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Medical Loans

Learn about and compare medical loans


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Medical expenses can put a big strain on your finances. 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 else medical related. See how they work and compare your options below.

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.

As with a regular personal loan, a medical loan from a lender such as ACA Loans or MacCredit may be offered with either a fixed or variable interest rate as well as flexible repayment options.

What can I cover with a medical loan?

You can use a medical loan to cover any of the expenses associated with your medical treatment, such as the following:

  • Medical or cosmetic surgeries. This includes any optional or elective surgeries as well as any procedures performed at a private clinic or hospital.
  • Specialist or doctor appointments. If you need to regularly visit a specialist, you can get a medical loan to cover the cost of these appointments, regardless of whether they are covered by Medicare or your insurance.
  • Medical treatments or medicine. You can also use a medical loan if you require specific drugs, treatments or medicines.
  • Hospital expenses. It can be expensive to stay at a hospital, but you can use a medical loan to cover any of the costs you incur as part of your stay. This could also include any specialised procedures you get while in hospital, such as x-rays or MRIs.
  • Personal medical equipment. If you require certain medical devices or equipment to help your recovery or treat an ongoing medical issues, you can use a loan to cover the purchase costs.
  • Travel expenses. If you need to travel to get medical treatment, the cost of travel and accommodation can also be covered by a loan.

You can use most personal loans for any worthwhile purpose, and this includes any medical treatments or related costs. If you're unsure if a particular cost can be covered by a medical loan, it may be worth contacting the lender directly.

What types of personal loans can cover medical expenses?

You can consider a few different types of financing if you require medical treatment:

  • Unsecured personal loan. You can use unsecured personal loans for any purposes, including medical expenses. You can usually borrow between $3,000 and $50,000 depending on what you can afford to repay and interest rates vary between 8% and 20% p.a.
  • Specialised medical loan. Providers such as MacCredit and ACA Loans provide financing for specific medical procedures including cosmetic surgery and dental work.
  • Short term loan. If you only require a small amount and are not eligible for a standard personal loan, you can consider a short term loan. You can apply for a loan from $100 and have it repaid within a few months. Keep in mind interest rates and fees will be much higher with short term loans.
  • Credit card. If you have a credit card or are eligible to apply for one, this is another financing option to consider. A credit card can be good if you don't know how much money you'll need to borrow or if you want to take advantage of interest-free periods. Make sure you check your surgery will be eligible as an interest-free purchase and that you have the means to repay the credit you use.

MacCredit Medical Financing

Mac credit logo
If you are getting cosmetic dental or medical procedures, compare the payment plans from MacCredit.

  • Fixed and variable interest rates
  • $0 upfront fees
  • Payment plans from $4,000

Please note that the rates, fees and features mentioned here were correct at the time of publication.

How should I compare my medical loan options?

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 fees such as early repayment fees or redraw fees if these features are available.
  • Interest rate. Check if the loan comes with a fixed or variable rate and if the rate is competitive compared to other personal loans. You should also always consider the comparison rate of the loan since this includes any fees or charges to show the true cost of the loan.
  • Repayments. Lenders may also differ in how flexible they are with their repayments. 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 are 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.

Same day personal loan funding

How do I apply for a medical loan?

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 meet the following criteria:

  • Be over the age of 18
  • Be an Australian citizen or permanent resident
  • Be employed or be receiving regular payments into your bank account

Symple Loans Personal Loan

Symple Loans Personal Loan


5.75 % p.a.

variable rate


6.47 % p.a.

comparison rate

  • Quick approvals
  • Flexible repayment options
  • Personalised interest rate
Security Logo

100% confidential application

Symple Loans Personal Loan

Get access to flexible repayment options and next-day funding with a Symple personal loan.

  • Interest rate: 5.75% p.a.
  • Comparison rate: 6.47% p.a.
  • Interest rate type: Variable
  • Establishment fee: from 0% to 5% of the loan amount
  • Minimum loan amount: $5,000
  • Maximum loan amount: $50,000
Go to site

Compare medical loans

Data indicated here is updated regularly
Name Product Interest Rate (p.a.) Comparison Rate (p.a.) Min Loan Amount Loan Term Application Fee Monthly Service Fee Monthly Repayment
Symple Loans Personal Loan

From 5.75% (variable)
1 to 7 years
from 0% to 5% of the loan amount
You'll receive a personalised interest rate from 5.75% p.a. to 21.99% p.a. based on your risk profile
Borrow up to $50,000 to pay for what you need.

Compare up to 4 providers

Picture: Shutterstock

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Important Information*
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You'll receive a fixed rate between 6.99% p.a. and 25.69% p.a. based on your risk profile.
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Logo for NAB Personal Loan Unsecured Fixed
NAB Personal Loan Unsecured Fixed

You'll receive a fixed rate between 9.99% p.a. and 18.99% p.a. ( 10.88% p.a. to 19.83% p.a. comparison rate) based on your risk profile
An unsecured loan up to $55,000 you can use for a range of purposes and pay off over up to 7 years. Note: Majority of customers will get the headline rate of 12.69% p.a. (13.56% p.a. comparison rate) or less. See Comparison rate warning in (i) above.

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SocietyOne Unsecured Personal Loan

You'll receive a fixed rate between 7.5% p.a. and 20.49% p.a. based on your risk profile
A loan from $10,000 to use for a range of purposes. Benefit from no ongoing fees and no early repayment fee.

Logo for Pepper Money Unsecured Fixed Rate Personal Loan
Pepper Money Unsecured Fixed Rate Personal Loan

You'll receive a fixed rate between 7.95% p.a. and 16.95% p.a. based on your risk profile
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