Best Medical Loans of 2020

Unexpected and planned medical procedures and treatments can be expensive. No matter how secure you are in your financing, you may find yourself in need of a loan for medical work. The best medical loans can help you get the fast access to cash that you need to cover the costs of things like surgeries, treatments, medical debt, deductibles, medical credit costs, dental work, plastic surgery and more.

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    Before you decide on a lender, though, spending some time looking at medical loan reviews can help to shed some much-needed light on the decision-making process. We used our proprietary SimpleScore scoring system to rate and review the best medical loan providers, taking into account rates, customer satisfaction, fees and more.

    In this article

      The 6 best medical loans of 2020

      The best medical loans at a glance

      ProviderAPRLoan AmountTermsSimpleScore
      Best Egg5.99%–29.99%$2,000–$50,00036–60 months3.75/5
      LightStream2.49%–19.99% w/AutoPay$5,000–$100,00024–84 months4.8/5
      OneMain18.00%–35.99%$1,500–$20,0002–5 years3/5
      Avant9.95%–35.99%$2,000–$35,00024–60 months3.2/5
      SoFi5.99%–18.85% w/AutoPay$5,000–$100,00024–84 months4.6/5
      PersonalLoans.com5.99%–35.99%$1,000–$35,0003–72 months3.75/5

      *Rates accurate as of July 2021

      Best for high-income earners – Best Egg

      While Best Egg’s best rates are for higher earners with great credit scores, the company’s willingness to work with a wider array of credit profiles is eggcelent.

      APR Range
      5.99%–29.99%
      Loan Amount
      $2K–$35K
      Term
      3–5 years
      SimpleScore
      3.8 / 5.0
      close
      SimpleScore Best Egg 3.8
      Rates 4
      Loan Size 5
      Customer Satisfaction N/A
      Support 3
      Fees 3

      While the main header of the Best Egg website says that loans are available up to $35,000, the fine print says that you may be able to secure up to $50,000 in some instances. As medical procedures and treatments are expensive, this can be a much-needed bonus. Best Egg states it’s willing to work with customers with credit scores as low as 550, but the best rates come for higher credit scores and a six-figure income. In order to get the best rates possible, you’ll need at least a 700 credit score and an annual income of at least $100,000.

      Best Egg Disclosure

      Best Egg loans are unsecured personal loans made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. “Best Egg” is a trademark of Marlette Funding LLC. All uses of “Best Egg” on this site mean and shall refer to “the Best Egg personal loan” and/or “Best Egg on behalf of Cross River Bank, as originator of the Best Egg personal loan,” as applicable. Loan amounts generally range from $2,000-$35,000. Offers up to $50,000 may be available for qualified customers who receive offer codes in the mail. The minimum individual annual income needed to qualify for a loan of $50,000 is $130,000. Borrowers may hold no more than two open Best Egg loans at any given time. In order to be eligible for a second Best Egg loan, your existing Best Egg loan must have been open for at least six months. Total existing Best Egg loan balances must not exceed $50,000. All loans in MA must exceed $6,500; in NM and OH must exceed $5,000; in GA must exceed $3,000.

      Best for good credit – LightStream

      LightStream has streamlined the online loan process. Now we only wish a trip to urgent care would be as quick and guarantee your customer satisfaction.

      APR Range
      2.49%–19.99% w/AutoPay
      Loan Amount
      $5,000–$100,000
      Term
      24–84 months
      SimpleScore
      4.8 / 5.0
      close
      SimpleScore LightStream 4.8
      Rates 5
      Loan Size 5
      Customer Satisfaction 4
      Support 5
      Fees 5

      LightStream loans are backed by one of the biggest names in the industry — Truist Bank. If you’ve never heard of the company, it’s the new name for the merger between SunTrust and BB&T. The company offers easy medical loans of up to $100,000, which is the highest amount you’ll see from any lenders in this space. While the standard APR rates posted are already great, it gets better. First, you can get a 0.50% autopay discount. Additionally, if you find a better rate anywhere from another lender, LightStream’s rate beat guarantee says it will beat the rate by 0.10%.

      LightStream Disclosure

      Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

      Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

      © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

      Best for emergencies – OneMain Financial

      Did your emergency appendectomy result in an alarming medical bill? OneMain can help mitigate that emergency with quick funding.

