What are Medical Loans for Bad Credit?
Medical loans for bad credit can help an individual with healthcare expenses because the hospital bills can be devastating sometimes.
Before you look for a medical loan, keep in mind that grants for medical bills and medical treatment are available by government and nonprofit organizations and you may be eligible to get one especially if you are experiencing financial hardships.
Medical troubles can occur anytime, and you have to undergo treatment no matter you have good credit or bad.
Even those with minimal health insurance, in addition to bad credit scores, require a medical loan to continue with the treatment.
Health complaints and injuries can cost you to fortune, and one should always have a backup plan – health insurance or enough savings – ready to pay down the hospital bills.
But, the folks with bad credit scores (poor credit ranges from 550 – 649, bad credit is below 550) find it difficult to get the loan, manage the healthcare costs, and pay outstanding healthcare bills. So, they require a medical loan as the solution for everything.
Even with a bad credit score, one can get a medical loan to pay bills and recover from the financial expenditure.
Medical Loans for Bad Credit – Top Loan Providers to Help You with Healthcare Bills
For those dealing with a health emergency, planning surgery, or needing financial help for prescriptions, a medical loan from a reliable loan provider would be the solution.
But, if you have bad credit, then the chances are not every loan provider will agree to offer the medical loan for your treatment.
It’s true that people with good credit scores (ranging from 670 – 739) and a positive debt-to-income ratio easily get the loan when compared to the ones with bad credit.
Still, several loan providers approve medical loans for bad credit with maximum flexibility.
Here is the list of top loan providers who provide loans to bad-credit customers.
1. American Medical Loans
American Medical Loans is an ultimate network of financial servicing companies. They are known to provide financial support to applicants with bad credit scores.
To cover your medical expenses and pay the outstanding hospital bills, one can apply for the loan through an online application.
They offer medical loans for bad credit at affordable APR (Annual Percentage Rate).
You can apply for the American Medical Loans bad credit loan from their website 24 hours a day, 7 days a week. Before applying, you can verify the credit score and applicable interest rates.
American Medical Loans is one of the reliable platforms to apply for a medical loan if you have bad credit. Their online portal gives you easy access to competitive ongoing interest rates.
Their network of financial companies offers you the best possible interest rates according to your credit score and debt-to-income ratio.
For more info, visit https://www.americanmedicalloan.com/bad-credit/
2. CashUSA.com
CashUSA.com is one of the highly-rated loan-matching services and lenders offering loans to the needy and those with bad credit scores. An individual with less than perfect credit can apply for a medical loan from $1000 to $10000 at an interest rate ranging between 5.99% – 35.99%.
If you are taking a medical loan from the CashUSA.com network of lenders, then the loan duration will be between 3 months to 72 months.
The professional loan providers do not charge any fee for submitting a loan request or matching you to the lender for receiving the loan amount.
Plus, once your application is submitted and reviewed by the lenders, the amount is credited to your account on the next business day.
For more info, visit https://www.cashusa.com/
3. Upstart
Another loan-matching services provider with great ratings for bad credit medical loans. Upstart is a reliable choice for those looking for a loan amount of $50,000 to pay the out-of-pocket hospital bills.
If your medical expenses are not covered under any health insurance, then an Upstart medical loan would be a handy option.
With Upstart, you get a medical loan on a 3 or 5 year-term with an effective APR ranging from 7.46% to 35.99%. Once you submit the application and it is accepted, the loan amount is credited to your account on the next business day – a 99% success rate.
In addition, the amount you receive for the medical expenses can be used for elective procedures also. Some examples of the elective procedure include:
- Hair loss treatment
- Cosmetic surgery
- Dental treatments
- Weight loss treatment
- Infertility treatments
Verifying the credit score on their online portal would not impact your credit score. Only the hard inquiries temporarily impact the credit.
For more info, visit https://www.upstart.com/medical-loans
4. LightStream
LightStream is a division of SunTrust Bank, and they are the industry-leading loan provider with a competitive APR in the market.
LightStream offers direct financial support to the applicants for paying down the outstanding medical bills.
The loan amount provided by LightStream ranges from $5000 to $100,000 with a loan term of 24 to 84 months.
The effective APR ranges between 5.95% – 19.99% for different loan amounts and tenure. Also, the actual interest rate will be calculated according to your credit score and profile.
LightStream offers a well-organized and managed loan procedure for a wonderful no-hassle experience. The service and rates offered by these professionals are appreciated in the industry.
For more info, visit https://www.lightstream.com/medical-financing
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