Medical loans
A medical loan is a personal loan used to pay medical, dental or surgical bills. Before you borrow, ask the provider for an itemized bill, a payment plan and financial assistance. Many plans are interest-free, which beats any loan.
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Loan terms from 2 to 60 months. Rates vary depending on the lender, your credit and your state. Maximum APR is 35.99%.
Check these before you borrow
- Ask for an itemized bill and dispute errors. Billing mistakes are common.
- Ask about financial assistance. Nonprofit hospitals are required by federal tax rules to have a financial assistance policy.
- Ask for an interest-free payment plan.
- Ask whether a discount is available for paying in full, which a loan could fund.
When a personal loan makes sense
- Elective procedures not covered by insurance, like dental implants or LASIK.
- The provider requires payment up front.
- You want to consolidate several medical bills into one fixed payment.
Watch out for
- Deferred-interest medical credit cards. If the promo balance isn't paid in full by the deadline, interest can be charged back to the original purchase date.
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Common questions
Can I get a loan for medical bills?
Yes. A personal loan can pay medical, dental or surgical costs. Compare it with the provider's payment plan first, since many plans charge no interest.
Is a medical loan better than a medical credit card?
A personal loan has a fixed rate and no deferred-interest trap. A promotional medical card can be cheaper only if you pay the full balance before the promo ends.
Can I finance a procedure insurance doesn't cover?
Yes. Elective procedures are a common use for personal loans. Get the provider's quote first so you borrow only what you need.
Sources
- Financial assistance policies (FAPs) for nonprofit hospitals, Internal Revenue Service
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