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.
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. However, the company also works with borrowers who don't have enough credit history to have received a score.
Here are some of your best options for medical loans.
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.
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.
While a medical loan could be a better option to cover medical bills than credit cards, it's a good idea to consider less expensive options first, such as a payment plan through your healthcare provider. ... You'll also need excellent credit to qualify for a good rate.
Loans for Medical Debt
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.
Loans typically have repayment terms of one to five years. Fees — United Medical Credit notes that some loans charge double-digit interest rates and may have origination fees. Network requirements — Most of United Medical Credit's financing programs require you to work with a healthcare provider within its network.
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