5 best medical loans for surgery and other needs
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.
A medical loan is a personal loan that's used to pay for medical expenses. ... Medical loans are a good option if you need quick money for a medical procedure. You may be able to get funding the same day that you apply for a personal loan.
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.
Without a doubt, patients who have bad credit will find it easier to get a secured medical loan — if they have collateral. On the downside, you can lose your collateral if you don't repay the loan on time. If you use your home as collateral, you'll need to refinance it, which can be costly and time-consuming.
Otherwise, here are some ways in which you could fund the surgery costs.
Unsecured credit options
A medical loan for healthcare expenses can help you consolidate medical expenses or pay for emergency or planned procedures. Getting a personal loan may be best after you've exhausted other options, such as a payment plan or medical credit card.
For the best approval odds with CareCredit, you'll need a credit score of 620 or higher. However, some users report approval with scores around 600. If you're score is lower than 600 you'll have a hard time getting approval.
It's easy to apply online through United Medical Credit to get a loan for medical expenses. You will need some basic financial information such as your income and desired loan amount to get started. Based on your credit history, you will be matched with a lender in United Medical Credit's network.
However, if you need reconstructive or medically necessary plastic surgery, first see if you are covered by your health insurance. You can also finance cosmetic surgery with a credit card, bank loan, or a gift. Many plastic surgeons offer medical credit cards and payment plans to finance their patients' procedures.
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