10 Best Personal Loans for Medical Expenses in 2022

If you're one of the more than 100 million adults in the United States with healthcare debt, you may be looking for ways to pay off your medical expenses.

One option is to use a personal loan to cover your costs. Personal loans can be a great way to get the money you need quickly and without going through a lot of red tape.

In this blog post, we'll look at the best personal loans for medical expenses, how they work, and what you need to know before applying.

Top Rated Personal Loans for Medical Expenses in 2022

1. MoneyMutual - Best personal loans for medical expenses overall
2. CashUSA - Get approved in minutes
3. PersonalLoans - Personal loans for any reason
4. Funds Joy - Get a loan with no paperwork
5. Upgrade - Personal loans up to $50,000
6. LendingTree - Reputable network of personal loan lenders
7. BadCreditLoans - Best medical loans for bad credit
8. Zippyloan - Next-day funding
9. 24/7DollarLoan - Quickest personal loan application
10. 24/7CreditNow - Personal loan offers in 90 seconds

Now that we've looked at the top-rated personal loans for medical expenses, let's take a closer look at each loan option to find the best fit for you.

1. MoneyMutual - Best Loan for Medical Treatment Overall

Pros

• Funds in 24 hours
• 12+ years experience
• 2,000,000+ customers
• Online Lenders Alliance member

Cons

• Not available in all states

APR

Generally, rates through MoneyMutual are competitive compared to those of traditional banks. For example, MoneyMutual offers interest rates that range from 5.99% to 35.99%.

This confirms that MoneyMutual is a network of lenders, each setting its own APR. Therefore, your actual interest rate will depend on the loan offer and the lender you choose.

Loan Terms

MoneyMutual connects borrowers with various lenders for different types of loans. The terms of these loans can be very flexible, making it easy for borrowers to find a loan that fits their needs.

Loan Amounts

MoneyMutual's loans are designed to help borrowers cover unexpected expenses or emergencies, which can be helpful for those who need a little extra money for medical expenses. These loan amounts range from $200 to $5,000.

Best for Getting Cash Fast

MoneyMutual is a good option if you need cash fast. Once approved for a loan, you can typically receive your funds within 24 hours.

Service Overview

MoneyMutual is a lender that helps people get the money they need quickly and easily. They have over 2 million customers and are a member of the Online Lenders Alliance. This means that they are a trusted and reliable funding source for people in need.

MoneyMutual can help you apply for a medical loan and offer tips and resources to help manage your money and debt.

2. CashUSA - Medical Expense Loans Approved in Minutes

Pros

• APR from 5.99%
• Quick application
• Multiple loan durations
• Easy loan requirements

Cons

• Not a lender or broker

APR

CashUSA lenders offer rates that range from 5.99% to 35.99%. This is a reasonably wide range, but it's important to remember that not everyone will be approved for the lowest rate.

It's also important to remember that the APR includes the interest rate and any fees associated with the loan.

Loan Terms

CashUSA offers various flexible loan terms to borrowers, which can vary depending on the lender. To be eligible for a CashUSA loan, borrowers must meet specific qualifications, including a minimum credit score.

The loan duration can range from 90 days to 72 months, which gives borrowers a lot of flexibility in choosing a repayment schedule that fits their needs.

Loan Amounts

CashUSA offers unsecured personal loans for medical bills ranging from $500 to $10,000. The loans can help to cover the costs of medical procedures and treatments that are not typically covered by insurance.

Best for Flexible Loan Terms

CashUSA's unsecured loans are an excellent option for individuals needing a little extra time to repay them. The flexible loan terms offered by CashUSA's lenders can help you find a repayment schedule that fits your budget.

Service Overview

CashUSA connects borrowers with an extensive network of lenders. It offers a quick and straightforward application process, and the loan requirements are easy to meet. The company provides unsecured loans for various purposes, including medical costs and emergency expenses.

3. PersonalLoans - Personal Loan for Medical Expenses for Any Reason

Pros

• Up to $35,000
• Online Lenders Alliance
• Hassle-free process
• Rate & free transparency

Cons

• Loan details are estimated

APR

PersonalLoans’ network of direct lenders offers a wide range of APRs, from 5.99% to 35.89%. The actual APR you qualify for will depend on factors such as your credit score, income, and financial history. In addition, some states may limit the interest charged on a personal loan.

