctor’s office accepts every brand of medical credit card, so you’ll need to ask in advance if this is an option for your preferred sources of medical care. Medical cards may have somewhat restricted use as well – working only for certain dollar amounts or situations, and with less flexible repayment requirements than a traditional credit card. Despite all of this, if you anticipate regular medical needs, a medical credit card is certainly worth looking into.

It’s always worth calling each medical creditor and attempting to make payment arrangements. While time-consuming, many billing departments are appreciative when customers initiate contact instead of waiting until something is past due. If you do work out payment arrangements, it’s essential that you do everything in your power to stick to them in order to avoid further penalties and reserve the option of negotiating similar arrangements in the future. Like any other monthly expenses, however, it’s often easier to consolidate multiple obligations into a single monthly payment – in this case, by securing a personal loan for medical bills.

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