What are some good surgery loans?

Question

The best IVF loans come from the online lender LightStream, which offers loans specifically for fertility treatments with APRs as low as 5.95% (and only going as high as 17.29%). That is a remarkably cheap range compared to other lenders. Plus, LightStream offers loans of $5,000 to $100,000 for 24 to 84 months and provides funding as soon as the same day you apply.... read full answer

You don’t necessarily have to get a loan that’s specifically for IVF, though. Most personal loans can be used for any expenses, including medical bills.

Obviously, one of the most important things to consider when getting a loan for IVF is the cost of the treatment. You’ll need a lender that can offer at least $15,000 to $20,000 – the average cost of IVF and the medicines required with it. Luckily, most lenders will offer loans of that amount – to some borrowers, at least. So, the question then becomes whether you can qualify for a loan that size with your current credit score, income, debt level and other factors.

WalletHub’s free pre-qualification tool lets you plug in a loan size, along with details like your income, to help you see which lenders will give you a good chance of approval.

Good Lenders for IVF Loans:

Lender	Loan Sizes Offered	APR Range	Credit Score Required*
LightStream	$5,000 - $100,000	5.95% - 17.29%	660
SoFi	$5,000 - $100,000	5.99% - 17.67%	680
Best Egg	$2,000 - $50,000	5.99% - 29.99%	640
Avant	$2,000 - $35,000	9.95% - 35.99%	600
LendingPoint	$5,000 - $25,000	9.99% - 35.99%	585

*These numbers may be either directly from the lenders (some of which are WalletHub partners) or from third-party consensus.

The better your credit score is, the more likely you are to get a lower APR on an IVF loan. There is a wide range of lenders for different credit scores. But just keep in mind that lenders requiring a score below 660 will typically charge an origination fee. That could be anywhere from 1% to 8% of the loan amount, depending on the lender.

Before you apply for an IVF loan, be sure to call your insurance provider to see what portion of the cost they will cover. Different insurance policies may cover IVF partially, entirely or not at all. You certainly don’t want to end up borrowing more money than you will actually need.

There are also a few alternative methods to get IVF financing that you may want to consider. First, it’s a good idea to ask whether the clinic handling your IVF has its own financing program. You could also charge the cost of the procedure to a credit card. That would be especially helpful if you can get a 0% introductory APR. Or, you could borrow against your home’s value with a home equity loan or home equity line of credit – though keep in mind that these two options are secured by your house.

If you have a Health Savings Account (HSA) or Flexible Savings Account (FSA), you could draw from those funds to pay for IVF instead. Or even better, you could try to pay for your IVF with something that you don’t need to repay. For example, consider applying for a fertility grant or trying to crowdfund your costs through a website like GoFundMe.

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Answer 1 · 2019-09-13 08:03:04

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Adam McCann, Financial Writer

@adam_mccann • 09/13/19 This answer was first published on 09/13/19. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

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 580, and their APRs are 9.99% to 35.99%. LendingPoint offers loans of $2,000 to $36,500 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.

What are some good surgery loans?

Adam McCann, Financial Writer

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