Loan Terms

PersonalLoans works with a network of direct lenders to offer competitive loan terms and rates. The loan terms range from 61 days to 96 months, and they have lenders specializing in short-term, medium-term, and long-term loans.

Loan Amounts

Personal Loan offers loan amounts from $1,000 to $35,000. This is a wide range of loan amounts that can be tailored to fit borrowers' individual needs. The amount you qualify for will depend on factors such as your credit score and income.

Best for Larger Medical Expenses

PersonalLoans' large loan amounts make them a good option for financing more substantial medical debts. In addition, the company offers a wide range of APRs, so you will likely find a competitive rate.

Service Overview

PersonalLoans is a lending marketplace that connects borrowers with a network of direct lenders. It's a convenient way to compare medical loans and terms from multiple lenders.

As a member of the Online Lenders Alliance, the company is committed to providing a transparent and hassle-free loan process.

4. Funds Joy - Medical Treatment Loan With No Paperwork

Pros

• Up to $5,000
• Apply 100% online
• Bad credit accepted

Cons

• Extensive application

APR

Depending on the borrower's creditworthiness and other factors, the APR on an unsecured personal loan from Funds Joy ranges from 4.99% to 450%. The APR includes the interest rate charged on a loan and any fees a lender may add to the cost of borrowing.

Loan Terms

Funds Joy offers loans with repayment terms of up to 72 months. Some lenders also provide the ability to roll over the loan, which can help borrowers who are struggling to pay off their debt.

Loan Amounts

Funds Joy offers medical emergency loans of $200 to $5,000. This can help cover the cost of unexpected medical bills or expenses related to a significant health event.

Best for Anyone Who Needs More Time to Repay

The ability to roll over or renew your medical loan can be helpful if you find yourself in a situation where you're unable to make your payments on time. This option can give you more time to repay your debt without incurring additional fees.

Service Overview

Funds Joy is an online lending platform that offers personal loans and lines of credit products. The company offers a paperwork-free application process and fast funding, with loans typically deposited into your account within 24 hours.

Funds Joy is a good option for borrowers with bad credit, as the company offers loans to borrowers with all credit scores. However, borrowers with lower credit scores may be charged higher interest rates and fees.

5. Upgrade - Medical Personal Loans Up to $50,000

Pros

• Up to $50,000
• Fixed interest rates
• No prepayment penalty
• 84-month repayment option

Cons

• Higher minimum APR
• Origination Fees

APR

Upgrade's banking partners determine the APR for each loan option. Upgrade's lowest APR is 6.95%, and the highest APR is 35.97%. However, Upgrade's APRs are generally lower than the average APR for personal loans.

Loan Terms

Upstart offers personal loans with repayment terms of 24 to 84 months and low fixed rates. There is a 5% one-time origination fee. Upgrade does not have any prepayment penalties, so you can pay off your loan early if you want to without having to pay any extra fees.

Loan Amounts

Upgrade offers loans of $1,000 to $50,000 for major medical bills. This is an excellent option for those who have unexpected medical bills or need to finance an expensive medical procedure.

The interest rates are fixed, and the repayment terms are flexible, so you can choose a plan that works for you.

Best for Low Fixed Rates

A low fixed rate means that your monthly payments will stay the same for the life of the loan, even if interest rates go up. This can help you budget your loan payments and give you peace of mind knowing that your monthly fee won't change.

Service Overview

Upgrade offers personal loans with low fixed rates and flexible repayment terms. In addition, the company is committed to providing a simple and transparent loan process, with loans typically funded within one business day.

Upgrade is a good option for borrowers who need to finance a major medical expense. However, borrowers should be aware that there is a one-time origination fee.

6. LendingTree - Reputable Network of Personal Loan Lenders

Pros

• A+ BBB rating
• APR from 2.49%
• 300+ lenders
• Free credit monitoring

Cons

• Rigorous credit approval process

APR

One of the main benefits of LendingTree is that it offers competitive rates on all of its loan products. For example, the APR on personal loans starts at 2.49% and ranges up to 35.99%. This makes LendingTree a good option for borrowers looking for a low-interest loan.

Loan Terms

Loan terms on LendingTree range from 12 months to 144 months, depending on the lender you choose. In addition, LendingTree does not have any prepayment penalties. This means you can pay off your loan early if you want to without paying any extra fees.

Loan Amounts

LendingTree is a lending company that offers a wide variety of loan amounts for medical expenses, from $600 to $100,000.

