When you come across the term medical loan, you might wonder what these loans will pay for. Do you need a procedure in the future? Do you need a loan to pay off expensive medical procedures that are already complete? Would a medical loan help you prepay for an experimental treatment? Learn more about these loans so that you can make the most of the healthcare that is available to you.
What is a Medical Loan?
A medical loan (or healthcare loan) is any loan agreement that will help you pay off medical procedures, prepayments or medical bills. Because everyone’s medical needs are different, your medical loans should be tailored to your needs. For the most part, a medical loan tends to have a specific purpose unless you need a small amount of money for a variety of medical expenses.
The smaller the loan, the simpler it will likely be to obtain.
Where to Obtain a Medical Loan
When you’re in need of a medical loan, you can reach out to several financial institutions, including:
- Traditional banks or credit unions
- Digital financial platforms like MoneyLion
- Credit card issuers
- Specialty lenders
As you apply for medical loans, remember that each institution has its own rules and guidelines. You should ask the lender about:
- The minimum credit score required to obtain a loan
- The maximum amount you can borrow
- Repayment options
- Origination fees
- Interest rates
- Closing procedures
Because consumers often need to close their loans as quickly as possible, it’s best to look for platforms that mix simplicity with low rates and fees. When you find what you’re looking for, you can choose from several loan styles, like:
- Cash advances
- Credit card cash advances
- Small personal loans
- Credit building loans
Ways to Pay for Medical Expenses
When you are looking for a loan for medical expenses, please remember that you still have several options at your disposal. Yes, you might have obtained a medical loan through a digital financial platform, lender or other type of bank, but you can choose from several methods of paying off these expenses, including:
- Payment plans
- A request for partial forgiveness
- Credit cards (which you can pay off with a loan)
- Drawing from your 401k (which you can replace with a loan)
MoneyLion is a digital financial platform that helps the “99% feel 100%” about their finances, making it easy to manage money all in one place. Services and features offered by MoneyLion include:
- Mobile banking
- Cashback rewards
- Round ups
- No hidden fees
- Financial calculators
- Investment accounts
- Crypto accounts
- Credit Builder Plus loans
- Instacash advances
- GamePlan information for financial planning
Frequently Asked Questions
Can I get a loan for medical treatment?
You may choose to get a loan for medical treatment after the procedure is complete. However, certain healthcare operations may require a certain amount of payment upfront, for which you would need a medical loan from a platform like MoneyLion.
What credit score is needed for medical financing?
Lenders generally fund medical loans when you have a credit score of at least 600. Check the parameters of your chosen lender and your credit report before applying.