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Medical debt is one of the leading causes of financial stress in the US. Whether you have an unexpected surgery, dental procedure, or ongoing treatment costs, a personal loan can help you manage payments at a lower rate than a credit card or hospital financing plan.
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Best Personal Loans for Medical Bills: Top Picks
LightStream — Best Rates for Good Credit
- APR: 6.99% – 25.29% (with autopay)
- Amounts: $5,000 – $100,000
- Terms: 2 – 7 years
- Best for: Good to excellent credit, lowest available rate
SoFi — Best for Large Medical Expenses
- APR: 8.99% – 29.49%
- Amounts: $5,000 – $100,000
- Terms: 2 – 7 years
- Best for: Larger procedures, no-fee loans
Upstart — Best for Fair Credit
Upstart evaluates more than credit scores — it factors in employment history and education, making it accessible to borrowers who might be turned down elsewhere.
- APR: 7.80% – 35.99%
- Amounts: $1,000 – $50,000
- Terms: 3 or 5 years
- Best for: Fair credit or thin-file applicants
Avant — Best for Fast Funding with Lower Credit
- APR: 9.95% – 35.99%
- Amounts: $2,000 – $35,000
- Terms: 2 – 5 years
- Best for: Below-average credit borrowers who need quick funding
Medical Loan vs Hospital Payment Plan vs Medical Credit Card
| Option | Interest | Speed | Best For |
|---|---|---|---|
| Personal Loan | 7-36% fixed | 1-3 days | Larger balances, fixed payments |
| Hospital Payment Plan | Often 0% | Immediate | Short-term, negotiated directly |
| CareCredit | 0% promo then 26-29% | Instant at provider | Short-term payoff within promo period |
| Credit Card | 20-30% | Immediate | Small amounts paid off quickly |
Tips for Managing Medical Debt
- Negotiate first: Ask for an itemized bill and check for errors. Many hospitals have charity care programs or will negotiate the balance.
- Ask about 0% hospital plans: Many hospitals offer interest-free plans for 12-24 months. If you can afford the payments, this beats any loan.
- Watch for deferred interest traps: CareCredit and similar cards charge retroactive interest if you do not pay in full by the end of the promo period.
- Pre-qualify before applying: Use soft-pull pre-qualification with multiple lenders to compare rates without affecting your score.
Frequently Asked Questions
Can I get a personal loan for medical bills?
Yes. Personal loans can be used for any purpose including medical expenses. They typically offer lower rates than credit cards and fixed payments that are easier to budget.
What credit score do I need for a medical loan?
Most lenders prefer 620 or higher. Upstart and Avant work with scores as low as 580.
Are medical loans better than hospital payment plans?
Hospital plans often charge 0% interest, which beats any loan. A personal loan makes sense if the hospital plan payment is too high for your cash flow.
How quickly can I get a medical loan?
LightStream and SoFi can fund as fast as the same business day. Most lenders fund within 1-3 business days.
Is CareCredit worth it for medical bills?
It is excellent if you can pay the full balance before the promo period ends. If you cannot, the deferred interest is very expensive.
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Rates as of May 2026. Rates change frequently — check the lender’s site for the most current information.