This allows people to borrow the money they need to cover their medical debts without worrying about taking out a loan for more than they will use.

Best for Lowest Interest Rates

LendingTree's lending partners offer some of the lowest interest rates on personal loans. For example, the APR on LendingTree's personal loans starts at 2.49% and ranges up to 35.99%.

Service Overview

LendingTree is a financial services company that offers a variety of loan products to consumers, including personal, home, auto, and business loans. With an A+ rating from the BBB and free credit monitoring, you can be sure that you're in good hands with LendingTree.

7. BadCreditLoans - Best Personal Loans for Bad Credit

Pros

• Bad credit welcome
• Up to $10,000
• 90-day loans
• Other loans available

Cons

• Not a lender or broker

APR

BadCreditLoans is a lending network that connects borrowers with lenders. Loan offers vary depending on the borrower's individual circumstances, but the APR range is 5.99% to 35.99%.

Loan Terms

The loan terms vary depending on the lender. Still, the minimum repayment term is 90 days, and the maximum repayment is 72 months.

Loan Amounts

BadCreditLoans offers financial assistance to people with bad credit. The company provides loan offers ranging from $500 to $10,000, which can be used for various purposes, including medical costs.

Best for Bad Credit Borrowers

We all know that medical emergencies don't discriminate and can happen to anyone anytime. That's why BadCreditLoans is a great option for people with bad credit history who need a loan for medical bills.

Service Overview

BadCreditLoans offers borrowers with low credit scores the opportunity to get loans from a network of lenders. The company has a simple online application process and gives loans ranging from $500 to $10,000.

You can choose to repay your loan in as little as 90 days to save on interest or extend the repayment term up to 72 months if you need more time.

8. Zippyloan - Next-Day Funding for Loans for Medical Treatment

Pros

• 24-hour funding
• Build your credit
• All credit types accepted
• Multiple installments

Cons

• Not available in all states

APR

The APR of a loan offered by Zippyloan lenders will vary depending on the loan amount, term length, and other factors. However, the maximum APR is typically 35.99%.

Loan Terms

Zippyloan offers personal loans with a lending period of 6 to 72 months. The interest rate on their loans is fixed, meaning it will not change over the life of the loan. They also offer a range of repayment options, including bi-weekly and monthly payments.

Loan Amounts

Zippyloan understands that medical expenses can come in all shapes and sizes. That's why its lenders offer loan amounts from $300 to $15,000—so no matter what your needs are, they can help.

Whether you're faced with a minor medical procedure or a major health scare, they want to help you get the care you need without breaking the bank.

Best for Immediate Medical Expenses

With Zippyloan, you can get the money you need to cover your medical expenses as soon as the next day. That way, you can focus on what's really important—getting better.

Service Overview

Zippyloan facilitates personal loans between $300 and $15,000. In addition, the company offers 24-hour funding to get the money you need to cover your medical expenses as soon as possible.

Zippyloan offers multiple installments and fixed interest rates, so you can create a loan that fits your budget and repayment schedule.

9. 24/7DollarLoan - Quickest Application for Medical Emergency Loan

Pros

• 3-minute application
• 24/7 loan approvals
• Loan renewals

Cons

• High-interest rates

APR

For a 24/7DollarLoan, the APR can range from 235% to 1304%. This means that you could pay more than 10 times your original loan amount in interest and fees alone.

Loan Terms

24/7DollarLoan understands that unexpected expenses can arise at any time. They specialize in short-term loans to help you tide over until your next paycheck. Your loan terms will vary depending on your state and the lender you are matched with.

Sometimes, personal loan providers may be willing to renew your loan if you cannot repay it fully by the due date.

Loan Amounts

24/7DollarLoan is a lending network that offers cash loans up to $1,000. These short-term loans should be repaid in full within 2 to 4 weeks.

Best for Unexpected Expenses

If you're faced with an unexpected expense and need cash fast, 24/7DollarLoan may be a good option. With a 3-minute application and 24/7 loan approvals, they can help you get the money you need to cover your expenses—no matter the time of day.

Service Overview

24/7DollarLoan offers short-term cash loans of up to $1,000. No matter your credit score, you can receive a loan offer from one of their lenders. You'll have access to the funds as soon as the next business day and can apply from the comfort of your own home.

