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 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 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.
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.