📋 Reviewed by WiseIQ Editorial Team · Updated April 2026 · Editorially independent
Quick Comparison: Best Personal Loans for Medical Expenses at a Glance
| Lender |
Key APR Range |
Min. Credit Score |
Fees |
Best For |
| LightStream |
6.49% - 24.89% |
700+ |
No fees |
Borrowers with excellent credit seeking low rates |
| SoFi |
7.74% - 35.49% |
670+ |
No fees |
Unemployment protection and no fees |
| Upstart |
6.2% - 35.99% |
620+ |
0% - 15% origination fee |
Borrowers with lower credit scores or limited credit history |
| Avant |
9.95% - 35.99% |
550+ |
Up to 9.99% origination fee |
Fair to poor credit scores |
| LendingClub |
6.70% - 35.99% |
600+ |
0% - 8% origination fee |
Joint applications and debt consolidation |
Our Top Picks for Medical Expenses
LightStream Personal Loans
Best for Low Rates & No Fees
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No Fees
Origination/Admin
Pros
- Ultra-low interest rates for highly qualified borrowers.
- No origination, late, or prepayment fees whatsoever.
- High loan amounts available, up to $100,000.
- Fast funding, often as soon as the same day.
Cons
- Strict credit requirements, generally 700+ FICO score.
- Not suitable for borrowers with fair or poor credit.
SoFi Personal Loans
Best for Unemployment Protection
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No Fees
Origination/Admin
Pros
- Unemployment protection program available.
- No origination, late, or prepayment fees.
- Competitive fixed rates and same-day funding.
- Loan amounts from $5,000 to $100,000.
Cons
- High minimum loan amount of $5,000.
- Generally requires good to excellent credit.
Upstart Personal Loans
Best for Lower Credit Scores
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Pros
- Considers applicants with limited credit history using AI model.
- Relatively easy to prequalify with a soft credit check.
- Fast funding, often next business day.
- Competitive starting APR for qualified borrowers.
Cons
- Origination fees can be as high as 15%.
- Rates may be higher for fair credit borrowers.
Avant Personal Loans
Best for 580+ Credit Scores
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Up to 9.99%
Origination Fee
Pros
- Accessible for borrowers with fair to poor credit (550+).
- Fast funding, often next business day if approved by 4:30 PM CT.
- User-friendly mobile app for loan management.
- Reports payments to all three major credit bureaus.
Cons
- High APRs and origination fees.
- No rate discounts available.
LendingClub Personal Loans
Best for Joint Applications
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Pros
- Allows joint applications to improve approval odds and rates.
- Competitive rates for a wide range of credit scores.
- Flexible repayment terms (2 to 7 years).
- Direct pay option for debt consolidation.
Cons
- Origination fees can apply, deducted from loan amount.
- May be challenging to qualify with very poor credit.
How We Chose the Best Personal Loans for Medical Bills
Our Selection Criteria
1. APR and Fees Transparency
We prioritized lenders offering competitive Annual Percentage Rates (APRs) and clear fee structures, favoring those with minimal or no hidden costs. Transparency in fees, including origination and late payment charges, was a key factor in our evaluation.
2. Credit Score Flexibility
Understanding that medical emergencies can affect anyone, we considered lenders that cater to a broad spectrum of credit scores, from excellent to fair. This ensures options are available for diverse financial situations.
3. Funding Speed
In medical emergencies, time is often of the essence. We evaluated lenders based on how quickly they disburse funds, giving preference to those that offer same-day or next-business-day funding.
4. Customer Support & Features
Beyond rates and fees, we looked at additional features like unemployment protection, joint application options, and the quality of customer service and online tools provided by each lender.
Who Should Apply for a Personal Loan for Medical Bills?
Individuals with High-Interest Medical Debt
If you have accumulated medical debt on high-interest credit cards or through other expensive financing options, a personal loan can be a smart move. Consolidating these debts into a single loan with a lower, fixed APR can significantly reduce your monthly payments and save you money on interest over time.
Those Facing Unexpected Medical Emergencies
For unforeseen medical procedures, emergency treatments, or unexpected hospital stays, a personal loan can provide quick access to necessary funds. Lenders offering fast approval and disbursement are particularly beneficial in these urgent situations, ensuring you can cover costs without delay.
Borrowers Seeking Predictable Payments
Personal loans typically come with fixed interest rates and set repayment schedules. This predictability makes it easier to budget and manage your finances, as your monthly payment remains consistent throughout the loan term, unlike variable-rate options.
People with Good to Excellent Credit
If you have a strong credit history, you are likely to qualify for the most favorable terms and lowest interest rates. Lenders like LightStream reward excellent credit with their best offers, making personal loans an attractive option for managing medical expenses efficiently.
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Frequently Asked Questions
Q: Can I get a personal loan for medical bills with bad credit?
A: Yes, some lenders specialize in loans for borrowers with fair or even poor credit. Lenders like Upstart and Avant consider factors beyond just your credit score, such as your income and education, to assess your creditworthiness. However, be aware that loans for bad credit may come with higher interest rates and fees.
Q: How quickly can I get funds from a personal loan for medical expenses?
A: Many online lenders offer fast funding, with some providing funds as soon as the same business day or within 1-2 business days after approval. This can be crucial when facing urgent medical bills. Always check with the lender about their typical funding timeline.
Q: Are there any alternatives to personal loans for medical bills?
A: Yes, alternatives include medical credit cards (like CareCredit), payment plans directly with healthcare providers, negotiating with providers for a lower cash price, or seeking assistance from non-profit organizations. Each option has its own pros and cons regarding interest rates, repayment terms, and eligibility.
Q: Will applying for a personal loan affect my credit score?
A: Initially, most lenders perform a soft credit inquiry when you check your rates, which does not impact your credit score. If you proceed with a full application, a hard credit inquiry will be made, which may temporarily lower your score by a few points. However, responsible repayment of the loan can positively impact your credit score over time.