The medical billing system is complex. It’s not always easy to figure out how much you’ll need to pay to get the care you need. When you need medical treatment for a serious illness or injury, paying for an expensive procedure can be an extra burden.
Taking out a personal loan for medical expenses may seem like a tempting option.
A medical loan is a personal loan that’s used to pay for medical expenses.
Personal loans can be used for a wide range of medical treatments, including elective procedures, fertility treatments, prescriptions, surgeries and more. A number of lenders, including certain banks, credit unions and online lenders, offer personal loans that can be used for medical treatment.
Medical loans may be unsecured personal loans, meaning they don’t require any collateral. Since lenders are trying to judge your ability to repay the loan, applications for these types of personal loans will primarily focus on factors such as your credit history and income.
You can also apply for a secured personal loan to help pay for medical expenses. Secured personal loans require you to put up collateral to secure the loan, but you may be able to get more competitive rates.
The amount you’re approved to borrow and the terms of the loan will depend on a variety of factors, including your credit history.
There are a few benefits of using a personal loan to pay for medical expenses. You may be able to get access to funds quickly — and if you’ve had a medical emergency, this may be the most important factor for you. If you apply and are approved, some lenders will give you the funds within a few business days.
Personal loans may also be cheaper than using a traditional credit card to pay for your medical debt. If you have excellent credit, it’s possible to find personal loans with APRs as low as 6% or less. Since the average APR on credit cards is in the double digits, you may end up paying less interest with a medical loan.
Medical loans can be an expensive financing option. While some borrowers can qualify for low-interest personal loans, applicants with less-than-perfect credit histories will probably see much higher interest rates. Depending on the terms you qualify for, you could end up paying a lot in interest over a number of years.
We offer a useful solution when you need to cover medical expenses and want to do so quickly and stress-free. Get the USACASHMoney Personal Loan and borrow $5,000 to $40,000 to cover a variety of medical costs, including dental expenses, cosmetic surgery fees, and laser eye surgery.