Best Medical Emergency Loans in December 2024

• We reviewed medical emergency loans and found the best overall to be Upgrade, due to its competitive interest rates, funding in as little as a day, and loans available to fair-credit borrowers. 
• Other strong options include SoFi for its large medical loans and Lightstream for its low rates. The best medical emergency loan for you will depend on your situation. 

When a medical emergency strikes, it can be a shock to both your body and your bank account. United Healthcare puts the average cost of an emergency room visit at around $2,700 — a large amount to owe out of the blue. If you’ve found yourself with a large bill from a recent medical emergency, here are various loan options and resources that can help you pay it off.

Compare rates on medical emergency loans in November 2024

Best medical emergency loans

When comparing personal loans for medical emergencies, you’ll want to consider funding times, annual percentage rates (APRs), loan amounts, and repayment terms to find the best option for you.

Methodology

Credible evaluated the best personal loan lenders for medical emergency loans based on factors such as customer experience, minimum fixed rate, maximum loan amount, funding time, loan terms, fees, discounts, and whether cosigners are accepted. Credible’s team of experts gathered information from each lender’s website, customer service department, directly from our partners, and via email support. Each data point was verified by a third party to make sure it was accurate and up to date.

Learn more about how Credible rates lenders by exploring our Personal Loans Lender Rating Methodology.

What is a medical emergency loan?

A medical emergency loan refers to a loan that you can use to cover the costs of a medical emergency. Many types of loans can be used for this purpose, including:

• Personal loans: These provide a lump sum upfront that is repaid, with interest, over a set term. Loan amounts can range from under $1,000 to $200,000, depending on the lender, your credit profile, and income, with typical repayment terms between 1 and 7 years. APRs — which include the interest rate and any upfront fees — generally range between 6% and 36%.
• Payday alternative loans (PALs): PALs are relatively small, shorter-term loans offered by certain federal credit unions to their members as a more affordable alternative to payday loans. PALs I have amounts from $200 to $1,000, with terms from 1 to 6 months. You must also be a member of the credit union for at least a month to qualify. For PALs II, however, the maximum amount increases to $2,000, with terms from 1 to 12 months, and there is no waiting period requirement upon joining the credit union. APRs on both PAL types are capped at 28%.
• Credit card cash advances: If you have enough available credit, you may be able to request a cash advance from your credit card, which would then be added to your outstanding balance. Amounts are based on a percentage of your credit limit, with a variable rate that can reach 29.99% APR or higher, depending on the card.
• Cash advances through apps: These are relatively small loans that are repaid on your next payday. You may be able to receive your funds for free within a few days, or instantly for a fee. While many of these services do not charge a traditional APR, optional tips, subscription fees, and fast funding fees can quickly add to your cost of borrowing, so review the terms carefully.

Here’s a comparison of the common rates and terms for these loan options.

The best loan type for your situation will depend on factors like your credit and income, how soon you need the funds, the loan size you need, how long you want to repay it, and the rates you can get.

How to get a loan for a medical emergency

If you’re facing a scenario where you need funds to cover a medical emergency fast, personal loans could be an option to explore. Personal loan lenders often offer large loan amounts, competitive rates, long repayment terms, and fixed, predictable monthly payments. Here’s how the application process works.

1. Get prequalified

The first step is to research which personal loans you’re most likely to qualify for. Knowing your credit score, income, and the amount you’re aiming to borrow can help you create a list of your best options. Then, if possible, request online quotes by prequalifying, which won’t affect your credit score. 

This usually only takes a few minutes and can give an estimate of the rates, amounts, and terms you may be eligible for from different lenders. Prequalification is not an offer of credit, however, and your final rate may be different. When you proceed to a formal application, the lender will conduct a hard credit inquiry, which can lower your score by a few points temporarily.

2. Compare loan quotes

After you prequalify, compare your options, focusing on the APRs, loan amounts, terms, and funding times. Consider factors such as:

• Is the loan amount offered high enough for your needs?
• Would the monthly payment comfortably fit in your budget?
• Is the overall cost competitive?
• Could you get the funds quickly enough?

3. Complete the final application

If you find a loan that you think could work for you, complete the full application. During that process, the lender will perform a hard credit check, which impacts your credit temporarily, and will likely require you to verify the information on your application (e.g. provide documents to prove your income, employment, and identity).

If you’re approved, you’ll review and sign the loan documents. From there, the lender will send the funds to your designated bank account, and you can use them as needed. Some lenders can provide your funds as soon as the same or next business day following approval, but this varies.

Financial assistance programs and alternatives

In addition to loans, the following programs and account types may be able to help with surprise emergency medical bills.

Ask your health care provider about financial assistance

Health care providers often offer financial assistance policies (FAPs) that discount bills or provide free care to qualifying patients. In fact, any U.S. hospital categorized as a nonprofit 501(c)(3) is required to offer a FAP that covers all emergency and medically-necessary care provided by the facility. 

To learn more, contact the health care provider you owe or plan to visit and ask if it has a financial assistance program. In many cases, you’ll need to fill out an application and undergo a financial assessment.

Medical credit cards and payment plans

You may be able to get a credit card or payment plan designed specifically for health-related expenses. For example, Care Credit offers a credit card designed for health and wellness expenses that can be used at more than 260,000 locations. 

It comes with a standard APR of 29.99%, but may allow you to avoid interest if you pay off your balance within a certain time frame (e.g. up to 24 months). You can ask your health care provider if it partners with any medical financing companies or seek them out directly.

Related: Personal Loan vs. Credit Card

Government assistance

If you don’t currently have health insurance, government programs such as Medicare, Medicaid, the Children's Health Insurance Program (CHIP), and premium tax credits (PTCs) may be able to make getting coverage free or more affordable. While this may not solve your emergency now, it could prevent you from needing to borrow money for a medical emergency in the future.

If you’ve experienced a major life event, like getting married or divorced, adopting, or having a baby, you may be eligible for a special enrollment period for health insurance with your employer or your state’s health insurance marketplace.

How to get an emergency loan with bad credit

While some lenders will deny your prequalification request if you have bad credit, that doesn’t mean you should give up. Eligibility requirements vary widely from lender to lender, and some are more lenient than others. 

You can improve your approval odds by researching lender requirements upfront. Then, try to prequalify with those that look like a good fit. It can also help to look at lenders that offer secured loans or that allow you to apply with a cosigner or co-borrower.

No-credit-check loans for medical emergencies

If you’re still having trouble getting a medical emergency loan, you may consider no-credit-check loans or other loan types designed for people with bad credit. 

For example, you may be able to get a PAL, or a cash advance through an app or existing credit card. Review the rates and terms to ensure you can afford the repayments, however. If a loan doesn’t require a credit check, there’s often a catch, such as high rates and fees, a short repayment period, or both.

Related Articles:

• Best Loans for Bad Credit
• Best Personal Loans for Good Credit
• Best Personal Loans for Fair Credit
• Best Personal Loans for Excellent Credit
• Best Personal Loans With a Cosigner