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With a medical loan in March 2022, Donna was able to take control of her health and get the treatment she needed⁷.

“BreadSquared made it fast and easy to get the medical loan I needed—right when I needed it most. The process was seamless, and I absolutely recommend them.”

BreadSquared Medical loan FAQs

What Exactly Is a Medical Loan?

A medical loan is a type of personal loan designed to help you pay for healthcare-related expenses. Often referred to as healthcare loans, surgery loans, or copay loans, they can be used for a wide range of medical needs—from planned procedures to unexpected emergencies. These loans are typically unsecured, meaning you don’t need to provide collateral to qualify. However, some lenders, like Upstart, may offer an option to secure your loan with a vehicle, which would involve placing a lien on it.

How Can a Medical Loan Be Used?
A medical loan can help cover out-of-pocket healthcare expenses when paying upfront isn’t an option. Whether it’s an unexpected hospital visit, a planned surgery, or an elective procedure, you can use the funds to manage your medical costs with less stress.

Bonus tip: Already juggling multiple medical-related loans? Consider consolidating them into one personal loan to simplify your payments and potentially lower your monthly costs.

Is It Possible to Pay Medical Expenses with a Credit Card?
While credit cards can be used to cover medical expenses, they may not always be the most cost-effective option. Credit cards typically come with higher interest rates than personal loans, which can lead to greater overall costs if the balance isn’t paid off quickly.

Additionally, credit card payments often fluctuate, making it harder to manage your monthly budget. In contrast, medical loans offer fixed monthly payments, giving you more predictability and control over your finances.

Does Applying for a Medical Loan Affect My Credit Score?
When you check your rate, we perform a soft credit inquiry, which helps us determine your eligibility—without affecting your credit score. If you’re approved and decide to accept the loan offer, we’ll then perform a hard credit inquiry to verify your details. Unlike a soft check, a hard inquiry may have a small impact on your credit score.
Is a Medical Loan Right for Me?

A medical loan may be a smart solution if you’re facing healthcare costs you can’t cover upfront—whether it’s an unexpected emergency, a planned procedure, or an elective treatment. If you prefer structured monthly payments, want to avoid high-interest credit card debt, or need a quick and flexible way to access funds, a medical loan could be a good fit.