Medical debt is not a rare problem among the Americans. And it is a problem of not only the uninsured. Nobody has a universal and ideal solution here, but personal loans can help. If you have already tried to negotiate your debt with the hospital and you still need more options, below you will find a list of personal loan providers who may become helpful in your case.
SoFi can be used in various situations, including paying off the medical debt. Why SoFi? They have some of the lowest APRs among lenders. Their fixed rates start from 5.49% and end at 14.24%. Variable rates start from 4.99% and end at 11.14%. There are no hidden fees as well. Here you can receive $5,000-$100,000 for 3, 5, or 7 year terms. When it comes to FICO scores, there is no special requirement, but as usual the higher the better. Stable job, good education and no bad marks on your credit report may enable you to get lower interest rate. There are two conditions: you must be employed to get the loan and you cannot be the resident of Mississippi or Nevada (here their loans are not available).
Here the APRs are low too. Fixed APRs range is between 5.25% and 12%, but terms are shorter: 1, 2, and 3 years. If you have less debt, it is a good option for you. This loan will enable you to refinance from $2,000 to $50,000. Unfortunately, Earnest is not available in all states (available in: AK, AR, AZ, CA, CO, CT, FL, GA, HI, IL, IN, KS, MA, MD, ME, MI, MN, MO, NC, NE, NH, NJ, NM, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA, WA, Washington DC, WI, WV, and WY). What is more, you need at least 720 credit score, but it is not the only criterion. Your income, savings, employment and education history are taken into account as well. The big advantage of Earnest is the lack of origination or pre-payment penalty fees.
Here you can receive from $5,000 to $100,000, for 2-7 years. Fixed APRs is between 5.99% and 10.29%. There are no origination fees. Rates depend on the term you choose. The big advantage of LightStream is one of the faster application processes. There is even a $100 guarantee for their service. The disadvantage is the fact that they require a hard credit inquiry.
How does it look like in Upstart? You may receive $1,000 – $50,000. Their fixed APRs are 8.69% – 29.99% , and the terms are 3 and 5 years. Your FICO score must be at least 640 and you need to have a clean credit report (no delinquencies, no collections, no more than six inquiries in the last six months). Also your income will be verified. Upstart’s origination fees are 2.8% – 8% of the loan amount.
Prosper will help you refinance between $2,000 and $35,000. Terms are 3 or 5 years. The fixed APRs are 5.99% – 36%. Unfortunately, their loans are not available in Maine, North Dakota, or Iowa. Your FICO score needs to be at least 640. The only fees are “closing fees” – from 0.50% to 4.95%.
With LendingClub you can refinance from $1,000 to $40,000. The term can reach maximum 5 years. Fixed APRs: 5.99% – 35.89%. Origination fees: 1% – 6% of the loan amount. The good news is that here your score may be as low as 600. Nevertheless, you still need a good record of your payments history. LendingClub is not available in Iowa and West Virginia.