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Medical loans

Medical loans can be used to pay for necessary procedures as well as cosmetic surgery. Compare loans up to $75,000.

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Name Interest Rate (p.a.) Comp. Rate (p.a.) Application Fee Monthly Fee Monthly Repayment
NOW Finance No Fee Unsecured Personal Loan
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$615.26
Go to siteMore Info
OurMoneyMarket Personal Loan
Finder award winnerFixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
Harmoney Unsecured Personal Loan
Finder award winnerFixed3 - 7 Years $2,000 - $70,000
Interest Rate (p.a.)
5.76%
to 24.03%
Comp. Rate (p.a.)
6.55%
to 24.98%
Application Fee
$275 - $575
Monthly Fee
$0
Monthly Repayment
$623.70
Go to siteMore Info
OurMoneyMarket Secured Personal Loan
Fixed1 - 7 Years $2,001 - $75,000
Interest Rate (p.a.)
6.57%
to 18.99%
Comp. Rate (p.a.)
7.19%
to 21.78%
Application Fee
1.50% - 6%
min. $250
Monthly Fee
$0
Monthly Repayment
$627.42
Go to siteMore Info
NAB Personal Loan Unsecured Fixed
Fixed1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
6.99%
to 20.49%
Comp. Rate (p.a.)
8.05%
to 21.49%
Application Fee
$250
Monthly Fee
$10
Monthly Repayment
$635.17
Go to siteMore Info
ING Personal Loan
Finder award winnerFixed2 - 7 Years $5,000 - $60,000
Interest Rate (p.a.)
6.89%
to 18.99%
Comp. Rate (p.a.)
7.10%
to 19.23%
Application Fee
$150
Monthly Fee
$0
Monthly Repayment
$621.16
Go to siteMore Info
NAB Personal Loan Unsecured Variable Rate
Variable1 - 7 Years $5,000 - $55,000
Interest Rate (p.a.)
6.99%
to 20.49%
Comp. Rate (p.a.)
8.05%
to 21.49%
Application Fee
$250
Monthly Fee
$10
Monthly Repayment
$635.17
Go to siteMore Info
Jacaranda Finance Express Personal Loan
Fixed25 Months - 4 Years $3,000 - $25,000
Interest Rate (p.a.)
14.95%
to 27.95%
Comp. Rate (p.a.)
29.30%
to 42.80%
Application Fee
$130 - $990
Monthly Fee
$24
Monthly Repayment
$751.11
Go to siteMore Info
Pepper Money No Fee Unsecured Personal Loan
Finder award winnerFixed18 Months - 7 Years $5,000 - $50,000
Interest Rate (p.a.)
6.75%
to 26.95%
Comp. Rate (p.a.)
6.75%
to 26.95%
Application Fee
$0
Monthly Fee
$0
Monthly Repayment
$615.26
Go to siteMore Info
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What is a medical loan?

A medical loan can cover the costs of both elective and necessary medical treatments and procedures, as well as the cost of specialist appointments, hospital expenses, medical equipment and even travel expenses and recovery time. Medical costs can be really 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 funds you need, you can take out one of these loans to cover your bills.

As with a regular personal loan, a medical loan from a lender such as Pretty Penny Finance or MediPay may be offered with either a fixed or variable interest rate as well as flexible repayment options.

How does medical finance work?

Medical finance works in the same way as any other form of personal finance. You apply for a loan and, if approved, use the allocated funds to pay for medical expenses as well as living costs you might incur while taking time off of work. Like any other form of personal loan, you get the money upfront and pay it back over time, along with any subsequent interest payments and fees.

Does the money come to me and I get to pay for things? Or does it go straight to my doctor?

If you opt for a payment plan from your clinic, the money will go straight to your doctor. However, if you opt for a personal loan to cover your medical costs, the money will usually be transferred directly to your bank account, whereby you can use it to pay for the medical bills yourself.

What can a medical loan be used for?

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 to purchase specific drugs, treatments or medicines.
  • Hospital expenses. It can be expensive to stay in hospital, but you can use a medical loan to cover any of the costs that you incur as part of your stay. This could also include any specialised procedures you receive 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 to treat an ongoing medical issue, 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 their related costs. If you're unsure whether a particular cost can be covered by a medical loan, it may be worth contacting the lender directly.

Why you might need a medical loan

Some procedures are not covered or are only partially covered by Medicare and/or private health insurance policies. While health policies vary greatly, some procedures that are excluded from cover or have restricted cover typically include the following:

  • Plastic and reconstructive surgery (e.g. skin grafts following burns, skin flap repair and breast reconstructions following cancer)
  • Cardiac and cardiac-related services (heart investigations and surgery)
  • Cataract and eye-lens procedures (eye surgery)
  • Pregnancy and birth-related services
  • Assisted reproductive services (infertility services)
  • Hip and knee replacements (joint surgery)
  • Rehabilitation and psychiatric services

How should I compare my medical loan options?

Medical loans have many of the same features as other personal loans, so it's a good idea to consider all of these before applying. These include the following:

  • 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 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 option of making your repayments weekly, fortnightly or monthly, but they also may allow you to make additional repayments to help save you money in the long run.
  • 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 for medical loans, the lender may offer you a longer period to pay it back. Check to see if you will be able to manage the repayments with the loan term that the lender sets.
  • Restrictions. How flexible is the loan purpose? If you would like some additional funds for recovery time surrounding your medical procedure, you might want to ensure that the entirety of the loan is not required to be spent on the medical bills themselves. Most personal loans will be flexible when it comes to how the funds are used, but it's still wise to check, just in case.

Same-day personal loan funding

Treatments covered by medical loans

You can use a medical loan to cover pretty much any type of medical procedure. For more details on specific types of medical procedure loans, check out the below guides:

For some Aussies, a line of credit is the only way they can afford their medical expenses. While it might seem easier to just whack it on the plastic, a personal loan can sometimes be the more affordable option, depending on your circumstances

Alanna Glenn

Alanna Glenn
Lead publisher, Money

The pros and cons of medical loans

  • Money when you need treatment. The ability to pay for treatment when you need it is an obvious pro to getting a medical loan.
  • Money for the treatment you need. With the confidence of a loan, you can pay for the exact care you want that you may not have been able to afford otherwise.
  • Funds for your recovery. If you are forced to take unpaid leave for your recovery period, a loan will cover you for the essentials while you heal.
  • Slow loan approval process. If you need an urgent procedure, the loan process may not be finished in time for when you require the funds. This could force you to put funds onto a more expensive credit card, rather than apply for a loan.
  • High interest/fees. Depending on the form of finance that you opt for and your credit rating, you may find yourself paying more than you bargained for.

Frequently asked questions about medical loans

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2 Responses

    Default Gravatar
    HelenMay 11, 2024

    I have cancer and need Doctors and medical help.

      AvatarFinder
      SarahMay 17, 2024Finder

      Hi Helen,

      I’m so sorry to hear about your diagnosis. It might be worth reaching out to support services for some help with your situation and accessing medical care, such as the Cancer Council.

      You may also want to talk to your local Medicare office about the ‘safety net’ on costs of medications and medical bills.

      Hope this helps!

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