Loan for Medical Treatment: Loans 911

Loan for Medical Treatment

Do you have an upcoming medical procedure and unsure of how to pay for it? This is a common question that is growing in today’s society. Especially as medical procedures are on the rise in both number and price. Many of us daily have unexpected procedures arise. We consider options such as a loan for medical bills or medical finance. Even with insurance, credit cards, and a steady income, some costs are just too much to take on at once. There is a substantial need for assistance. In these cases, many patients turn to a loan for medical treatment. This is growing in popularity as the needs for substantial medical treatment grows.

What Is a Loan For Medical Treatment?

A loan for medical treatment is when a patient is borrowing money to pay for medical expenses. Often it comes from a financial lender, to pay for treatment and the costs that come with that particular procedure. A patient can obtain a loan for medical treatment either through the medical facility in which the patient does the treatment, or externally through a financial institution.

Where Can I Find A Loan For Medical Treatment?

  • Banks
  • Credit Unions
  • Local Finance Companies
  • Title Loan Companies
  • Online Financial Lenders
  • HERE, on Loanry

Loanry partnered up with Fiona to connect you with credible lenders and save you time doing your own research. Of course, we are all for being informed and educated, especially when it comes to finances (that’s why we have our knowledge base her on Loanry). But we are also aware that many of you are in a rush to get the best loan for you and that you want to be sure you are going to the right place for it.

All of the above are different places where a loan for medical treatment can be obtained. These loans come with a variety of loan amounts. Those will depend on the procedure and on your needs. You can also expect a range of loan options. It will depend on the lender and what they require for the loan.

Secured or Unsecured?

When you apply for these loans, you will be presented with either secured or unsecured loans. A secured loan is comparable to medical loans for bad credit. Those who obtain these loans are required to provide valuable property as collateral in order to secure the loan. Due to their high risk of lending money, these lenders require some form of compensation. This is just in case the applicant would not repay the loan. An unsecured loan is often provided to those with better credit. The approved applicants are not required to submit a form of collateral in order to obtain the loan.

What Can I Use A Loan For Medical Treatment For?

When you begin seeking out a loan for medical treatment, you may question exactly what it is that the loan can be used for. The short answer is any medical treatment or procedure that you are not able to fund at that time of operation. Below is a much more specific answer. It outlines the different medical fields and various reasons to obtain a medical loan.

Gastro Surgery or Weight Loss Surgery

Some may consider this surgery to be more of a cosmetic preference among patients. However many patients require this surgery to keep living their life. Any patient who finds themselves to be a candidate for this surgery is already obese. At least based upon a certain percentage and requires this surgery. Unfortunately, most practices that perform this surgery require at least half of the surgery cost up front. Why? In order to pay these specialized doctors that are performing the surgery. Having this surgery is not only going to remove excess weight. Additional pressure found on the cardiovascular system will provide enough incentive to have the surgery performed. No matter which surgery method you and your surgeon choose, a loan for weight loss surgery can be obtained.

Eye Surgery

Are you a candidate for the latest Lasik eye surgery but unable to pay the deposit? If so, a loan for medical treatment may be in your future. These surgeries are not cheap, and even with an insurance policy, there is still a hefty co-pay that must be covered before eye surgery can be performed. If your life is being halted due to the lack of ability to see, then you may need to consider a medical loan for eye surgery  if you do not have the funds readily available.

Trouble Hearing?

If you need treatment for your ears due to hearing loss or decline, surgeries and treatments only come around once, so if you do not have the necessary funds for the services on your person, then it is suggested that you consider a loan for medical treatment. Losing your hearing can diminish your life quality and change the way that you have been living up to this point. Especially when you can have the problem corrected quickly and efficiently, there is no reason to wait and consider all financial options including a possible medical loan for hearing.

Visit The Dentist

Are you looking to have a root canal, tooth removal, or implants put in from the dentist? Maybe you would like to upgrade your smile to a new set of pearly whites before a big event. If these scenarios sound similar to yours, then know that the dental work that you have been putting off due to a lack of funds can be taken care of due to the use of a medical loan for dentist treatment. Dental work and treatments are some of the most expensive available to customers. So many times customers put these treatments off as a way to save money, but they are doing more damage in the future.

Pay That ER Bill

Did you have to visit the emergency room lately for an illness that came at a time that required the most expensive of hospital facilities? Any time we have to visit urgent care or the emergency room, we can expect the bill for the services to double or triple in costs due to the “convenience” of the service. Running tests and obtaining a room while you wait for the doctor can set you back several thousand dollars no matter what the illness may have been.

Visit The Chiropractor

If you have recently suffered from a back injury like a car accident or sport-related accident, you may need funds to complete a treatment program with your Chiropractor. Sometimes, relief in your spine is necessary to take on all types of treatment options. Despite Chiropractors being shunned by most medical doctors, many patients find their services to be exactly what their back and spinal injuries need for healing and assistance. These treatments will last for several weeks and require multiple weekly visits to their office. Because of this commitment, a price comes with the service, and the total needed can be paid with a medical loan for a chiropractor.

General Outpatient Surgery

Do you require a general outpatient surgery that will have you in and out of the hospital in a few hours, but require a substantial deposit? These treatments can range from gallbladder removal to removing kidney stones. Often times, these procedures are scheduled well in advance and are not immediately life-threatening. However, most of them require that the surgery be performed in a timely manner so that your life quality does not suffer. Because you may be on a deadline to have the procedure conducted, a loan may be your only option for funding due to the time table presented.


