3 Bank Loans for Medical Treatment

Written by: Victoria Abigail Friedland
I am a medical student who dedicated herself helping individuals and non profit organizations for finding medical grants for medical bills, medical treatment, medical education, research and medical equipment.
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Updated by: Andrea Morales G.
Expertise: Fact Checker / Validator
Experience: 12 Years
With an extensive background spanning over ten years as a validation manager in the demanding and precise field of Cybersecurity, Andrea has adeptly transitioned her skills to the healthcare sector. In her current role, she leverages her experience in rigorous data analysis and verification to enhance the accuracy and reliability of healthcare information. As a detail-oriented fact-checker, Andrea scrutinizes every claim in our healthcare articles, ensuring they are thoroughly vetted against the latest medical research and guidelines. Her commitment to clear, precise, and unambiguous communication is pivotal in our mission to deliver trustworthy and evidence-based health content to our audience. Andrea's unique blend of cybersecurity rigor and healthcare focus positions her as a key asset in upholding the highest standards of informational integrity in the health and wellness space.
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Bank Loans for Medical Treatment

A bank loan for medical treatment can help with the medical costs and let you afford the care you need.

In the United States, even with health insurance, some medical treatments result in significant out-of-pocket costs. Approximately one in four Americans struggle with medical bills, leading some to postpone necessary treatment.

However, both preventive care and emergency treatment are crucial. Therefore, banks offer loans to cover the medical costs of people who cannot cover those expenses upfront.

Remember, there are medical grants available from government and nonprofit organizations that help with treatment and paying medical bills.

So make sure to read the medical grants qualification checklist before applying for a medical loan.

Bank Loan for Medical Treatment – How Do They Work?

A bank loan for medical treatment is taken essentially for the specific purpose of financing medical treatment. It pays for various medical costs, treatments, and emergency procedures.

Most loans for medical treatment are unsecured, meaning they do not require collateral, reducing the risk of losing personal assets.

However, these loans are best suited for those with good credit scores as they get a good interest rate.

Secured loans are an option if your credit isn’t great. These require collateral, which could be lost if you fail to repay the loan, but they typically offer lower interest rates.

You can apply online or at a brick-and-mortar bank. After pre-qualification, you can get rates and terms based on your basic financial information.

To officially apply for the loan, you must get a credit check, do salary verification, and submit other information.

However, the timeline for receiving the funds after approval varies and can take as long as a week. Once you receive funds, you must make fixed monthly payments until the loan is paid back with interest.

Bank Loan for Medical Treatment – What are the Main Benefits?

Taking a bank loan for medical treatment can be a good alternative to depleting emergency savings. Here are some of the main benefits:

  1. Loan Terms – Most personal loans offer various term options ranging from 36 to 60 months. You can select a length that best suits your needs.
  2. Fast Funding – A bank loan for medical treatment is sometimes the only way to obtain critical medical care as it is disbursed in a matter of days and gets you the money without delay.
  3. Flexible – The loans include treatments or procedures not covered by insurance and living and travel expenses incurred during treatment and recovery.

Bank Loan for Medical Treatment -Where to Get?

Bank loans for medical treatment are personal loans with interest rates starting as low as 6% and loan amounts available up to $100,000. Here are the best banks offering personal loans.

  • Marcus by Goldman Sachs

Marcus is the online banking and lending arm of Goldman Sachs. The interest rates start at 6.99 percent, and you can borrow up to $40,000. Marcus doesn’t charge any fees. Additionally, you can change your monthly due date up to three times during the loan’s life.

  • TD Bank

TD Bank offers unsecured personal loans and can provide funding in one business day with a wide range of loan amounts. You can get a soft credit check with pre-qualification.

TD Bank doesn’t have any monthly fees, annual fees, origination fees, or prepayment fees. You can apply at your nearest local branch, give me a call, or apply online.

For more information, visit https://www.td.com/us/en/personal-bankingus/en/personal-banking/personal-loan/.

  • PNC Bank

PNC Bank is a good alternative for people who prefer in-person banking; however, you can also apply online.

There are no application, origination or prepayment fees with PNC personal loans. Additionally, PNC banking customers can benefit from a 0.25% rate discount on a personal loan if they choose autopay from a PNC checking account.

Loan amounts start at $1,000, and you can apply with a co-applicant, which can help you qualify.

For more information, visit https://www.pnc.com/en/personal-banking.html.

Conclusion

Medical treatment bills are among the highest expenses Americans pay in their lives.

While the cost of preventive procedures might seem prohibitive, a bank loan for medical treatment can help. Make sure you make an informed decision while choosing your bank.

See Also

In House Financing for Dental Implants

Medical Loans for Bad Credit

Home Loans for Healthcare Workers

What is a VA Loan?

Current Version
May 5, 2024
Updated By
Andrea Morales G.
February 5, 2021
Written By
Victoria Abigail Friedland

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