Medical loans can help consumers pay for costly medical expenses. No matter if it’s an unexpected trip to the emergency room, a dental procedure or a cosmetic surgery – you could potentially finance your medical bills with a personal loan.
What Can a Medical Loan Be Used For?
While people take out medical loans to pay for healthcare expenses, medical loans aren’t always a special type of loan with restrictions on how the money can be used. Most consumers who need to pay for medical costs are simply applying for a personal loan – then putting the money towards medical bills.
Medical loans may help consolidate existing medical debt or pay for medical bills for people with high deductible insurance plans. They might also help pay for costly medical procedures that are only partly covered by insurance, or not covered at all, such as a dental crown or plastic surgery.
Where Can I Get a Medical Loan?
You could apply for a medical loan through your bank or credit union. However, it’s wise to also consider looking at online lenders. You should make sure you are getting the right terms for your particular situation.
When considering a loan option, make sure to look at the term of the loan (i.e., how long you have to pay it back), the interest rate (APR), whether the rate is fixed (stays the same for the life of the loan) or variable (can go up or down with the market) and if there is an origination fee to cover loan processing costs.
What Are the Advantages and Disadvantages of Medical Loans?
Medical loans can be a good way to finance a voluntary vision or dentistry procedure. But it may be difficult to pay back for someone faced with a mountain of medical debt. Depending on your situation, you might want to talk to your medical provider to see if payment plans are an option.
Thinking about a personal loan? Get started with our easy online form to connect with a potential lender from our network:
Disclaimer: This is not legal or financial advice. Please consult a legal or financial advisor for your specific situation.