Yes, it is possible to get a medical loan if you have bad credit. There are many lenders who will not let a poor credit rating get in the way of a borrower’s ability to secure a loan.

According to, research showed at least $88 billion in medical debt on consumer credit records in June 2021, with medical debt counting for 58% of all third-party debt collections in 2021 whereby Americans are being contacted by debt collectors about medical debt more than any other type of debt. Furthermore, it has been found that approximately 40% of people with employer health coverage also had difficulty covering their medical expenses in 2021.

With 45% of Americans struggling to pay for unexpected medical expenses of $500 or more, it is not surprising that many look to borrow money to pay for emergency health bills. Whilst those with poor credit scores may be rejected by large financial institutions such as banks, it is indeed possible borrow medical loans if you have bad credit and this guide will explain how to do so.


What Are Medical Loans?


Medical loans are essentially loans to pay for medical bills. Whether you need to pay to see a doctor, have blood tests, an MRI or CT scan, or need an operation, the unexpected financial implications of being unwell can be extremely costly, especially with the cost of healthcare steadily increasing.

Medical loans can provide you with a quick injection of cash so that you can have the health treatments that you need. It is then expected for you to pay back your loan, ideally after your next payday or if you need longer there are options such as installment loans that can be borrowed for up to 5 years.



What Can Medical Loans Be Used For?


Medical loans can be used for a variety of healthcare costs. Examples include:

  • Doctor appointments
  • Prescription medicine
  • Medical procedures
  • Imaging Scans
  • Blood tests
  • Physiotherapy
  • Hospital inpatient stays
  • Infertility treatment
  • Orthodontic or dental fees


What Are The Pros And Cons of Medical Loans?


Before applying for a medical loan, it is important to education yourselves on the benefits and drawbacks so that you make the best decision that is right for you, especially if you are looking for medical bad credit loans.

A key advantage of applying for a medical loan is that you should be able to borrow money fast, often with same day medical loans available. At Dollar Hand for instance, funds can be sent to your bank account within minutes, hours or by the next working day. This can be extremely helpful if a medical emergency arises.

A disadvantage to consider is that if you have a poor credit score, it is possible you will be offered a loan at a higher interest rate due to the larger level of risk involved for the lender. Rates vary based on creditworthiness so it is important to make sure you will comfortably be able to afford repaying back the loan.

If you are still not sure about whether you should borrow a loan to cover your medical bills, you could always discuss your options with a financial professional who can confirm you are clear about the costs involved and ensure that you make the best decision for yourself in the long run.


Can I Get A Medical Loan If I Have A Poor Credit Score?


Yes, you can get a medical loan even if you have a low credit rating. It is however possible that a medical loan for bad credit may have less favorable terms than a loan for medical bills with good credit.

There are lenders that are willing to consider applicants with a variety of credit histories. They can focus on other key factors such as whether you have a regular income from a stable job.

The borrowing criteria to be eligible for a medical loan usually involves:

  • Being a US citizen
  • Being over 18 years of age
  • Having a State ID or Driver’s License
  • Having a postal address and contact number
  • Having a live checking account for the medical funds to be sent to
  • Having a stable job
  • Earning a regular income

The lender may even offer you a secured loan which uses an asset such as your car or property for collateral. In this case, you may receive more favorable terms such as a low APR and the opportunity to get a longer loan term. However there is a chance that if you fail to repay back the loan that you could risk losing your asset so it is not advisable to do this unless you are 100% certain you can comfortably afford the repayments.



What Are Alternatives to Medical Loans With Bad Credit?


If you decide not to get a bad credit medical loan, there are other ways you can try to cover the cost of your healthcare. You could consider applying for a low-interest credit card. Providing that you pay this off on time you could have minimal fees, just make sure the bill is within the credit limit available to you.

It is certainly worth asking the medical provider you owe money to if they would consider a payment arrangement. If you explain your situation to them, they might be able to offer you a flexible repayment plan before sending your debt to a collections account.

If you are in desperate need of urgent funds you also could think about asking close family or friends if they would lend you the money. Just make sure you devise an agreed timeframe to pay them back in so that the situation is formalized.

It is also worth checking with your employer to see if they can offer you an HSA account. The health savings account is offered by many employers that allows employees to set aside money out their paycheck each month that can be used towards out of pocket medical bills.

You could also research into the government’s healthcare financial assistance programs. There are lots of different medical financial aid options available such as the HRSA Program, the Benefit Finder or the IKN Program.


Concluding Thoughts


When considering loans for medical bills, it is important to be aware of exactly what you will have to repay back and to set yourself up to make the payments on time. It is essential to make sure it is the right option for you and to consider whether alternatives may be better.