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Best Personal Loans for Medical Expenses

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When your health or the health of your loved one starts to falter, worrying about how you’ll pay what your insurance doesn’t cover makes a stressful time more difficult. Or, maybe you’re looking into a cosmetic or elective procedure that isn’t covered by insurance at all.

A personal loan may be your solution when you need money to pay for a medical expense. They’re 1 lump sum payment loans that you repay in installments, often at a low rate, making them perfect for large expenses.

If you’re interested in a personal loan to cover your medical expenses, look no further. Check out Benzinga’s list of the best personal loans for medical expenses to start loan shopping today.

Best Personal Loans for Medical

While nobody wants to go into debt to cover medical costs, it’s a situation many of us find ourselves in. A personal loan can be a low-cost, fast way to get funding. It can also be a great way to consolidate credit cards with high balances or consolidate medical debt while keeping your credit intact. 

A personal loan used to consolidate credit cards can raise your over credit limit while lowering your overall credit use. This will look good for your credit utilization, an important factor in credit approval. 

APR
5.99%
Loan Amounts
Up to $100,000
Get started securely through Super Money’s website
APR
from 5.95% APR (with autopay)*
Loan Amounts
$5,000–$100,000
Get started securely through Credible Loans’s website
APR
5.99% – 19.96%
Loan Amounts
$5,000 – $100,000
Get started securely through SoFi’s website
APR
5.65% – 22.59%
Loan Amounts
$5,000–$35,000
Get started securely through Payoff’s website

Types of Personal Loans for Medical 

As with most loans, your credit history will determine your loan offers. And, your unique financial situation will determine what type of loan you’ll choose. While you can typically expect personal loans to be similar in structure, there are different types. You may be provided offers for secured or unsecured loans, for example, or have to choose from a fixed or variable rate loan. 

Secured Loans

If a lender offers you a secured loan, they are requesting collateral to back the loan. If you’re requesting a high loan amount or have slightly spotty credit, this may be the lender’s way of reducing their own risk.

Be sure you repay these loans by their terms to the letter — if you default on your agreement, your collateral could be seized in addition to your credit taking a blow.

Unsecured Loans

You won’t have to put up any collateral for an unsecured loan; they should be taken just as seriously as a secured loan. Unsecured loans are backed only by your creditworthiness as a borrower. If you default on your loan, your credit report could be negatively affected.

Fixed-Rate vs. Variable-Rate Loans

Lenders offer fixed or variable interest rates loans. You may have the option to choose between the 2 types of rates.

Fixed-rate loans have interest rates that remain static throughout your loan. These are useful because you can calculate the exact amount the loan will cost you. 

Variable-rate loans have interest rates that can fluctuate throughout your loan. While this can be inconvenient, you don’t know exactly how much the loan will cost you — it can mean a lower rate or lower monthly payments. This could be useful if you’re strapped for cash and need lower monthly payments to make ends meet.

To compare multiple offers from multiple lenders, use a free loan comparison service like Credible. You’ll be able to easily compare lenders you qualify with. Comparing rates and terms from multiple lenders is a great way to ensure you’re getting the best terms and rates.

Personal Loan Requirements and Criteria

Different lenders have different requirements, but the following is a gold standard for what lenders look at when they are reviewing your loan application:

  • Your FICO credit score
  • Debt-to-income ratio
  • Delinquencies or negative remarks on your credit report
  • Credit utilization (your credit balance vs. your credit limit)
  • Open accounts with a positive standing (payments being made on time)

Some lenders may have loans specialized for certain types of medical procedures, like in-vitro fertilization. And while most lenders do prefer borrowers with good credit, bad credit doesn’t fully rule you out. A service like BadCreditLoans.com focuses on pairing lenders with borrowers who don’t have the best of credit. Its small loans are a great way to put some extra cash in your pocket while times are tight or to avoid paying for a medical bill with a high-interest credit card. If you keep up with your monthly payments, it’ll have a positive influence on your credit.

Personal Loan Considerations

If you’ve decided a personal loan sounds like a good solution to your financial woes, there are a couple of things to consider. Primarily, be sure you can meet all the terms and conditions set for the loan before you agree to it. Even paying a loan off before the agreed period can have consequences, with some lenders charging hefty prepayment penalties. 

Look for loans with terms and rates that are logical for you. And keep your eye out for any hidden costs or fees. Look for loans with as minimal fees as possible to avoid paying more than you bargained for. 

Although you trust that the lenders and loan comparison services on our list operate with integrity, the same isn’t true for every lender out there. Be wary of predatory lenders, especially online. If a loan seems too good to be true, be sure it’s coming from a legit source. Stray away from payday lenders and the like — these loans are often super high interest and can reduce your spending power more than getting your money early is worth. 

If you want to play it safe, use a loan comparison service like Even. You’ll have the peace of mind that you’re only connecting with trustworthy lenders, reducing your exposure to potential scammers during the loan shopping process.

Personal Loans vs. Credit Cards

While credit cards are best for covering your prescription copays or paying for other small recurring expenses, a personal loan is best suited to larger expenses or debt consolidation.   

You’ll usually get the full loan amount at once, which you’ll repay in fixed monthly installments. Personal loans often offer lower, fixed interest rates than credit cards with higher credit limits. When a personal loan is paid in full, the line of credit is closed.


Unlike personal loans, your available credit is increased by how much you pay toward your credit card balance monthly. Although you can choose how much you’ll pay off after you meet the minimum required payment, credit cards often have higher variable interest rates. For this reason, keeping low balances is ideal to avoid getting in over your head with interest.

Also, personal loans are better suited to debt consolidation. You can take your loan to repay all your debtors at once, rolling your debt over into 1 monthly payment. This makes debt management easier to budget for. 

Don’t Get Bogged Down by Medical Costs

Whether you’re installing a handicap ramp on your new house or need funding to cover a medical procedure, a personal loan could be your solution. A loan comparison service allows you to compare your prequalified loan offers side-by-side. Get in touch with one of the reputable lenders on our list for questions and a great rate.

You’re just a few clicks away from peace of mind about your health solutions. Start on your journey toward better funding today.