The best emergency medical loan company is LightStream because they offer the chance for approval and funding the same day the borrower applies. This won’t necessarily happen in all cases, but most loans get funded within 2 business days. For people who are in an emergency and need a fast loan of $5,000 to $100,000, this is the best bet. Of course, applicants also need to qualify for the loan, which reportedly takes a credit score of at least 660. LightStream doesn’t charge an origination fee, and their APRs are 5.95% to 17.29%.
There are several other loans that are good for medical emergencies, too, offering reasonable APRs and fast processing times. Some even accept people with bad credit.
Good Emergency Medical Loan Options:
LightStream: Approval and funding as soon as same day, usually within 2 business days. $0 origination fee. 5.95% to 17.29% APR. 660 credit score required.
Marcus by Goldman Sachs: Approval and funding in 2 - 6 business days. $0 origination fee. 5.99% - 28.99% APR. 680 credit score required.
Best Egg: Approval and funding in 1 - 3 business days. 0.99% to 5.99% origination fee. 5.99% - 29.99% APR. 640 credit score required.
Avant: Approval and funding in 2 - 3 business days. 0% to 4.75% origination fee. 9.95% - 35.99% APR. 600 credit score required.
If you’re in an emergency and can’t get a loan quickly, you could always charge at least some of your medical expenses to a credit card, assuming you have enough credit available. That’s not the greatest idea, however, considering how high credit card APRs are. Another option is to ask a family member or friend to lend you the money. But if you do that, you should write up and sign an agreement to pay them back.
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