Managing medical expenses can pose a significant financial burden, and even with health insurance coverage, you may find yourself facing unpaid bills. If you're currently grappling with the challenge of paying off medical expenses, considering a personal loan can provide the financial assistance you need.
Won't affect your credit score1
LIBERTY PERSONAL LOANS POWERED BY UPSTART. TRUSTPILOT 4.9 OUT OF 5 ★ EXCELLENT.
If your health insurance plan has limited coverage or high deductibles, you may find yourself responsible for a significant portion of your medical expenses. When faced with unpaid or uncovered medical bills, you may consider taking out a personal loan to help cover the costs.
Medical emergencies can occur suddenly and catch you off guard. If you don't have enough savings or emergency funds to cover the expenses, you might choose to utilize a personal loan to address immediate medical needs and manage the resulting bills.
There are instances where certain medical procedures, treatments, or medications may not be covered by insurance plans. This could be due to various reasons, such as experimental treatments, cosmetic procedures, or elective surgeries. If you require these services but cannot afford the out-of-pocket expenses, you may opt for a personal loan to finance them.
You may experience a significant loss of income due to prolonged medical leave or disability. This loss of income can make it difficult to meet regular financial obligations, including medical expenses. In such situations, a personal loan can provide temporary financial relief, enabling you to cover medical costs while you are unable to work.
You can get a personal loan from $5,000 to $50,0003.
Choose between personal loans in 3-year, 5-year & 7-year terms, with fixed rates of 4.6% - 35.99% APR.4
You can prepay your loan at any time with no fee or penalty.
Liberty has deep experience and is dedicated to helping you with your unique needs.
Won't affect your credit score1
LIBERTY PERSONAL LOANS POWERED BY UPSTART. TRUSTPILOT 4.9 OUT OF 5 ★ EXCELLENT.
The funds from a personal loan can typically be used for a variety of purposes. Personal loans are commonly used to help with debt consolidation, medical expenses, home improvement projects, student debt, a move, a wedding, or a vacation.
An unsecured personal loan is money borrowed from a lender that isn't secured by property like a house or car. While most online personal loans through Liberty Savings Bank are unsecured, other lenders may place a lien on other accounts you hold with them. Always review your promissory note (aka the written agreement from the lender) for these details before accepting your loan.
If you accept your loan before 5 p.m. ET Monday - Friday, your funds will be transferred the next business day. If you accept the online loan after that time period, the funds will be transferred the following business day.
For personal loans being used for education-related purposes, it'll be an additional 3 business days in accordance with federal law.
You can borrow between $1,000 and $50,000⁵ on a personal loan. Note that certain states have specific minimum loan amounts. The exact amount you may borrow depends on what you qualify for based on your application information.
It's possible. Some lenders and lending platforms provide personal loans for bad credit or no credit at all. Different lenders have different minimum credit requirements for their personal loans. At Liberty Savings Bank, our model considers other factors such as your education⁴ and employment in addition to your financial background. It's important to remember that while you may qualify for a personal loan with low credit, your loan may come with higher interest rates.
It will not. When you check your rate, we make a soft credit inquiry on your report, which doesn't impact your credit score. If you accept your rate and proceed with your application, we will make a hard credit inquiry to verify your information. This action will be recorded as a hard inquiry on your report and it may impact your credit score.
All personal loans through Liberty Savings Bank offer a fixed interest rate and range between 4.6% - 35.99%.4 The rate you qualify for is based on various factors including your education2, work experience, and credit history. As a reminder, the interest rate is only one factor of the cost of the loan. The total cost of your loan is reflected in the APR (annual percentage rate), which is the annual cost of a loan that includes both interest rate and all other associated fees.
If you have unpaid medical bills, here are several options available to help you manage the situation prior to exploring a personal loan:
Review your medical bills: Take the time to carefully review the medical bills you've received to ensure their accuracy. Mistakes or discrepancies can happen, so it's important to verify that the charges are correct. If you notice any errors, contact the healthcare provider or hospital billing department to address the issue.
Communicate with healthcare providers: Reach out to the healthcare providers or medical facilities involved and explain your financial situation. Many times, they may be willing to work with you to set up a payment plan or negotiate a reduced payment amount. Some healthcare providers also offer financial assistance programs or charity care for individuals who meet certain criteria.
Seek financial assistance programs: Research and inquire about financial assistance programs that may be available to help individuals with unpaid medical bills. These programs can vary based on your location, income level, and specific circumstances. Non-profit organizations, government programs, and community resources may provide assistance or direct you to resources that can help.
Apply for Medicaid or other government assistance: If you meet the eligibility criteria, consider applying for Medicaid or other government assistance programs that provide healthcare coverage for low-income individuals and families. These programs can help alleviate the burden of unpaid medical bills and provide ongoing coverage for future medical expenses.
Remember, taking action and addressing unpaid medical bills promptly is important. Ignoring or avoiding the bills can lead to negative consequences, such as damage to your credit score or collection efforts by debt collectors. Stay proactive and communicate with the relevant parties to find a solution that works best for your situation.
1. When you check your rate, we check your credit report. This INITIAL (SOFT) INQUIRY will not affect your credit score. If you accept your rate and proceed with your application, we do another (HARD) CREDIT INQUIRY that will impact your credit score. If you take out a loan, repayment information may be reported to the credit bureaus.
2. If you accept your loan by 5pm EST (not including weekends or holidays), your funds will be sent on the next business day.
3. Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Minimum loan amounts vary by state.
4. The full range of available rates varies by state. A representative example of payment terms for a Personal Loan is as follows: a borrower receives a loan of $10,000 for a term of 60 months, with an interest rate of 13.89%, no origination fee, for an APR of 13.89%. In this example, the borrower will receive $10,000 and will make 60 monthly payments of $233. APR is calculated based on 5-year rates offered in August, 2023. There is no downpayment and no prepayment penalty. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.
All loans are originated by Liberty Savings Bank which is part of the Upstart marketplace.
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APY= Annual Percentage Yield