Cover Medical Expenses
Check your rate in minutes
Won’t affect your credit score
Fund your medical expenses
quickly and easily
Average medical loan $6,684.23† | 3 & 5 year terms‡ | 2.92% – 35.99%‡
Cover Unexpected Medical Expenses
Emergency or urgent medical expenses don’t have to destroy your finances
Elective Procedures
Use a personal loan for IVF, surgery, or orthodontics, among other procedures
Lower Rate
56% lower rates than traditional models.*
Fast and Easy Process
Most applicants get their money just 1 business day after accepting their loans.**
loans for any occasion
MEDICAL LOAN FAQ
What is a medical loan?
Since not all medical costs are covered by your health insurance, an eFund123 medical loan can be used to pay for out-of-pocket health costs. As a medical financing option, you can use this loan toward unexpected hospital bills and planned medical procedures.
Also, if you already have existing medical loans, consolidating multiple loans into one, unsecured personal loan can help make managing your debt simpler.
Can I use a medical loan for elective procedures?
A medical loan gives you the flexibility to finance the procedures you feel you need. Elective procedures can be costly — whether you’re thinking about LASIK eye surgery, fertility treatments, or a hip replacement procedure, medical loans can help in these situations.
For example, you can use an eFund123 personal loan for some of these expenses:
Infertility treatments (IVF/in vitro fertilization)
Cosmetic surgery
Orthodontics, veneers or Invisalign
Hair loss/hair replacement
Weight loss, gastric bypass
Why not just use my credit card?
Although credit cards can be used to finance medical costs, credit card interest rates can be significantly higher than medical loan rates. If you use your credit card toward other purchases outside of medical bills, you might notice varying monthly payments, too. With a medical loan, you’ll have a fixed monthly payment for a set duration of time. This means no surprises month over month so you can focus on a speedy recovery.
Are there other ways to save on my medical expenses?
Yes, there are ways to lower the cost of your medical expenses overall. You can:
Choose a health insurance plan for your current and future needs
Ensure your health providers are in-network
Negotiate your medical debt with your provider and insurance company
Use preventative care services
When consolidating your existing medical debt with eFund123, you might qualify for a lower interest rate. Reducing your interest rate can potentially save you hundreds of dollars over your loan term.
What will a medical loan do to my credit score?
Checking your rate for an eFund123 medical loan doesn’t negatively impact your credit††, because only a “soft credit check” is conducted. Once you accept your medical loan offer and rate, a “hard inquiry” is done to verify your credit information and history. When a hard credit inquiry is performed, your credit score may be impacted temporarily.
†† When you check your rate, we check your credit report. This initial (soft) inquiry will not affect your credit score. If you accept your rate and proceed with your application, we do another (hard) credit inquiry that will impact your credit score. If you take out a loan, repayment information will be reported to the credit bureaus.
§ Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,100. The minimum loan amount in GA is $3,100.
‡ The full range of available rates varies by state. The average 3-year loan offered across all lenders using the eFund123 Platform will have an APR of 25.79 and 36 monthly payments of 37 per $1,000 borrowed. There is no down payment and no prepayment penalty. Average APR is calculated based on 3-year rates offered in the last 1 month. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
* As reported by the Consumer Financial Protection Bureau, based on an internal eFund123 study which compares outcomes from eFund123’s underwriting and pricing model against outcomes from a hypothetical model that uses traditional application and credit file variables and does not employ machine learning (traditional lending model).
** If you accept your loan by 5pm EST (not including weekends or holidays), you will receive your funds the next business day. Loans used to fund education related expenses are subject to a 3 business day wait period between loan acceptance and funding in accordance with federal law.