10. 24/7CreditNow - Personal Loan Offers in 90 Seconds

Pros

• 90-second application
• Up to $35,000
• No hidden fees

Cons

• Minimum income requirements

APR

24/7CreditNow is a financial services company that works with reliable lenders to provide loans to people with bad or no credit.

The company does not disclose the actual rates or APR that it charges for its services. Still, it maintains that the rates are "competitive" and that the APR may vary depending on the lender.

Loan Terms

24/7CreditNow helps people find lenders for quick, short-term loans. While loan terms will vary by lender, the service is best for people with short-term financial needs that borrowers can repay quickly.

In most cases, 24/7CreditNow will connect you with a lender within minutes, and you can often get your money within 24 hours of applying. In addition, there are no hidden fees or prepayment penalties, and you can repay your loan early without any penalties.

Loan Amounts

24/7CreditNow is a safe and secure way to request a loan of $100 to $35,000. The company will work with you to find a lender who can fulfill your loan request and provide you with a competitive interest rate.

Best for Quick Loan Decisions

24/7CreditNow is best for people who need a quick loan decision. The company's online application only takes 90 seconds, and you can receive a loan offer from one of their lenders within minutes.

Service Overview

When you need cash fast, 24/7CreditNow can help you find a lender who can provide you with the funds you need. The company offers loans of $100 to $35,000, and you can often get your money within 24 hours of applying.

All credit scores are encouraged to apply, and there are no hidden fees for using the service. 24/7CreditNow is also a member of the Online Lenders Alliance, so you can be confident that you're working with a reputable company.

How We Choose Our Top Picks

Many factors contribute to why we've chosen our top picks as the best personal loans for medical expenses. A combination of five criteria was considered when conducting our analysis, which included:

Ease of Use

The medical loan process should be easy from beginning to end. Likewise, the application process should be straightforward, and you should be able to get your money quickly once you're approved.

While all of the personal loan companies we've reviewed meet these criteria, some stand out more than others. MoneyMutual, for example, has a quick and easy application process that can get you funds in as little as 24 hours.

Customer Satisfaction

The personal loan industry is filled with scams and predatory lenders. That's why choosing a medical loan company with a good reputation and is known for putting the customer first is essential.

All of the personal loan companies we've reviewed are reputable and have high customer satisfaction ratings. But some, like LendingTree and CashUSA, go above and beyond to ensure their customers are happy.

Transparency of Terms and Fees

When taking out a personal loan, knowing what you're getting into is crucial. The last thing you want is to be surprised by hidden fees or unfavorable terms.

All of the personal loan companies we've reviewed are transparent about their terms and fees. But some, like PersonalLoans and Upgrade, go above and beyond to ensure you understand everything before applying.

Flexible Repayment Terms

One of the benefits of using a personal loan to pay for your medical expenses is that you can choose a repayment plan that fits your budget. Some personal loan companies offer flexible repayment terms, while others have strict terms that must be adhered to.

When it comes to repayment flexibility, MoneyMutual stands out from the rest. They offer a variety of repayment plans, so you can easily find one that best suits your needs.

Responsible Lending Practices

When taking out a personal loan, you want to be sure that the company you're working with has your best interests in mind. That's why we only recommend personal loan companies that have responsible lending practices.

All of the personal loan companies we've reviewed have these lending practices in place. But some, like Funds Joy and LendingTree, take it a step further to ensure you get the best loan for your medical expenses.

Steps to Getting a Medical Loan

Now that you know what to look for in a personal loan company, it's time to apply. The process is simple and can be done entirely online.

Research Your Options

Use our reviews to compare the top-rated personal loan companies and find the one that best suits your needs.

MoneyMutual offers the best overall personal loans for medical expenses, so it's a great place to start.

Fill Out an Application

Once you've selected a personal loan company, it's time to fill out an application. The process is quick and easy, and you can usually get approved in just a few minutes.

With MoneyMutual, you'll first need to select the loan amount you're interested in and then fill out some basic personal information. By providing your employment information and monthly income, you'll be able to determine better if you're eligible for a loan.

Review Loan Offers

If approved, you'll then be able to review loan offers from various lenders. With MoneyMutual, you can choose the lender that best suits your needs.

Be sure to carefully review the loan terms and conditions before deciding. You'll want to make sure you can comfortably make the monthly payments and that the loan makes financial sense for your situation.

Choose a Lender

Once you've selected a lender, you'll be able to complete the application process and get your money. Next, you'll need to e-sign for the loan and provide your bank account information so the funds can be deposited.

