Medical Loans


Medical loans are a specific solution for a specific, all-too-familiar problem: Medical bills that you just don't have enough cash to cover. Even with medical insurance, bills can easily grow beyond your ability to pay, especially if you are currently low on cash reserves. These personal loans are designed to cover the gap when it comes to paying for surgery, treatments, dental procedures, and much more. Notably, these personal loans are also flexible enough to be used for a broad number of elective surgeries – options like weight loss surgery, hair replacement, and cosmetic procedures. They can even be used to fund more complex situations like adoptions.

Is It Right For You?

What medical payment options do you have? In general, medical loans are most useful for those who don't have medical insurance or for bills that your current insurance will not pay for. These types of loans can also be useful for long-term medical costs spread out over a period of time, such as ongoing treatments for cancer or other serious conditions. It's a good idea to know exactly how much a procedure or treatment will cost before you consider a medical loan.

Pros and Cons


-Can be better than in-house financing. While many health organizations offer their own options for in-house financing, it is usually worthwhile to compare that financing to a personal medical loan. The personal loan may have better terms and allow you to save more money.

-Flexible enough to meet your medical needs. From lump sums to lines of credit, these loans can be adapted to many different medical circumstances.

-Rarely requires collateral. These loans tend to be unsecured, so you do not need collateral when applying for them.


-May require cost analysis. Is it worth it to buy a medical loan now and pay all your bills at once or to use your income to slowly pay off bills in installments? The two options should be compared carefully to understand which has the higher costs.

-Timing can be difficult. Should you look for a medical loan now, or wait until you get the bill? Either option can be beneficial, depending on the medical expenses involved and the payment options provided.

What Else Should I Know About Medical Loans?

While medical bills are an unpleasant reality, there are a couple steps you can take to make payment easier – and find out the specific advantages you can receive by switching your attention to a medical loan. First, it may be beneficial to look at state and local aid programs that can help people pay off their medical bills and how personal loans work with these options. Second, take a look at several different lenders before making up your mind, to get an idea about terms, fees, and how these compare to in-house financing.