Unsecured medical loans: Medical Financing
Updated: Jun 7
Medical loans are unsecured personal loans that don't require any collateral, like home equity, to qualify. Instead, eligibility is tied to factors, like a good credit score and your current debt-to-income ratio, among others.
What is the interest rate for medical loans? 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.
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Can I get a loan to pay for surgery?
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 $40,000 that have a fixed APR and monthly payment.
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.
What is the minimum monthly payment on medical bills?
But there is no law for a minimum monthly payment on medical bills. If that were true, hardly anyone would need to file bankruptcy for medical debts. The truth is that the medical provider can sue or turn you over to collections if they are not satisfied with the amount that you are sending in.
What credit score is needed for cosmetic surgery financing?
Minimum credit score: 660. Several years of credit history. Multiple account types within your credit history, like credit cards, a car loan or other installment loan and a mortgage. Strong payment history with few or no delinquencies.
Consequences of not paying medical bills
Late fees and interest. Your healthcare provider will start pressuring you to pay the medical debt by adding late fees and/or interest charges to your balance — to the extent allowed in your state.
Debt collectors.
Credit damage.
Lawsuit.
Liens, wage garnishments, and levies.
Looking For a Medical Loan?
CLICK Here For Instant Medical Loan Application!