      APR Range
      18%–35.99%
      Loan Amount
      $1,500–$20K
      Term
      2–5 years
      SimpleScore
      3.3 / 5.0
      close
      SimpleScore OneMain Financial 3.3
      Rates 2
      Loan Size 3
      Customer Satisfaction N/A
      Support 5
      Fees 3

      Whether it’s existing debt, hospital bills or dental work, medical loans from OneMain are available to help cover your costs. You can receive your funds by direct deposit or from one of over 1,500 locations if you need to get the money fast. Sometimes medical emergencies require quick financing, and OneMain’s brick and mortar presence can help. In order to apply, you will need a government-issued ID, proof of residence and proof of income. While the maximum you can get for financing medical work is capped at $20,000, that should still be enough for many situations.

      OneMain Financial Disclosure

      Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum APR is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. The lowest APR shown represents the 10% of loans with the most favorable APR. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes.

      Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600.

      Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $7,500. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

      Best for average credit – Avant

      Even if your credit is average, Avant is anything but. An average trip to the hospital can have not-so-average results, and Avant will fund your medical loan to help.

      APR Range
      9.95%–35.99%
      Loan Amount
      $2K–$35K
      Term
      24–60 months
      SimpleScore
      3.2 / 5.0
      close
      SimpleScore Avant 3.2
      Rates 2
      Loan Size 5
      Customer Satisfaction 2
      Support 4
      Fees 3

      Just because you don’t have out of this world, rock star credit does not mean that you don’t have financial needs from time to time. Avant caters to people with all credit levels, including those in the middle of the road. Loans are available from $2,000 up to $35,000, which provides good flexibility for small to medium medical expense needs. The rates are a bit higher than with some other companies, but this is to be expected due to the ability to work with a wider range of credit profiles. The company also offers some great financial tips and knowledge on its blog to help you navigate your time of need.

      Avant Disclosure

      The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Minimum loan amounts vary by state. Avant branded credit products are issued by WebBank, member FDIC.

      Best for no fees – SoFi

      SoFi can join your medical team as your medical loan financing option — and you’ll join its club as a member while enjoying no fees on your loans.

      APR Range
      5.99%–18.85% w/AutoPay
      Loan Amount
      $5K–$100K
      Term
      24–84 months
      SimpleScore
      4.6 / 5.0
      close
      SimpleScore SoFi 4.6
      Rates 5
      Loan Size 5
      Customer Satisfaction 3
      Support 5
      Fees 5

      Competitive rates, flexible repayment terms and a wide range of available money make SoFi an extremely attractive lender for your medical financing needs. Funding is available within seven days of approval, which is a little slower than some of the emergency lending options, but still should be fast enough in most situations. What’s also great is that SoFi does not ask about medical details or require a doctor’s appointment to approve a loan. If discretion is important, SoFi has your back.

      SoFi Disclosure

      Fixed rates from 5.99% APR to 18.85% APR (with AutoPay). SoFi rate ranges are current as of January 19, 2021 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors. See APR examples and terms. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.

      Best for bad credit – PersonalLoans.com

      Personalloans.com offers flexibility, especially if you’re looking for a shorter-term loan to plug a quick medical financing need.

      APR Range
      5.99%–35.99%
      Loan Amount
      $500–$35K
      Term
      90 days–72 months
      SimpleScore
      3.8 / 5.0
      close
      SimpleScore PersonalLoans.com 3.8
      Rates 2
      Loan Size 5
      Customer Satisfaction N/A
      Support 3
      Fees 5

      When it comes to paying back your medical loans, PersonalLoans.com has one of the shortest options available with repayment terms starting at three months. Good news if you need longer, though. Options stretch all the way out to 72 months. Loans are available for as little as $1,000 or as much as $35,000, depending on your exact needs. Ideally, this is good for smaller and medium medical expense needs. What’s also nice is there is no prepayment penalty whatsoever.

      What is a medical loan?

      A medical loan is a personal loan that can be used to cover expenses related to medical treatment. In most cases, the medical loan is unsecured, which means there is no need to supply collateral to receive your money. Most medical financing companies work hard to get you the cash you need quickly. Generally, this is within a few hours to a few days.

      Like any personal loan, a medical loan is paid back in fixed installments over an agreed-upon period of time. The cost of borrowing is interest charges and sometimes fees.

