Loans for medical bills contribute to managing and financing your medical treatment – supporting you to pay thousands of dollars in hospital bills. Even after having a health insurance, chances are, you will end up paying a fortune for the medical expenses. And, that’s when the medical loans come handy to pay back your outstanding bills.
In the United States, not all the medical treatments are covered under health insurance and you might have to apply for a medical loan for any premeditated surgery or emergency treatment.
Loans for Medical Bills – The Financial Help for Hospital Expenses
Medical loans are basically the unsecured personal loans, which are applied to pay for the outstanding medical debts or emergency procedures or planned surgeries, without having to risk your assets for health treatments.
One can apply for a medical loan to pay for the following:
- Elective surgeries
- Dental treatments (root canals and more)
- IVF treatments
- Plastic surgeries
- Out-of-the-network medical expenses
Without insurance, an individual may end up losing lifetime’s earnings in deductibles and unpaid medical bills. Plus, the hospital bills can spoil you financially, while damaging your credit score too.
The medical loans are a helpful alternative as compared to high-interest credit cards and other options. When it comes to paying medical debts and dealing with pricey hospital stays, taking a personal loan for medical expenses would be the best option. If your credit score is low there are ways to get a medical loan with a bad credit.
With that being said, let’s compile the list of top loan providers for medical bills in the USA.
Loans for Medical Bills – The TOP 3 Lenders to Finance Your Medical Expenses
Avant is one of the renowned loan providers in the USA for getting secured or unsecured loans. You can borrow money from Avant to cover your medical expenses, even with a bad credit score.
Avant provides personal loan for medical cover from $2000 to $35000 for 2 – 5 years at an effective APR (Annual Percentage Rate) of 9.95% to 35.99%.
Once your loan application is approved, funds will be deposited in your account on the next business day. Moreover, there are no hidden charges that you might be asked to pay later. Avant only asks for simple fixed monthly payments.
- The lenders do not offer medical loan services in all the states, so it is advised to verify the same before applying.
- The borrowers with minimum $24000 income and 580 credit score are eligible for getting the medical loan from Avant.
- Administration fee up to 4.75% and a specific late fee is charged by the lenders.
For more info, visit https://www.avant.com/
Upstart is an Artificial Intelligence based lending platform or in other words loan-matching services provider to get you the best bank options for getting the medical loan. At Upstart, you get to borrow money from Upstart-powered banks that have high approval rates and deliver ultimate digital experience.
Upstart offers medical loans for 3 to 5 years at an effective APR of 8.27% to 35.99%. Both good and bad credit score holders can apply for the medical loan to pay their outstanding hospital bills.
The platform is known for providing their users a fast and convenient loan applying procedure. Almost 99% of the borrowers have received funds in their account on the next business day after applying.
- Minimum credit score required for getting the loan is 580.
- The borrowers can use the medical loans for elective procedures, including IVF, dental treatments, surgery, or emergency treatments.
- Checking your rate for getting a medical loan would not impact your credit score negatively.
For more info, visit https://www.upstart.com
For good credit score individuals looking for a medical loan, LightStream could be the best option to pay your out-of-pocket hospital bills. The good thing about LightStream medical loans is that there are no penalties for prepayment and no hidden charges for anything.
LightStream offers loan for medical financing at an effective APR of 3.99% to 19.99% for 2 – 7 years. You can apply for a loan amount ranging from %5,000 to %100,000 with no fees.
After applying for the loan, the amount will credit in your account on the next business day. Applying for medical loan and getting the loan is now a hassle-free experience, thanks to the straightforward services offered by LightStream.
You also get discount on medical loan if you opt for autopay service provided by LightStream.
- The borrowers with minimum 660 credit score are eligible for getting the medical loan from LightStream.
- LightStream medical loans are available in all states of the US except Rhode Island and Vermont.
- For those in a big financial crisis can apply for the medical loan with LightStream.
For more info, https://www.lightstream.com/medical-financing