There are also some lenders that offer medical loans for bad credit. Borrowers can only choose between two repayment term options. You must have at least a 600 credit score to apply for a personal loan from Upstart. However, the company also works with borrowers who don't have enough credit history to receive a rating.
Read our full review of Prosper Healthcare Lending for more information. Before taking out a medical loan, it's important to understand how the loan works and what the repayment will be like. Many lenders don't specifically offer a medical loan product, but they do offer personal loans that can be used for just about anything, including paying for a wide variety of medical expenses. The Rate Beat program excludes guaranteed or guaranteed loan offers from any lender, and the competitive offer must be available to any customer with a similar credit profile.
If you end up with several loans, you may want to consider medical debt consolidation to save interest and simplify repayment. Because medical loans usually have a fixed interest rate, you'll know exactly how much you owe each month. That way, it offers an advantage over using variable-rate credit cards to pay medical bills. Loans are subject to credit approval and may be subject to sufficient investor commitment before they can be financed or issued.
A number of lenders, including certain banks, credit unions and online lenders, offer personal loans that can be used as medical treatment. Universal Credit accepts low credit scores and offers multiple opportunities for discounts on personal loan rates. While it's possible to apply for a medical loan with bad credit, you could be left with a high interest rate. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.
Personal loan rates Personal loan calculator The best personal loans with bad credit How to refinance a personal loan. However, if you're having trouble qualifying for a personal loan, OneMain Financial also offers secured loans, another possible option for borrowers with bad credit. Although you don't need to apply for a specific “medical loan”, there are many companies that offer personal loans that can be used for medical expenses. Whether you need treatment for a medical emergency or elective surgery, paying for an expensive procedure can be difficult.
When looking for medical loans, it's a good idea to get quotes from several lenders to make sure you find the personal loan that best suits your needs. While improving your credit score takes time, it can increase your chances of qualifying for a loan more quickly if you apply with a creditworthy co-signer.