Prosper offers medical loans through its “Healthcare Lending” division, which works with doctors to provide loans to their patients. But patients can’t apply for one of those loans unless their doctor is part of the program. Prosper doesn’t really give details on terms, and they only work with doctors in bariatric surgery centers, cosmetic dental offices, cosmetic and plastic surgery centers, and fertility clinics. However, there is a good alternative for people with all kinds of medical bills, and it doesn’t require doctor participation.
Prosper offers general personal loans that can be used for just about anything, including medical expenses. With a Prosper personal loan, you can borrow between $2,000 and $40,000 for either 36 or 60 months. Your APR will be somewhere between 6.95% and 35.99%. People with better credit and higher incomes will get lower rates, and you’ll need at least a credit score of 640 to qualify at all.
Prosper charges an origination fee of 2.41% to 5%, but luckily it’s just built into the APR range. So that range of 6.95% to 35.99% already includes those fees. Once you get your Prosper loan, you can use the funds to pay your medical expenses, then repay Prosper in equal monthly installments. You can also pay the loan off early if you’d like, with no penalty.
If you’re interested in Prosper for healthcare lending, it’s a good idea to pre-qualify first to estimate your approval odds and rates without affecting your credit. Keep in mind also that you’ll need to be at least 18 years old and a U.S. citizen or permanent resident with an SSN to be eligible to apply. To learn more, check out WalletHub’s full Prosper loan review.
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