4 Medical Loans for Bad Credit

What are Medical Loans for Bad Credit?

Medical loans for bad credit can help an individual with healthcare expenses because hospital bills can be devastating sometimes.

Before you look for a medical loan, consider that grants for medical bills and medical treatment may be available from government and nonprofit organizations, for which you might be eligible, especially if you are experiencing financial hardships.

Medical troubles can occur anytime, and you must undergo treatment, whether you have good credit or bad.

Individuals with minimal health insurance and bad credit scores may require a medical loan to continue with treatment.

Health complaints and injuries can cost you a fortune, and one should always have a backup plan – health insurance or enough savings – ready to pay the hospital bills.

People with bad credit scores can find it challenging to secure loans to manage healthcare costs and pay off outstanding bills. According to most standard definitions by credit bureaus, ‘bad credit’ generally refers to scores below 580, while scores between 580 and 669 are considered ‘fair. ‘ Medical loans can provide a viable option for individuals in this situation, but it’s crucial to consider the terms and interest rates offered carefully.

Even with a bad credit score, one can get a medical loan to pay bills and recover from financial expenditures.

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.

If you have bad credit, not all loan providers may agree to offer a medical loan for your treatment.

It’s true that people with good credit scores (ranging from 670 to 739) and a positive debt-to-income ratio easily get loans compared to those with bad credit.

However, some loan providers approve medical loans for individuals with bad credit, offering flexible terms.

Here is the list of top loan providers who provide loans to bad-credit customers.

1. American Medical Loans

American Medical Loans is a platform connecting applicants with a network of lenders specializing in medical financing, including those with less-than-perfect credit histories. While they cater to a wide range of credit profiles, potential borrowers should thoroughly research and compare the terms and rates offered to ensure they align with their financial situation and needs.

One can apply for a loan online to cover your medical expenses and pay the outstanding hospital bills.

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 a reliable platform for applying for a medical loan with 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 a loan connection service that matches applicants with potential lenders in its network, focusing on individuals with various credit backgrounds, including those with bad credit. However, it’s important for applicants to review the specific terms, interest rates, and fees from lenders within the network to make informed borrowing decisions.

If you are taking a medical loan from the CashUSA.com network of lenders, the loan duration will be between 3 and 72 months.

Some professional loan providers do not charge any fees for submitting a loan request or for matching you with a lender.

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 utilizes a unique underwriting approach that includes factors beyond credit scores, such as education and employment, making it a potentially suitable option for individuals seeking loans up to $50,000 for medical expenses. Applicants should ensure they understand the APR range and repayment terms before proceeding.

If your medical expenses are not covered under health insurance, an Upstart medical loan would be a handy option.

In addition, the amount you receive for medical expenses can be used for elective procedures. Some examples of the elective procedure include:

  • Hair loss treatment
  • Cosmetic surgery
  • Dental treatments
  • Weight loss treatment
  • Infertility treatments

Verifying your credit score on their online portal would not impact your credit score. Only hard inquiries temporarily impact your credit.

For more info, visit https://www.upstart.com/medical-loans

4. LightStream

LightStream, a division of Truist Bank (following the merger of SunTrust Bank and BB&T), offers competitive APRs and loans for various purposes, including medical expenses. Prospective borrowers should compare LightStream’s rates and terms against their financial capabilities and need to ensure a fit.

LightStream offers direct financial support to applicants to pay outstanding medical bills.

The loan amount provided by LightStream ranges from $5000 to $100,000 with a loan term of 24 to 84 months.

Your actual interest rate will be calculated based on your credit score and profile.

LightStream offers a well-organized, 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

See Also

How to Register for NRMP

5 Grants for Women Starting a Business

Lap Band Surgery Cost Without Insurance

What is a VA Loan?

Hardship Grants for Single Mothers

Can You Go to Jail For Not Paying Medical Bills

Current Version
March 6, 2024
Updated By
Andrea Morales G.

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