      How medical loans work

      Medical loans work similarly to other forms of personal loans. Once you apply and are approved for funding, the money you requested is transferred to your checking account. From there, you are free to take the money and apply it to the appropriate medical expenses. Generally, there is little to no oversight as to how you spend the money once you’ve received it from the lender. However, it would be wise only to use the money for financing medical procedures and appointments.

      Loan amount

      Most lenders will require you to inform them of the amount you wish to borrow. In some cases, you may be limited to taking out just enough to cover the medical costs outlined. In other cases, though, lenders may allow you to take out any loan amount you want, even if it is for multiple uses.

      [Read: Best Personal Loans ]

      Terms

      Your loan terms refer to how long you have to repay your loan. Generally, these terms can be anywhere from a few months out to several years. The terms of your loan also outline your payment plan and frequency. With most personal medical loans, payments are made monthly on a regular basis. You’ll also want to check in your loan terms to see if you have any prepayment penalties. If these penalties exist, you won’t be able to pay off your loan early without covering some or all of the interest owed on the loan.

      Check Your Personal Loan Rates

      Answer a few questions to see which personal loans you pre-qualify for. It’s quick and easy, and it will not impact your credit score.

      Get Started

      with our trusted partners at Bankrate.com

      How to choose the best medical loan for you

      1. Determine your financial need. Take time to figure out exactly how much money you need and when you need it. Additionally, take the time to assess your personal financial situation to see how much of a loan payment you can afford and what your options for repayment are. You never want to take out a loan that you don’t know how you’ll pay it back, no matter how dire the situation may seem.
      2. Shop the medical financing options available. Once you know your exact needs and what you can afford, start shopping the different medical loan options available. Begin creating a list of potential companies that meet your needs.
      3. Utilize the preapproval process. Most medical loan lending companies offer a preapproval process. Within just a few minutes, you can see rates and terms that you should be able to get without any obligation or damage to your credit. By doing this, you should be able to narrow down the best medical loan company for you.
      4. Decide on a lender. With all of this information and research complete, the last step is accepting a loan with the lender you choose. Many of the lenders can get you funding in a few hours or a few days, as soon as you get all of your paperwork completed and returned.

      [Related: How Do Medical Bills Affect Your Credit?]

      Medical loan FAQs

      Loans for medical work can be used for a wide array of needs, including medical debt, the cost of emergency or planned procedures, dental work, plastic surgery and higher limit deductibles.

      Options do exist as alternatives to loans for medical expenses. You may be able to get a payment plan through the doctor or hospital, use a credit card, pull out equity from your home or borrow money from family or friends.

      Most medical loans are unsecured personal loans meaning no collateral is required. There are some instances where companies may offer secured personal loans for medical expenses. This form of medical financing may have lower rates and may be better for people with less than great credit but is much riskier as you have an asset you could lose if you default.

      We welcome your feedback on this article and would love to hear about your experience with the medical loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.=

      Methodology

      SimpleScore

      The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

      For every review, our editorial team:

      • Identifies five measurable aspects to compare across each brand
      • Determines the rating criteria for each aspect score
      • Averages the five aspect scores to produce a single SimpleScore

      Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

      Why do some brands have different SimpleScores on different pages?

      To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

      However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

      Questions about our methodology?

      Email Hayley Armstrong at hayley@thesimpledollar.com.

      Rates

      We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

      Loan Size

      We awarded higher scores to lenders with more generous loan sizes.

      Customer Satisfaction

      We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

      Support

      We awarded higher scores to lenders with the most channels for customer support.

      Fees

      We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

      Jason Lee

      Contributing Writer

      Jason Lee is a U.S.-based freelance writer with a passion for writing about dating, banking, tech, personal growth, food and personal finance. As a business owner, relationship strategist, and officer in the U.S. military, Jason enjoys sharing his unique knowledge base and skill sets with the rest of the world. Follow Jason on Facebook here

      Reviewed by

      • Courtney Mihocik
        Courtney Mihocik
        Loans Editor

        Courtney Mihocik is an editor at The Simple Dollar who specializes in personal loans, student loans, auto loans, and debt consolidation loans. She is a former writer and contributing editor to Interest.com, PersonalLoans.org, and elsewhere.