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Best Medical Loans of 2024

Review Updated
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A medical loan may be the answer if you're having trouble paying medical expenses. Here, we'll break down how a medical loan can help you get out from under the pressure of collection calls. We'll also outline when a medical loan is a good idea and when it's a bad idea.

Top medical loans

As of Oct. 01, 2024
Lending Partner Min. Credit Score Loan Amounts Apr Range Next Steps
Award Icon 2025 Award Winner
SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score: 680 Loan Amounts: $5,000 - $100,000 APR Range: Fixed: 8.99%-29.99% APR (with all discounts)
Check Rates for SoFi Personal Loans
Discover Personal Loan
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score: 660 Loan Amounts: $2,500 - $40,000 APR Range: 7.99% - 24.99%
Check Rates for Discover Personal Loan

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Award Icon 2025 Award Winner
Upstart
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Min. Credit Score: 300 Loan Amounts: $1,000 - $50,000 APR Range: 7.80% - 35.99%
Check Rates for Upstart
Disclaimers

*Upstart Loan Disclaimer

The full range of available rates varies by state. The average 3-year loan offered across all lenders using the Upstart platform will have an APR of 21.97% and 36 monthly payments of $35 per $1,000 borrowed. For example, the total cost of a $10,000 loan would be $12,646 including a $626 origination fee. APR is calculated based on 3-year rates offered in the last 1 month. There is no down payment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application.

*SoFi Personal Loan Disclaimer

Fixed rates from 8.99% APR to 29.99% APR. APR reflects the 0.25% autopay discount and a 0.25% direct deposit discount.

SoFi Platform personal loans are made either by SoFi Bank, N.A. or , Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. SoFi may receive compensation if you take out a loan originated by Cross River Bank. These rate ranges are current as of 3/06/24 and are subject to change without notice.Not all rates and amounts available in all states. See SoFi Personal Loan eligibility details at https://www.sofi.com/eligibility-criteria/#eligibility-personal. Not all applicants qualify for the lowest rate. Lowest rates reserved for the most creditworthy borrowers. Your actual ratewill be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, income, and other factors.

Loan amounts range from $5,000–$100,000. The APR is the cost of credit as a yearly rate and reflects both your interest rate and an origination fee of 9.99% of your loan amount for Cross River Bank originated loans which will be deducted from any loan proceeds you receive and for SoFi Bank originated loans have an origination fee of 0%-7%, will be deducted from any loan proceeds you receive.


Autopay: The SoFi 0.25% autopay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account. Autopay is not required to receive a loan from SoFi.


Direct Deposit Discount: To be eligible to potentially receive an additional (0.25%) interest rate reduction for setting up direct deposit with a SoFi Checking and Savings account offered by SoFi Bank, N.A. or eligible cash management account offered by SoFi Securities, LLC (“Direct Deposit Account”), you must have an open Direct Deposit Account within 30 days of the funding of your Loan. Once eligible, you will receive this discount during periods in which you have enabled payroll direct deposits of at least $1,000/month to a Direct Deposit Account in accordance with SoFi’s reasonable procedures and requirements to be determined at SoFi’s sole discretion. This discount will be lost during periods in which SoFi determines you have turned off direct deposits to your Direct Deposit Account. You are not required to enroll in direct deposits to receive a Loan.

Impact to credit score: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

Best for no origination or prepayment fees

Award Icon 2025 Award Winner

SoFi Personal Loans

Great for: Low APR for borrowers with high income

Check Rates for SoFi Personal Loans
Logo for SoFi Personal Loans
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Check Rates for SoFi Personal Loans
Minimum Credit Score
680
Loan Amounts
$5,000 - $100,000
APR Range
Fixed: 8.99%-29.99% APR (with all discounts)
Term Length
24 - 84 months

SoFi makes our best medical loans shortlist because of the potential to borrow a fixed amount with no fees required. SoFi members also get access to valuable perks like financial planning.

