What are the best options for IVF loans?

You can get a medical loan with bad credit, but it’s probably going to be pretty expensive. It probably won’t be called a “medical” loan by name, either. Few lenders offer loans specifically for medical expenses, but patients can just take out a personal loan to pay for their health care instead. Personal loans can be used for anything, including medical bills.… read full answer

The problem is, many personal loan providers won’t accept people with bad credit. And the lenders that will consider it typically have high interest rates and charge expensive origination fees. Some lenders that wouldn’t otherwise accept applicants with bad credit scores might let you get a secured loan for medical expenses, which could be a good deal, but you’ll have to put up something valuable as collateral.

Places to get medical loans for bad credit:

*According to multiple third-party sources

There are other lenders that offer loans to people with bad credit, but they don’t make their terms easily accessible. You should stay away from lenders that aren’t clear about their APR ranges or fees.

With that being said, if you don’t have a high enough credit score to qualify for an unsecured loan for medical expenses, and you don’t want to put down collateral for a secured personal loan, there are a few other avenues you could take.

You could tap in to your home’s equity to borrow at lower interest rates than a personal loan is likely to provide. But then the lender has the power to foreclose if you default. If you already own a credit card, you might consider putting the medical expenses on the card. However, having bad credit will make it hard to qualify for a card with a high enough credit limit and reasonable finance charges.

Finally, as an alternative to a traditional loan, you might try to borrow from friends or relatives. Or, you could even give crowdfunding your medical expenses a go.

Several online lenders advertise “surgery loans.” But the best way to get medical loans for surgery is to apply with one of the best personal loan providers, such as LightStream or American Express. LightStream offers loans specifically for medical expenses, including surgery. Amex and most other lenders offer loans that can be used for just about anything – from any type of surgery, to covering income lost during recovery, to unrelated things like home renovations and debt consolidation.… read full answer

So it’s not necessary to seek out a surgery loan. You should instead look for personal loans with the best rates and fees. You’ll also want to consider the loan amounts offered. Surgeries can be incredibly expensive, even after insurance (if your procedure is even covered to begin with). Naturally, you’ll need to seek out lenders with minimum credit score requirements that you can meet, too.

Best Surgery Loan Providers:

• LightStream

LightStream is one of the best providers of surgery loans because they offer loans with APRs ranging from 5.95% to 17.29% that can be used for “any medical expense.” LightStream’s origination fee is $0, they have extremely quick approval and funding (as soon as the same day you apply), and they offer anywhere from $5,000 to $100,000. To qualify for a loan, you’ll need a credit score of 660+, according to several third-party sites.

• American Express

American Express is another good option because they offer loans of $3,500 to $40,000 that can be used for anything, and their APRs range from 6.90% to 19.98%. It too has a 660 credit score requirement, as is the case with most lenders that don’t charge origination fees on personal loans.

• LendingPoint

If you need a surgery loan and you have bad credit, all hope is not lost. There are several good options including Avant, FreedomPlus and LendingPoint. Of those three, LendingPoint is the easiest to qualify for. Their minimum credit score is 585, and their APRs are 9.99% to 35.99%. LendingPoint offers loans of $5,000 to $25,000 with an origination fee of 0% to 6% of the loan amount.

Before pursuing surgery loans, check with your care provider to see if they offer any special financing plans. In addition, be sure to contact your insurance agency to see exactly what’s covered.

One additional thing to note: There is a lender that calls itself “Surgery Loans.” According to their website, they offer loans of $1,000 to $35,000. But they have an origination fee of up to 8% and APRs ranging from 14.99% to 29.99%. That’s extremely expensive compared to most personal loan providers, so Surgery Loans is not an ideal choice. They do, however, seem to be safe to apply with. Surgery Loans’ website says it is “Powered by LendingUSA.” LendingUSA has an A+ BBB rating as well as very few complaints registered against them with the Consumer Financial Protection Bureau.