How to Get a Medical Loan

If you need a medical procedure and don't have the cash, consider getting a medical loan.

Whether you need money for a necessary medical procedure but don't have health insurance or you want the money for a cosmetic procedure but don't want to drain your savings account, a medical loan may be a viable option. However, most banks and lending institutions don't make medical loans, so you need to know where to look for the funding you need.

Difficulty:

Moderate

Instructions

1. Ask a trusted friend or relative to make you a personal loan. This is the best option, and thus should be your first option, because you can often borrow interest free from close relatives or friends. Explain what the loan is for and why you need it. You're much more likely to get it if the medical procedure is a necessary one.

2. Apply for a loan through medical lenders. These can include American Benefit Credit, Chase Health Advance and Care Credit. Alternately, put in an application at a website like My Medical Loan, which will take your information and try to match you with a medical lender based on your needs and your credit.

3. Give yourself a loan. If you can't get qualified for a medical loan, find a way to access a pocket of money from your assets. For instance, you may be able to borrow from your retirement plan or take money from a home equity line.

4. Ask your health provider if he offers in-office payment plans. Often groups such as cosmetic surgery centers and orthodontic offices often allow patients to pay for services on a payment plan.

References

• My Medical Loan
• American Benefit Loan
• Chase Health Advance
• Care Credit