  • Competitive interest rates
  • No fees or prepayment penalty
  • High maximum loan limit
  • Same-day funding available
  • High minimum loan amount
  • High minimum credit score
  • No in-person support
Read Full Review

Best for debt consolidation

Discover Personal Loan

Great for: Debt consolidation

Check Rates for Discover Personal Loan

Powered by Credible

Logo for Discover Personal Loan
Rating image, 5.0 out of 5 stars.
5.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Check Rates for Discover Personal Loan

Powered by Credible

Minimum Credit Score
660
Loan Amounts
$2,500 - $40,000
APR Range
7.99% - 24.99%
Term Length
36 - 84 months

We chose Discover as a best medical loans lender because it's a lender we've come to trust. Qualified applicants can score a great interest rate on a loan up to $40,000. If you're approved for a debt consolidation loan, Discover will pay your creditors for you. Repayment terms are up to seven years, which can help make the payments affordable.

  • Competitive APRs
  • No origination or prepayment fees
  • Debt consolidation support
  • Long repayment term
  • No cosigners accepted
Read Full Review

Best for low minimum loan amounts

Award Icon 2025 Award Winner

Upstart

Great for: Reducing high interest debt

Check Rates for Upstart
Logo for Upstart
Rating image, 4.0 out of 5 stars.
4.0/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor
Check Rates for Upstart
Minimum Credit Score
300
Loan Amounts
$1,000 - $50,000
APR Range
7.80% - 35.99%
Term Length
36 or 60 months

Upstart was selected as a best medical loans lender because highly qualified applicants can get a very low interest rate, and most loan funds in one business day. We also like that the minimum loan amount is just $1,000, which means you don't need to borrow more than you truly need.

  • Accepts borrowers with low credit scores
  • Wide range of loan amounts
  • No prepayment penalty
  • Payment grace period
  • High upper-range interest rate
  • High origination fees
  • No cosigner allowed
Read Full Review

What is a medical loan?

A medical loan is a personal loan that you choose to use to cover medical expenses. The same personal loan used for debt consolidation or to remodel a kitchen can be used to cover medical costs. Medical loans can (usually) pay for anything, from medical treatment to equipment financing. They are typically unsecured loans, meaning no collateral is required to secure the loan. You receive the loan as a lump sum and pay it off in monthly installments.

Who qualifies for medical loans?

People with the best credit scores qualify for the best loan terms. But even if you have an average or poor credit score, there are medical and surgery loans available. Borrowers with excellent credit scores are offered the lowest interest rates. If your credit score is lower, you may pay more in interest. Nevertheless, if a loan allows you to pay off medical bills and you can afford the monthly payment, these loans are worth considering.

One thing to keep in mind if your credit score is currently low: Making each loan payment in full and on time each month is an excellent way to raise your score.

What should I look for in the best medical loans?

Since each borrower has a different set of needs, there is no one-size-fits-all medical loan. Still, there are characteristics that all good loans share.

The best medical loans have:

Low interest rates

The lower the interest rate, the less your medical debt will end up costing. For example, if you were to borrow $5,000 at 6% interest for 48 months, you would pay a total of $636 in interest. If you borrowed the same amount (also for 48 months) at 10% interest, you would repay $1,087 in interest.

Reasonable repayment terms

For example, if you have worked your budget and realize you need at least 36 months to repay the loan without straining your finances, the right loan will offer you at least 36 months. The best medical loans offer a wide range of repayment terms that allow you to find a loan you can afford.

Low fees

When you borrow money to pay medical bills, you don't want to be hit with a lot of fees. While some lenders charge an origination fee of up to 10%, the best surgery loans do not.

Unemployment protection

If the pandemic taught us anything, it's that most of our jobs are not guaranteed. The best medical loans will defer your payments if you lose your job through no fault of your own. This is known as "unemployment protection."

