Today, the cost of medical care has become nearly prohibitive. There are expenses that can't be avoided while others can be put off. This is why many people have turned to personal loans for medical purposes. Our doors are open 24/7. No matter where you live or what state you're in – we've got you covered. Have questions? Concerns? We're here for you throughout the entire application process.
What are Medical Loans?
A medical loan is a personal loan taken out for the specific purpose of financing medical treatment. Some lenders may also call these health loans. Medical loans can pay for a variety of medical costs, like elective surgeries, IVF treatments and emergency procedures.
Personal loans for Medical Financing
Medical financing is available with online unsecured personal loans. They can provide you with up to $35,000 with no collateral. Maggie Loans lets you fill out a simple online application form.
Why you may need Medical Financing
There are countless reasons to consider your options with a personal loan, including: Paying for an urgent care visit or hospital visit
- Financing reconstructive plastic surgery procedures
- Paying for dental procedures and wisdom tooth removal
- Surgery for cancer Infection treatment and prevention
- Procedures to improve appearance or body image
How it works?
The lenders in our network are direct lenders, which means they will provide you with personal loans for any purpose.
- When you apply online, the lender will review your loan application and decide whether to approve you for the personal loan.
- We'll match you to the best lenders for your needs. You can then click through to the lender's website and apply for a personal loan.
- Loan companies like to review your credit score, income and employment status to make sure you're not overextending yourself by borrowing too much money. The amounts you can borrow depend on your credit history, income and loan purpose. A lender may also consider your job stability and the length of time you've held your job.
How to get a Medical Loan?
Getting a medical loan shouldn't be a headache. We make it easy to shop for and apply for the perfect loan online.
Want to apply for a medical loan online?
- Apply with us in just minutes!
- Pre-qualify in seconds by filling out our online application.
- Check your rates and choose the terms that best fit your budget.
Who qualifies for Medical Financing?
To qualify for a medical loan, you must: Have a credit score of 650 or higher. Have a minimum annual income of $15,000. Be employed and getting paid by a company or a government agency. Some lenders will accept employed self-employed people who earn a steady income.
Ensure that you select a reputable company, or else, you might end up paying unnecessary interest. You should shop around for the best deals. Take your time and compare different personal loan offers.
Why choose personal loans for medical financing?
Personal loans for medical financing let you borrow a lump sum of cash that you can use for any purpose. A personal loan is an unsecured loan, which means you don't need to provide collateral for the money you borrow. This gives you a lot of flexibility with how you use your loan.
Those who qualify for personal loans for medical financing must have a solid credit score.
What is the cost of a Medical Loan?
The interest rate offered by a lender depends on your credit profile and the amount you're borrowing.
You can also get an unsecured loan for the cost of medical bills. The loan amount calculated by taking into account the sum you need to get treatment and the percentage of your income you are willing to spend on treatment.
Medical loans for bad credit: Pros and Cons of medical loans for bad credit
If you're a low-income, high-risk borrower, there may be some perks for you to consider with a medical loan for bad credit. For example, federal loan limits may be higher than you can get with a traditional loan, and the interest rate may be lower than a standard credit card.
What are some of the benefits of medical loans for bad credit?
While getting a medical loan with bad credit might seem like a last resort, there are certain benefits to taking out a loan with a high interest rate, provided that you know how to manage the loan and how much you can afford to pay per month.
As with any other type of loan, medical loans for bad credit can both help and hurt your financial health. Make sure to weigh all your options before taking out a loan you might not necessarily be able to pay back.
Best Options to Find Medical Financing
Some people find themselves in need of medical care but aren't supposed to apply for traditional small personal loans. They have bad credit or *other financial obligations that prevent them from getting a bank loan.
When it comes to medical bills, some people can't take out a loan and others want to avoid credit. What are they going to do? Let's look at the options available:
- Credit Cards - unlike medical loans, credit cards don’t ask for details about your treatment and don’t restrict you from getting any kind of health care.
- Payment plans can help you cover the cost of your medical procedure without requiring a lump sum of money up front.
- And if you’re better with crowdsourcing than credit, try crowdfunding websites.