4 Loans for Medical Expenses

Loans for Medical Expenses

Loans for medical expenses can be used to consolidate existing medical debt, pay for an emergency, or cover medical procedures. Medical expenses affect everyone, sick or well.

They can get very high very quickly when it is an emergency. And unfortunately, even though much is paid for medical insurance in the U.S., insurance often doesn’t cover all the expenses.

Nearly 100 million Americans are affected by medical debt. It has depressed individual spending power for the past few decades.

However, these medical expenses don’t have to break the bank. A loan for medical expenses can help.

Loans for Medical Expenses – Pre-Qualification Process

Medical loans are unsecured personal loans applied for medical expenses. While medical loans can be expensive, they vary in cost, and competitive rates may be available with good credit.

Therefore, medical loans should be considered after other options are exhausted.

Pre-qualifying is a preliminary step in the loan approval process. It gives lenders a preview of your creditworthiness and lets you preview the loan amount you might receive.

However, getting pre-qualified does not guarantee a loan; final approval needs further information and verification. The pre-qualification process usually involves the following steps:

  1. Often involves filling out a form with personal and financial details, but specific requirements can vary by lender.
  2. The lender then assesses your credit score and history.
  3. Your pre-qualification is then either denied or granted. If granted, you’ll receive information about the loan amount you may receive, including the rate.
  4. You can accept or reject the pre-qualified offer. If you accept, you can formally appeal for a personal loan that requires further information and attestation.

Where to Get a Loan for Medical Expenses?

A loan for medical expenses often takes the form of a personal loan. One can apply for a personal loan at a traditional bank, a credit union, or an online lender.

It is worth doing proper research on the different loan options out there.

While researching and before applying for a personal loan for medical expenses, check and understand your lender’s specific restrictions.

Below are some of the best options for loans for medical expenses to help with the decision-making process. Make a proper comparison between different lenders to get the best medical loan for your situation.

  • Citizens Bank

It is one of the most traditional banks, providing banking and credit services. Its focus is on borrowers with solid credit histories and prefers U.S. citizen or permanent resident borrowers.

Some of the highlights of Citizens Bank:

  1. Loan duration: 3 to 7 years
  2. No origination or administrative fees
  3. There are no penalties for prepayment or late payment
  4. Fixed interest rates apply
  5. Cosigners are allowed
  • FreedomPlus

FreedomPlus has a specific minimum credit score requirement of 700. The great thing about FreedomPlus is that they do not have a limit on the purpose their loans can be used for. It means no lengthy explanations are required.

Some of the FreedomPlus highlights:

  1. Loan duration: 2 to 5 years
  2. Minimum credit score requirement – 700
  3. Fixed interest rates apply
  4. Receive your money within 48 hours
  5. No penalty for advance payment
  6. Cosigners are allowed

For more information, visit https://app.freedomplus.com/

  • LendingPoint

LendingPoint offers loans to a broader range of borrowers, including immigrants and visa holders. However, they do require a valid social security number.

LendingPoint has bi-monthly payments that help you manage your budget. It means that the borrowers have payments due twice monthly instead of once.

Some of the highlights of LendingPoint:

  1. Loan duration: 3 to 4 years
  2. Minimum credit score requirement – 600
  3. Get your money within a day
  4. No penalties for prepayment or administrative costs
  5. Cosigners not allowed

For more information, visit https://www.lendingpoint.com/apply

  • Stilt

Stilt specializes in providing loans to non-residents, including immigrants and visa holders.

It does not require a credit score, green card, or social security number to be eligible for a loan for medical expenses.

They require you to be employed, have a bank account in the United States, and hold one of the required visas.

Some of the highlights of Stilt:

  1. Loan duration: from 6 months to 2 years
  2. No credit score requirements
  3. No origination fees, prepayment penalties, or administrative fees
  4. It does not require a green card or social security number
  5. Cosigners are not allowed

For more information, visit https://www.stilt.com/.


A loan for medical expenses can help you cover the cost. Make sure you do your research properly.

Once you find the right medical loan provider, you will be well on your way to taking care of your medical expenses.

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Current Version
May 6, 2024
Updated By
Andrea Morales G.
January 27, 2021
Written By
Victoria Abigail Friedland

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