Brianne Larch, WalletHub Credit Card Analyst
@BrianneLarch
No, Capital One does not offer medical loans. Capital One does give corporate loans to healthcare providers and finances real estate used in healthcare, such as senior-housing and nursing facilities. But they don’t offer any kind of personal loans for medical expenses. In fact, Capital One doesn’t offer personal loans at all. They don’t have home equity loans or home equity lines of credit, either, which means customers can’t borrow against their house for medical expenses.
The closest thing you’ll find to a Capital One medical loan for patients is a Capital One credit card. It might work if your medical bills are relatively small, or if you don’t have to pay much after your insurance kicks in. The best choice is the Capital One Quicksilver card, which has a $0 annual fee and an introductory APR of 0% for 15 months on purchases. So you’ll have over a year to pay off your medical expenses interest-free if you charge them to the Quicksilver card. You’ll also get 1.5% cash back to help recoup some of the cost.
If you’re willing to look outside of Capital One, there are a lot of good options for medical loans. One of the best and most prominent is LightStream, a division of SunTrust Bank. Their medical loans have APRs as low as 5.95%, and the maximum is just 17.29%. LightStream doesn’t charge origination fees and lends anywhere between $5,000 and $100,000. Applicants reportedly need at least a 660 credit score.
If you have a lower score, one of the best alternatives to Capital One is Avant. They only require a credit score of 600 and lend anywhere from $2,000 to $35,000. Avant’s APR range is 9.95% to 35.99%, with an origination fee of up to 4.75% of the loan amount.
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