Medical Loans for Medical Financing
You'll typically need good to excellent credit to qualify for a personal loan for medical expenses — a good credit score is usually considered to be 680 or higher.
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What Is a Medical Loan?
A medical loan is typically an unsecured personal loan that can be used for medical expenses. An unsecured loan does not require collateral, such as a car, home or savings account, for approval. Your loan funds can be applied toward just about any medical cost, from bills to living expenses while you recover from an illness or accident. You can also use a medical loan to consolidate medical bills. If you qualify for a loan with a low interest rate, you could simplify your monthly budget and save on interest. Here are some examples of what medical loans can cover: Health insurance deductibles. Out-of-network charges from your health insurer. Copays. Dental procedures. Medical treatments, including infertility treatments. Physical therapy and rehabilitation services. Weight loss surgeries. Cosmetic procedures.
Who Qualifies for Medical Loans?
Loan qualification is usually based on the borrower's credit history and income, but each lender sets its own criteria. Before applying for a medical loan, check whether you meet the lender's minimum requirements, including: Income. Lenders may set a minimum monthly or annual income, or they may simply check that you earn enough to cover your loan payment. Generally, a higher income may qualify you to borrow more. Credit score. A good credit score could help you qualify for a lower rate, which saves you money. Applicants with bad credit or no credit will generally pay higher interest rates than borrowers with good credit. Credit report. Lenders might also look for negative items on your credit report, such as late payments or collection accounts. Even with these items on your record, you might still qualify for a medical loan. Loan terms you seek. The actual terms of the loan – how much loan you are looking for, the length of the term – may impact the interest rates.
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How long are medical loans? The terms of a personal medical loan is how long you have to repay the loan. Terms typically range from 12 to 60 months, though some lenders offer longer-term loans. The shorter your loan, the more you'll pay on a month-to-month basis.
A plastic surgery loan — also known as an unsecured personal loan — is a quick way to secure money for a surgical procedure. Personal loans are lump-sum loans typically ranging from $1,000 to $50,000 that have a fixed APR and monthly payment.
What is the minimum monthly payment on medical bills?
Many people have heard an old wives' tale that you can just pay $5 per month, $10 per month, or any other minimum monthly payment on your medical bills and as long as you are paying something, the hospital must leave you alone. But there is no law for a minimum monthly payment on medical bills.
Does medical bills hurt your credit?
A medical bill by itself will not affect your credit. Unpaid medical bills may be sent to debt collectors, at which point they may show up on your credit reports and hurt your score. A low credit score could mean a higher mortgage rate or prevent you from qualifying for a mortgage.
Will medical debt be forgiven?
It's unlikely you'll get your medical debt forgiven, but there are ways to get some financial relief for those who qualify. Consider hospital forgiveness programs, assistance from specialized organizations and government assistance programs.