What is a medical loan?

Medical loans are personal loans taken out to specifically help finance medical treatment. Medical loans may help you pay for elective surgeries, IVF treatments, and emergency procedures. Many lenders may not even distinguish the loan as a medical loan, but instead will state in their loan terms or literature that medical costs are an acceptable use for the loan proceeds.

What kind of credit score do you need for a medical loan?

Because medical loans are typically unsecured personal loans they are suited to people with a good credit score who can get a good interest rate. Customers who take out personal loans through Avant typically have credit scores between 550 and 700.

Can you get a loan to pay for a surgery?

Yes! You can get a loan to help pay for a surgery. The loan will typically be an unsecured personal loan that you pay back in monthly installments. Some lenders may specify that the loan be used for medical expenses only while others describe medical expenses as one possible use for the funds.

What is a secured medical loan?

Secured medical loans are loans from a bank or credit union that you back with some form of collateral. If you don’t pay the loan back, the lender can take ownership of the collateral you use. While many people use their home as collateral, some lenders may allow other assets such as cars or boats to be used.

What is the interest rate on a medical loan?

The interest rate you receive for a medical loan will be the same as the interest rate you would receive for a personal loan of the same amount. The actual loan amount, term, and APR amount of loan that a customer qualifies for may vary based on credit determination and state law. Loans though Avant offer APRs between 9.95% and 35.99%.*

How long are medical loans?

The length of medical loans varies from lender to lender. Avant offers loan terms from 24-60 months.**

Can I use my credit card for my medical expenses?

You can use your credit card to pay for your medical expenses, however you should keep in mind that the APRs you pay on your credit card debt can be higher than other types of financing. If you’re unable to pay off your full statement balance each month you are going to pay interest. What’s more, if you revolve a balance from one month to the next, those high interest fees kick in and can be a big expense. If you can't afford to pay a medical bill right away, a medical loan may be a more prudent choice to avoid incurring higher interest.

Why should I get a medical loan?

A medical loan could help you finance a costly procedure or consolidate medical debt. If there is a gap between your medical bills and what you can afford to pay you should consider applying for a medical loan. If approved, you could use the loan to help pay for medical costs and then repay the loan in simple monthly installments.

Can I get a medical loan with bad credit?

Customers who take out personal loans for medical expenses through Avant typically have credit scores between 550 and 700. You can check if you qualify with no impact to your credit score.