Get Your Money

After you are approved and have signed for the loan, the lender will deposit the money into your bank account. Depending on your bank, it may take a few days for the funds to become available.

However, most funds are delivered within 24 hours, so you can quickly get the money you need to pay for your medical expenses.

Getting Loans for Medical Expenses - Your FAQs Answered

We know you probably have many questions about taking out a personal loan to pay for your medical financing needs. Here are some of our most frequently asked questions:

Is a Medical Loan Right for You?

Unsecured personal loans can be a great way to finance your medical expenses. However, they're not suitable for everyone.

If you're not sure whether or not a personal loan is right for you, consider these factors:

• Your credit score: Personal loans usually have higher interest rates than other types of loans, so if you have less than fair credit, you may want to explore other options.
• Your income: Personal loans are typically only available to those with a steady income. You may not be eligible for a loan if you're unemployed or underemployed.
• Your debt-to-income ratio: Lenders usually only approve personal loans if your debt-to-income ratio is below 50%. This means that your monthly debt payments (including your mortgage, car loan, credit card payments, etc.) should be no more than 50% of your monthly income.
• Your financial goals: Personal loans can be a great way to consolidate medical debt or pay for a large purchase. However, a personal loan may not be the best option if you're trying to save money or get out of debt.

What is a Medical Loan?

A medical loan is a type of personal loan that can be used to pay for your medical expenses. Medical loans typically have higher interest rates than other types of loans. Still, they can be a good option if you don't have the money to pay for your medical expenses upfront.

What Can a Medical Loan Be Used for?

A medical loan can be used to pay for a variety of medical expenses, including:

• Doctor's visits
• Hospital stays
• Surgeries
• Medical equipment
• Prescription medications
• Physical therapy
• Mental health services

What Credit Score Do You Need for a Medical Loan?

While there is no set credit score to qualify for a medical loan, most lenders will only approve loans for those with a score of 600 or higher. However, medical loans are available for those with lower scores, but the interest rates will be higher.

Can I Get a Medical Loan With Bad Credit?

Yes, some lenders offer bad credit medical loans. However, these loans typically have higher interest rates and fees. BadCreditLoans specializes in loans for people with bad credit.

What Are Some Alternatives to Medical Loans?

If you're not sure a personal loan is right for you, there are a few other options to consider:

• Medical credit cards: Medical credit cards can be a great way to finance medical expenses. However, they typically have high-interest rates, so you'll want to be sure you can pay off your balance quickly.
• Health savings account (HSA): If you have a high-deductible health insurance plan, you may be eligible for a health savings account. This account can be used to pay for your medical expenses, and the money you contribute is tax-deductible.
• Flex spending account (FSA): A flex spending account is similar to a health savings account, but it's offered through your employer. The contributions are deducted from your paycheck pre-tax.
• Borrow from family or friends: If you have a close relationship with family or friends, you may be able to borrow money from them to pay for your medical expenses.

How to Apply for a Medical Loan

Applying for a medical loan is similar to applying for any other type of loan. You'll need to provide basic information about yourself and your finances, and the online lender will run a credit check. If approved, you'll receive a loan offer with the terms and conditions of the loan.

When to Consider a Medical Loan?

A medical loan can be a good option if you need to come up with a large sum of money to pay for your medical expenses quickly.

These loans, such as those offered by MoneyMutual, are also a good option when you can't qualify for a traditional loan or when you need the flexibility to make smaller payments over time.

>> Get funded in 24 hours with MoneyMutual>>

What Are Medical Loan Interest Rates?

Interest rates on medical loans vary depending on the lender and your credit score. Generally, the interest rates for medical loans are higher than other types of loans. For example, CashUSA offers medical loans with interest rates as low as 5.99%.

Best Personal Loans for Medical Expenses - Wrapping Things Up

In 2022, medical expenses are still a huge problem in the United States. Collectively, Americans carry more than $195 billion in medical expense debt. However, plenty of personal loan options are available to help individuals pay for their medical expenses.

MoneyMutual, for example, offers a reliable and efficient matching service for consumers seeking short-term loans. They work with an extensive network of medical loan lenders to find the best loan option. Next, with CashUSA, you can get up to $10,000 to cover your medical expenses.

>> Get funded in 24 hours with MoneyMutual>>

You should never have to suffer from the financial burden of medical expenses. With a personal loan, you can get the money you need to cover your costs and get back on your feet.