To qualify for a medical loan, you typically need to meet certain criteria, including a minimum credit score, a steady income, and proof of your medical expenses. Lenders may also consider your debt-to-income ratio and overall financial health.

Medical loans can be used for a wide range of healthcare-related expenses, including but not limited to elective surgeries, emergency medical procedures, fertility treatments, dental work, cosmetic surgery, and rehabilitation services.

Most medical loans are unsecured, meaning they do not require collateral. However, some lenders might offer secured loans for medical expenses that may come with lower interest rates, as they are backed by an asset.

Interest rates for medical loans can vary widely based on the lender, your creditworthiness, and the loan amount. Generally, rates can range from around 5% to 36%, so it’s essential to shop around and compare offers.

You can apply for a medical loan through various financial institutions, including banks, credit unions, and online lenders. The application process typically involves submitting personal and financial information, along with documentation of your medical expenses. Be sure to review the terms and conditions carefully before committing.