Medical loans online: pay your medical bills now, repay over time

Health problems are stressful enough without a bill you cannot pay. A medical loan lets you settle with the hospital, clinic or pharmacy now, and turn one large bill into steady monthly payments you can plan around.

What are medical loans?

Medical loans are personal installment loans used to pay for medical costs. The lender deposits the money into your bank account, and you pay the provider yourself, so the loan works for any provider: a hospital, an ER, a surgeon, a specialist, a lab, a physical therapist or a pharmacy. You repay the lender in fixed monthly payments, usually over 6 to 24 months.

Medical financing comes in several forms: provider payment plans, medical credit cards and personal loans. A medical loan from an online lender has two big advantages. You are not tied to one provider network, and there is no deferred interest trap: the APR and every payment are fixed from the start. Many lenders also approve borrowers with fair or bad credit based on income.

How to get a medical loan online

1. Get the final amount you owe. Ask for an itemized bill and confirm what insurance has paid before you choose an amount.
2. Apply for that amount online. Share your income, monthly expenses and checking account in one short form.
3. Pick a monthly payment you can keep up. Compare 6, 12 and 24 month offers by payment and total cost.
4. Pay the provider. Once the deposit arrives, pay the bill by card, bank transfer or the provider's online portal.

Loans for medical bills: what they cover

Ranges are typical out-of-pocket amounts, not prices. Your bill depends on your insurance and provider.

Medical loan payment examples

Examples at 36% APR for comparison. Your offer shows your actual APR, term and payment.

Example

A $1,500 ER bill

$1,500Paid to the hospital→$150.69Per month×12Months

The bill is settled before it goes to collections, and the cost is spread across a year at a fixed payment.

Medical bill loans for bills already in collections

If a bill has already gone to a collection agency, you can still settle it with a loan. Ask the collector for the full balance in writing and whether it will accept a lower amount as payment in full; collectors often settle for less than the original bill. Medical bill loans let you pay that settlement in one go, stop the calls and replace the collection with a single fixed payment. Get any settlement agreement in writing before you pay.

Medical financing options compared

Medical bill payment plans vs. a medical loan

Many providers offer medical bill payment plans, and if a provider gives you an interest-free plan with a payment you can afford, take it. The catch is that plans are often short, three to twelve months, and not every provider offers one, especially for larger balances or bills already sent to a collection agency. A medical loan fills those gaps: you choose the term, you pay everyone you owe in one go and you deal with a single monthly payment from then on.

Lower the bill before you borrow

The cheapest medical loan is a smaller one. Before you apply, take these steps:

• Ask for an itemized bill and check every charge and date.
• Make sure insurance has processed the claim; ask about appeals if it was denied.
• Ask whether the provider offers a discount for paying in full.
• Ask a nonprofit hospital for its financial assistance policy; they are required to have one.
• Check whether surprise-billing protections apply to an out-of-network charge.

Then borrow only what is left after discounts, insurance and any assistance you qualify for.

Using a medical loan alongside insurance

Even good insurance leaves gaps: deductibles, coinsurance, out-of-network charges and services your plan does not cover. A medical loan is often used to cover just that gap after the insurer pays its share. Wait for the explanation of benefits before you borrow, so you know your real balance, and keep copies of the bill and the insurer's statement in case you need to dispute a charge later.

Financing a planned procedure

For a scheduled surgery, fertility treatment, hearing aids or vision correction, you can line up financing before the appointment. Ask the provider for a written estimate, including the surgeon, facility and anesthesia fees, and apply a week or so ahead. That gives you time to compare offers and have the money ready when the provider asks for payment. If the final bill is lower than the estimate, you can use the difference to pay down the loan early.

Medical loans for bad credit

Medical bills hit people with every kind of credit, and many people who need a loan already have medical debt on their record. Lenders in our partners' network focus on your income and bank account, and many make a first decision without a hard pull from the big three bureaus. Medical loans for bad credit may carry a higher APR, but they are often approved when the payment fits your budget. The bad credit loans page explains how lenders weigh a low score.

Medical loans with no credit check

Medical loans no credit check searches usually mean lenders that skip a hard inquiry. Those lenders verify your identity and income and may check a specialty database instead, so checking your offer does not lower your FICO score. Larger amounts sometimes need a fuller review, and the lender tells you before any hard pull. Learn more under no credit check loans.

Medical debt and your credit report

The three major credit bureaus do not report paid medical collections or medical collections under $500, and they wait a year before an unpaid medical collection appears on your report. That gives you time. Paying a medical bill with a loan before it reaches collections keeps it off your report entirely, and an installment loan paid on time can add positive history if the lender reports to the bureaus.

How fast you can pay the provider

Decisions often come within minutes. Once you sign, most lenders deposit the money by the next business day, and some fund the same day for early weekday approvals. If a provider wants payment before a procedure, apply a few days ahead to leave room for verification and comparison.

Requirements

• Age 18 or older and a U.S. resident.
• Regular income, including disability or other benefits.
• A bank account (checking) that can receive the funds.
• ID, Social Security number, phone and email.

Medical loans when you are on disability

If a health condition has reduced your work hours, disability, SSI or Social Security payments can count as income for a medical loan, as long as they are deposited regularly. Choose a longer term with a smaller payment if your income is fixed, and match the payment date to the day your benefit arrives.

Dental, cosmetic and other care

Dental work is rarely fully covered by insurance and often needs its own plan; see dental financing. For cosmetic and elective procedures, see plastic surgery financing. If you were turned down for a medical credit card, see CareCredit alternatives.

Paying medical bills for a family member

Many people borrow to cover a parent's, partner's or child's medical bill. The loan is in your name and based on your income, and you can use the money to pay any provider. If several family members are chipping in, one loan with one payment is simpler than splitting the bill across several cards.

Repaying a medical loan

Your lender collects each installment from your account on a fixed monthly date. Choose a date just after your payday or benefit deposit. You can usually pay extra or pay off early without a penalty. If your health or income changes, call the lender before the due date to ask about a deferral or a new schedule.

Avoiding medical debt scams

Medical bills attract scammers posing as collectors or "debt relief" services. Only pay a collector after you receive written validation of the debt, and pay the provider or a confirmed collector directly. A real lender never asks for an upfront fee to approve a medical loan. Our request form is free and encrypted.

Medical loans by state

Medical loans are personal installment loans, so your state's installment loan rules apply. Some states cap the APR, such as New York at 25% a year for licensed lenders and West Virginia at 31% on loans up to $3,500. The state rules table shows the limits.

More ways to cover urgent costs

For any urgent bill, see emergency loans. For larger amounts, see installment loans or a $2,000 loan. Or start with payday loans online.