Every person has faced emergency situations that led to unforeseen expenses at least once. As practice shows, most Americans do not have additional funds to cover extra expenses, so they have to borrow money from friends and family. A breakdown of a car or a refrigerator is not yet the most difficult contingency. Sometimes we have to deal with things like accidents, illnesses, and emergency medical care. In such cases, people are in urgent need of money and are looking for a reliable safe loan to cover medical expenses. Medical Loans are there to deal with these situations.

Emergency Medical Loans 

Compare the best Personal Loan lenders for Medical Financing

LendYou will help you get the cash you need when you need it. You can apply for Payday Loans, Installment Loans or Personal Loans, etc. Compare the lenders and get matched with the best one.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
  • $100 - $1000 Payday Loans
  • $1000 - $5000 Installment Loans
  • $5000 - $35000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High up to $15,000 loan amounts. 
  • Minimal restrictions on how you can use your loan.
  • No collateral or guarantor.
  • Bad credit is OK. 
Cons
  • It's not a direct lender, so you'll need to clarify rates and terms with the company you are matched with. 

 

Check Into Cash offers Payday Loans, Title Loans, Personal Installment Loans and other money products at affordable rates with convenient repayment. 

  • MIN Loan Amount: $50
  • MAX Loan Amount: $3000
  • Terms: Vary by state.
  • Rates and fees: 261% to 782% APR
  • Turnaround Time: 1 business day
  • Payday Loans
  • Online Payday Loans
  • Title Loans
  • Installment Loans
  • Online Installment Loans
  • Line of Credit
  • Flex Loans
  • Other Services
  • Check Cashing
  • Bill Pay
  • Western Union 
  • U.S. Money Card
  • Cell Phone Top-Ups
  • Sell Us Your Gift Cards For Cash
  • Active checking account open for 90+ days
  • US citizen or permanent resident
  • Personal and work phone number
  • Valid email address
  • 21+ years old (19+ in Alabama)
  • Social Security number (for Indiana residents only)
Pros
  • You can get even as low as $50.
  • Quick funding on the next business day.
  • Money can be used for any personal needs.
Cons
  • Not available in every state.
  • APR can be more than 153.73% depending on your state.
  • High late payment fees.

 

Instant Loans USA will help you get the cash you need when you need it. You can apply for Payday Loans, or Personal Loans online. Choose the best rates and terms and get the same-day financing.

  • MIN Loan Amount: $100
  • MAX Loan Amount: $35000
  • Terms: Varied
  • Rates and fees: Starting at 4.99% APR
  • Turnaround Time: 1 business day
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  • $100 - $1000 Payday Loans
  • $5,000 - $35,000 Personal Loans
  • 18 years of age or older
  • U.S. citizenship
  • Valid checking or savings account with direct deposit
  • Minimum regular income of $1,000 per month
  • Not be a regular or reserve member of the Air Force, Army, Coast Guard, Marine Corps or Navy (or be a dependent of someone who is,) serving on active duty under a call or order that does not specify a period of 30 days or fewer.
Pros
  • High loan amounts up to $35,000. 
  • Minimal basic requirements.
  • No collateral or co-signer.
  • Bad credit is OK. 
Cons
  • High interest rates.

 

Greenlight Cash created an online platform to connect consumers like you with reliable lenders across the country. They partner with a large network of professionals so you get a chance to work with one of them and meet the challenge of improving your financial situation in the most effective way. Once you tap submit, you get one step closer to receiving the funds.

  • Payday Loans
  • Installment Loans
  • Personal Loans
  • be a legal U.S. resident
  • be at least 18 years old
  • have a stable source of income
  • be currently employed
  • have an active bank account
Pros
  • Unrivaled flexibility and accessibility.
  • Predictable monthly payments

  • Quick and simplified borrowing process

  • Any credit is welcome
Cons
  • Not a direct lender.

 

 

 

What is a Medical Loan?

A Medical Loan is an unsecured type of Personal loan that is used to cover medical expenses. You can also use the loan to consolidate existing medical debt or spend money on medical procedures, pills, and more.

Typically, health insurance does not cover all of your expenses, so a Medical Loan can help you deal with an emergency. This loan is made to finance planned medical treatment and unforeseen hospital bills.

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Is it profitable to take a Medical Loan?

A Medical Loan, like all others, has its own interest rates. Typically, a Medical Loan is an expensive solution to your problems. It is hardly profitable for you to cover your medical expenses in this way. Moreover, in order to qualify for low-interest rates, you need to have an excellent credit history. Therefore, before applying for a Medical Loan, be sure to exhaust your other options.

What factors should you pay attention to when choosing a Medical Loan?

Of course, each loan has its own advantages and disadvantages. There are also points to consider when choosing a Medical Loan. Study each criterion carefully before contacting a particular lender. Consider all factors to make the right decision.

  1. Fees. There are lenders who charge loan origination fees to cover the cost of processing the loan. The commission can be as high as 6 percent and is usually included in the annual interest rate. Think before taking out a loan from these lenders, as you may find those who do not charge any loan processing fees.
  2. Speed of loan approval. In case of an emergency, money may be needed immediately, that is why it is important to compare lenders and select those who can provide the fastest payment. As a rule, traditional lenders can review a loan application within a week or two, while online lenders can approve it on the day of application and pay you the money the next day.
  3. Loan repayment term. Most borrowers want to take out a loan with low monthly payments for a long period of time, but this way is not profitable. The fact is that a long term, although it leads to low payments, also has a higher overall loan percentage. Thus, the lower your monthly payment and the longer the repayment period, the more interest you will pay in the end.
  4. Annual percentage rate. The APR is the cost of the loan plus interest and commissions. As a rule, the Annual Percentage Rate is between 6 and 36 percent. Study the offers of competitors and choose the most profitable for you.