Sometimes the procedure is something as simple as X-rays or lab work that is required to maintain your health. If you do not have the funds available to maintain the costs of these services, then it is important to consider them exams for medical loans, as well. A loan for medical bills will cover any health care procedure that you need, no matter how small the procedure may be, what it includes, or how major it may be.

What Kind Of Credit Is Needed For A Loan For Medical Treatment?

Before you apply for a loan for medical treatment, it is important to consider application details such as what kind of credit is required. Like any other loan available, credit is one of the central deciding factors before you are awarded a loan. These loans are based upon three different types of credit scores: good credit, fair credit, and bad credit.

Good Credit

The best of the best, these credit scores are 750+ credit scores. In almost every case, anyone who has a credit score at this rating is guaranteed to be approved for a loan for medical treatment. The interest rate on these loans is also much smaller than their counterparts, making it easy to repay the loan back on a monthly basis.

Fair Credit

One of the most common credit scores, this area ranges from 650-749. While these scores will provide a loan for medical treatment, applicants can expect moderate interest rates to be comparable to their credit score. They are also often available in the requested loan amount. Those with this credit score will borrow from more reputable lenders such as banks and credit unions in order to minimize their interest rate while they have an option.

Bad Credit

Any score at or below a 649 is often identified as bad credit. While this score may minimize the options of lenders, you are still able to obtain medical loans for bad credit. In many cases, however, bad credit will not only require the highest of the interest in the loans, but many of these loans will only be available in secured type, requiring collateral.

What Can You Expect With This Loan For Medical Treatment?

With a loan for medical treatment, applications can expect to see a variety of different things before signing and agreeing to a loan for medical treatment. First and foremost, applicants should expect different little fees.

  • Application Fee
  • Late Fee
  • Penalty For Early Pay-Off Fee

These fees are all a part of the application process, depending on the lender and the credit of the applicant. Applicants have access to different lenders based upon their credit score. For those with the worst of credit scores, it is essential to understand that these frees will frequent the less popular lenders as a way to obtain as much in interest as possible. These different fees have the ability to maximize your monthly payment and make payback become financially stressful.


Because many of these loans will be secured, consider the property that you will need for collateral. If the loan is a title loan, then you will have to put a lien against your motorcycle or automobile, depending on the requirements of the loan. Other collateral that you can use includes electronics, jewelry, and furniture that is valuable and can cover the cost of the loan amount should you find yourself unable to pay the loan back.

What Other Options Do You Have Instead Of A Loan For Medical Treatment?

Before you take out a loan for medical treatment, make sure that you have exhausted all of the options that you have. Below are some of the options available to consider first:

  • Borrow from a friend or family member
  • Credit Card Cash Advance

Borrow From A Friend or Family Member

Do you know someone that you feel comfortable asking for money? If you do, then you may want to ask them about taking out a loan with them before going through a lender. In many cases, these informal loan contracts between family and friends include things like minimal to no interest with a flexible repayment plan.

Before you ask someone for money, however, have the courtesy to give them a call and invite them to lunch. Such a request should be made face-to-face, eliminating the improper text channel. Also, consider the recent events of this person. Ensure that they have not recently encountered a personal loss or financial issue that would compromise their stability. Finally, draft the contract up in a formal template that allows them to know that you are serious and will take their assistance gratefully.

Credit Card Cash Advance

Many of our credit cards offer this nice feature of the cash advance. If you have a significant balance left on your credit card, you have the ability to visit a bank and have cash withdrawn from your credit card. For medical bills that may be less than one thousand dollars, this is a valuable option to consider. Although cash advances usually have their own annual percentage rate (APR) separate from your credit APR, the repayment is enclosed in your monthly credit card bill.  This prevents you from having to take on an additional monthly payment, limiting the financial burden on you in the months to come.

Benefits of a Loan For Medical Treatment

Although you may not want a loan for medical bills, you may not have a choice and should consider the benefits to these loans.

First and foremost, your health is something to maintain, so if the situation is life-threatening, or will thoroughly diminish your life quality, then it is essential to pursue medical finance for a loan for medical bills. You should postpone only minimal and non-essential procedures such as cosmetic surgeries that have no health benefit if you are not comfortable taking out a loan.

If you rack up several medical bills and then do not pay them, you can expect your credit score to reach a bad credit rating due to these collections on your account. These collections account will stay on your credit report for up to seven years and will appear to other creditors in the future when you are attempting to purchase a home or a car.


When reviewing a loan for medical bills, it is essential to consider the entire picture of the loan. Before applying for the loan, you must determine that your needs are legitimate. And the treatment required is essential to your health. While you can get these loans for less important reasons, you do not want something cosmetic to keep you in debt. Also, make sure that you have exhausted all of your financial options before applying for this loan. These loans will impact your monthly budget and can impact your credit score.

If you are still considering medical finance, then look into the loan options available based on your credit score. Remember that medical loans for bad credit do exist. After finding the loan that fits your needs, make sure to borrow only exactly what you need. A loan for medical bills may not be a bad thing. However, it is a big financial responsibility considering the impact that it can have on a person’s financial obligations. However, maintaining your health is much more important. So ensure that if you have to take on one of these loans, it is for the right reasons.


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