We know how difficult it is to get through a large deductible and copayments, and still be able to get help for yourself or family. We offer monthly payments options, and we are also affiliated with the medical finance options below, you can be able to finance your treatment at Clear Mind.
We recommend refinancing with SoFi for a variety of reasons, and medical debt is no exception. While it doesn’t have a specific program for medical debt, most personal loan lenders will allow you to use a personal loan for just about anything, medical expenses typically included.
SoFi has some of the lowest APRs of any lender, with fixed rates ranging from 5.99% to 17.67%, and variable rates ranging from 6.40% to 12.70%. You can refinance $5,000 to $100,000 on 24 to 84 month terms as well.
The minimum FICO score is 680. Having a stable employment and education history will help you qualify for a better rate, too. You must be employed to be approved for a loan, and SoFi’s personal loan isn’t available to residents of Mississippi.
SoFi uses a soft pull to provide you with estimated rates, and if you want to move forward with the loan, then it will use a hard credit pull. That means you can see if the loan is workable for you before committing and before having the inquiry impact your credit.
There are also no hidden fees with SoFi, so what you see is what you get in terms of the loan amount as there is no origination fee and no pre-payment penalty.
The only downside to Earnest is that it isn’t available in many states. You must be a resident of the following states to be approved: 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.
If you don’t reside in a state on this list, check back often as Earnest has been adding several states to its roster over the last year.
You should have a minimum credit score of 680 to be approved for a loan with Earnest, though it also takes into account your savings, employment history, education history, and income. You can apply for a loan using your LinkedIn account (which pre-fills some fields for you), but it isn’t necessary.
Earnest doesn’t have origination fees or pre-payment penalty fees, though it does use a hard credit inquiry when you complete the application. According to its FAQ, it is working on building a tool that will give you preliminary rates and terms on a personal loan without a hard pull.
Instead of offering credit-based loans, Earnest has taken a very nontraditional approach using a merit-based system.… Read More
LightStream is an online division of SunTrust and offers great deals on personal loans. $5,000 up to $100,000 on terms ranging from 24 to 144 months. Fixed APRs range from 4.99% to 16.79%, and there is No origination fee. Rates do vary based on the term you select, so be sure to look at all your options here.
LightStream has one of the faster application processes – if you get all the necessary documents in by 2:30pm ET, you may be eligible for same-day funding. Additionally, if you’re unhappy with the services provided by LightStream, its customer service is backed by a $100 guarantee.
LightStream requires a hard credit inquiry, which makes it a slightly less attractive option. You might want to check with the personal loan lenders that use a soft credit pull first.
Upstart and the following two lenders are better options for those with less-than-ideal credit, or those that haven’t been getting approvals elsewhere.
You can refinance $1,000 up to $50,000 with Upstart (be aware it says $35,000 on its FAQ page and $50,000 when you check your estimated rates). Fixed APRs range from 5.59% to 35.99% on its 36 or 60 month terms.
You need a minimum FICO score of 620 to qualify for a loan with Upstart, but that’s just one part of the equation. You should still have a clean credit report – no delinquencies, no collections, less than six inquiries on your credit report within the last six months, and you’ll also be required to verify your income.
Upstart has origination fees ranging from up to 8.00% of the loan amount, so take this into consideration when applying.
The good news is that Upstart uses a Soft Pull to give you estimated rates. A hard credit inquiry will happen should you choose to move forward with the loan.
Prosper, like LendingClub below, is a peer-to-peer marketplace. That means investors (individual and corporate) can fund your loan request, giving you a slightly better chance of approval.
You can refinance between $2,000 to $40,000 on terms of 36 or 60 months, and fixed APRs range from 6.95% to 35.99% . That’s a high cap, and as with any loan, you should run the numbers to make sure consolidating your medical debt this way will save you money.
Prosper isn’t available to residents of Maine, North Dakota, or Iowa. A Soft Pull is used at first, and a hard pull will not be used unless your application is approved.
There are no fees at all to post a listing to the marketplace, but if you want to fund your loan through Prosper, you will face “closing fees” ranging from 0.50% to 4.95%, depending on the “Prosper Rating” your loan is given. This rating is Prosper’s proprietary grading system, mostly for the benefit of investors, so they can evaluate how risky your loan is.
LendingClub is another peer-to-peer marketplace and its loan offerings are similar to those of Prosper. You can refinance $1,000 up to $40,000 on terms of 36 or 60 months. Fixed APRs range from 6.95% to 35.89%, and there are origination fees ranging from 1.00% – 6.00% of the loan amount.
LendingClub will loan to those with lower credit scores depending on the situation, however, their minimum credit requirements are not specified. You should still have a good track record with limited missed payments in the mast. LendingClub does not make loans in Iowa or West Virginia.
LendingClub is a great tool for borrowers that can offer competitive interest rates and approvals for people with credit scores as low as 600.