Compare Medical Loans

Rates and Fees verified correct on October 21st, 2016

If a medical emergency strikes, would you be able to foot the bill?

Medical expenses, whether planned or unplanned, can put a significant strain on your finances. While costs vary, some procedures can set you back tens of thousands of dollars, not to mention the cost of staying in the hospital and taking time off work. A medical loan can help you cover bills from doctors, hospitals, or anything medical-related. These loans vary, so it’s important to compare your options to find the right loan for you.

CUA Fixed Rate Personal Loan

CUA Fixed Rate Personal Loan

The CUA Fixed Rate Personal Loan help you cover bills from doctors, hospitals, or anything medical-related.

  • Interest Rate From: 11.99% p.a.
  • Comparison Rate: 12.83% p.a.
  • Interest Rate Type: Fixed
  • Application Fee: $120
  • Minimum Loan Term: 1 year
  • Maximum Loan Term: 7 year
  • Minimum Loan Amount: $1,000
  • Maximum Loan Amount: $100,000

Comparison of unsecured personal loans

Rates last updated October 21st, 2016
Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Repayment
CUA Fixed Rate Personal Loan
A competitive fixed-rate loan with flexible repayments that can help you consolidate debt or make a large purchase.
From 11.99% (fixed) 12.83% $1,000 1 to 7 years $120 Go to site More
ANZ Fixed Rate Personal Loan
A flexible loan option that lets you pay off your debt, buy a car, fix up your house or cover travel costs.
From 13.95% (fixed) 14.81% $5,000 1 to 7 years $0 Go to site More
St.George Unsecured Personal Loan - Variable Rate
The Variable Rate Unsecured Personal Loan St.George lets you borrow up to $40,000 for a period of up to 7 years.
From 14.74% (variable) 15.61% $3,000 1 to 7 years $195 Go to site More

What is a medical loan?

A medical loan can cover the costs of both elective and necessary medical requirements and procedures. Covering medical costs can be expensive, and even with private health insurance you may have to pay an excess, or worse, your procedure might not be covered at all. If you don’t have the ready money you can take out one of these loans to cover your medical costs.

What are the features of a medical loan?

Medical loans offer many of the same features as other personal loans, but some of the features are also more particular:

  • Fees. Most loans come with fees, and medical loans are no different. Depending on the lender you go with you may have to pay loan establishment fees or monthly fees, as well as some fees such as early repayment fees or redraw fees, if these features are available.
  • Repayments. Lenders may differ in how flexible they are with their repayments, also. Most lenders will offer you the options of making your repayments weekly, fortnightly or monthly, but they also may allow you to make additional repayments to help save you money.
  • Loan amount. As medical costs can be quite steep, medical loans are usually for higher amounts than other loans. Some medical loans have quite high minimum loan amounts, some around $10,000, so make sure you won’t have to borrow more than you need.
  • Loan terms As the loan amount is generally higher with medical loans, the lender may offer you a longer period to pay it back, as well. Check to see if you will be able to manage the repayments with the loan terms that the lender sets.

Types of medical loans

Some lenders specialise in providing medical financing solutions, and offer a few different types of specialised loans to cover medical costs.

  • Cosmetic surgery loans. These loans are used to finance elective surgeries, such as liposuction, breast reductions or implants and nose jobs. These procedures can vary in cost, but cosmetic surgery loans will cover all associated expenses with the procedure.
  • Dental loans. By taking out a dental loan you can borrow the money for dental surgery, braces or any kind of teeth reconstruction. These loans can cover both elective and essential surgeries.
  • Medical travel loans. If you are planning on going on a ‘medical holiday’ to take advantage of cheaper surgeries overseas, some lenders can provide all the travel and medical expenses to you.

Related: Cosmetic Surgery Loans

Other financing options to consider


There are also types of loans and credit that you can consider if you don’t want to take out a medical loan. A credit card might be a good option to consider if you have a high enough credit limit, and if your card’s interest rate is relatively low. If you're card features a purchase rate offer, you could potentially pay no interest on your medical procedure. You also have the option of applying for a regular unsecured personal loan where you also might be able to take advantage of low rates, depending on the lender you go with.

Depending on the nature of the medical expense, you might need to consider more immediate finance options. If you have a medical emergency and can’t or don’t want to use your credit card, you have the option of taking out a same day personal loan. These loans are offered by some of the major banks, including Bankwest and Westpac, as well as other smaller lenders in the form of payday loans.

Further Reading: Same day personal loan funding

Whatever type of finance you decide to go with, make sure it matches your financial needs and budget.

How to apply?

If you’d like to apply for a personal loan to finance medical expenses, you can compare your options using the comparison table on this page. You can then click ‘Go to Site’ if you find a suitable loan. To apply you’ll need to be over the age of 18 and be employed or be receiving regular payments into your bank account.

Was this content helpful to you? No  Yes

Related Posts

HSBC Personal Loan

A competitive fixed interest rate loan with the option to make extra repayments. Min. income $30,000

Latitude Personal Loan (Secured)

Can be used for whatever purpose: renovating, buying a car, booking a holiday. Funds can be in your account in as little as 24 hours.

CUA Variable Rate Personal Loan

Enjoy a competitive interest rate, flexible repayment options and no monthly fees.

SocietyOne Unsecured Personal Loan

Interest rates range from 7.9% p.a. to 24.25% p.a. Comp rate from 9.58% p.a. to 27.99% p.a. depending on your credit score

Ask a Question

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Disclaimer: At we provide factual information and general advice. Before you make any decision about a product read the Product Disclosure Statement and consider your own circumstances to decide whether it is appropriate for you.
Rates and fees mentioned in comments are correct at the time of publication.
By submitting this question you agree to the privacy policy, receive follow up emails related to and to create a user account where further replies to your questions will be sent.

Ask a question