No prepayment penalty

If you're able to pay your loan off early, you need a medical loan that will allow you to do so without a prepayment penalty.

When is a medical loan a good idea?

Medical loans are a good idea when:

  • You don't have a lump sum available to pay medical bills.
  • You're working with a reputable lender with eligibility criteria that makes you a shoo-in for loan approval.
  • You can afford to repay a loan in monthly installments.
  • You have a clear plan for using the loan. For example, you know how much will go toward the debt and how much you will need for living expenses as you recover.

When is a medical loan a bad idea?

Medical loans are a bad idea when:

  • You already have trouble paying your monthly bills.
  • Your credit score is too low to qualify for an interest rate you can afford.
  • You have not worked with the medical provider directly to lower the bill. Some will forgive part of your debt or allow you to make interest-free monthly payments through them. It all begins with negotiating with your medical provider(s).

Alternatives to medical loans

Taking out a personal loan to pay medical expenses may be the right move for some. However, there are alternatives, including the following options.

Medical credit cards

Many Americans who can't pay their out-of-pocket expenses sign up for a medical credit card instead. Most of these cards offer 0% or a very low interest rate for a promotional period. Medical credit cards can be useful if you pay them off before the promotional rate expires. Be aware that some medical credit cards offer deferred interest, which is different from a 0% introductory APR period. If the interest is deferred and you do not pay off the debt before the end of the promotional period, you may be required to pay interest going back to the date of your original charge.

0% introductory APR credit cards

There are few deals better than a 0% introductory APR. If your credit score is strong enough, apply for a credit card with a 0% intro APR offer, use it to pay off medical debt, and repay the balance before the promotional rate expires. When the promotional period is over, your credit card interest reverts back to its "regular" rate. Promotional rates normally last from 12 to 18 months.

Negotiate with your medical provider

It is no secret to medical providers that their patients frequently have trouble paying bills. Medical care is expensive, and insurance is often lacking. Fortunately, you should be able to negotiate a medical bill. Call the billing office that sent you the bill and explain your situation. Ask them if they can reduce the total due. Also, find out if they have a forgiveness program. At the very least, come up with an amount you can afford to pay toward the bill each month and let them know that you would like to enter into a repayment plan. Once they agree, keep up your end of the bargain by making each monthly payment as promised.

Is a medical loan right for me?

A medical loan is right for you if you need help paying off medical debt and can find terms that work with your budget. If so, medical loans offer a way to pay off medical debt, control how much that debt costs each month, and know when it will be paid off.

It's tough to find anything positive about medical bills or the need to take out medical loans. Still, it is good to know that you have options to finance medical expenses.

Lending Partner Min. Credit Score Loan Amounts APR Range Best For
SoFi Personal Loans 680 $5,000 - $100,000 Fixed: 8.99%-29.99% APR (with all discounts) Low APR for borrowers with high income
Discover Personal Loan 660 $2,500 - $40,000 7.99% - 24.99% Debt consolidation
Upstart 300 $1,000 - $50,000 7.80% - 35.99% Reducing high interest debt

FAQs

  • A medical loan only makes sense once you've exhausted other avenues (like negotiating your medical bills with providers) to pay for medical care. Once you've done all you can do, only consider a medical loan if you have enough income to cover the monthly payment.

  • How much you'll pay for a loan depends primarily on your credit score. The higher the risk you present to lenders, the more they charge in interest and other fees.

  • If you make your monthly payments in full and on time, a loan can improve your credit score. If the loan pushes your debt-to-income (DTI) ratio too high, or you miss payments or default on the loan, your credit score can drop. Lenders prefer a DTI ratio lower than 36%. To calculate your DTI, add up your fixed monthly bills (like rent, mortgage, car payment, credit cards, and personal loan). Divide that number by your gross monthly income. For example, if your monthly bills amount to $2,500 and you earn $7,500 each month, your DTI is 33% ($2,500 ÷ $7,500 = 0.3333, or 33%).