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.
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.
Here are a few loan options for paying medical expenses.
A secured medical loan is a loan used to pay medical expenses that uses the borrower's assets for collateral. This differs from an unsecured loan, which requires only a signature and an average or better credit score.
Here are some of your best options for medical loans.
You can get a medical loan just like any other type of personal loan: through your bank or an online lender.
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.
After a period of nonpayment, the hospital or health care facility will likely sell unpaid health care bills to a collections agency, which works to recoup its investment in your debt. ... You can't make medical debt and hospital bills disappear by ignoring them, experts say.
You can still get an FHA loan even if you do have medical collections. Although you still need to qualify for the loan based upon the rest of the FHA guidelines, the medical collections will not be held against you.
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