Best Medical Loans of September 2021


Taking out a personal loan to pay medical expenses may be the right move for some. However, there are alternatives, including:

Medical credit cards: Many Americans who can’t pay their out-of-pocket expenses sign up for a medical credit card instead. Most of these cards offer 0% or a very low interest rate for a promotional period. Medical credit cards can be useful if you pay them off before the promotional rate expires. Be aware that some medical credit cards offer deferred interest which is different from a 0% introductory APR period. If the interest is deferred and you do not pay off the debt before the end of the promotional period, you may be required to pay interest going back to the date of your original charge.

0% introductory APR credit cards: There are few deals better than a 0% introductory APR. If your credit score is strong enough, apply for a credit card with a 0% intro APR offer, use it to pay off medical debt, and repay the balance before the promotional rate expires. When the promotional period is over, your credit card interest reverts back to its “regular” rate. Promotional rates normally last from 12 to 18 months.

Negotiate with your medical provider: It is no secret to medical providers that their patients frequently have trouble paying bills. Medical care is expensive, and insurance is often lacking. Fortunately, you should be able to negotiate a medical bill. Call the billing office that sent you the bill and explain your situation. Ask them if they can reduce the total due. Also, find out if they have a forgiveness program. At the very least, come up with an amount you can afford to pay toward the bill each month and let them know that you would like to enter into a repayment plan. Once they agree, keep up your end of the bargain by making each monthly payment as promised.

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