My Medical Loan Review | Compare Loan Options | Credit Raters us-lenders
Last updated: 27th Feb 2020

My Medical Loan Review

Nothing is more important than good health. And that’s why most of us have medical insurances. But what happens when your insurance doesn’t cover specific treatments such as surgery?

Most of the time, patients are forced to pay for unique treatments from their pockets. Since these treatments are expensive, they could end up drowning you financially, and in some cases, leaving you in bad financial debts.

Since your health is of optimum significance, it shouldn’t be neglected even due to financial hardships. That’s the idea behind is an online lender that aims at helping patients to cover medical costs that their insurance won’t. 

To find out if is the right place to seek financial, medical support, make sure to read this review to the end!


My Medical Loan focus on providing you with reliable and affordable quick loans for medical expenses. Whether it’s a bariatric, cosmetic, or dental surgery, this lender will help obtain the financial aid that you need. 

Here is a summary of its rates and repayment terms;

  • Minimum loan amount – $1000
  • Maximum Loan amount – $35,000
  • Interest rate type – fixed 
  • APRs – 10.98% to 30% 
  • Late repayment fee – 10% 
  • Minimum credit score – 620 
  • Loan term – 3 to 5 years 

Key features 

My Medical Loan is the ideal lender for you if you have a good credit history. However, if you’re credit score is below 620, then you won’t qualify for a loan with them. 

As well, unlike most online lenders who will charge you high APRs of up to 1,000%. Here, the rates are quite affordable. In most cases, a higher credit score always translates to lower interest rates and favorable repayment terms. 

However, compared to traditional lenders, the rates are relatively higher. In this regard, don’t always consider short terms loans as a regular way to cover medical expenses. Only use them if you’ve exhausted any other affordable options. 

The maximum amount of loan that you can qualify for is $35,000, a feature you won’t find with most online lenders. The minimum amount you can qualify for is $1,000. The exact amount that you can be eligible for is based on certain factors including your monthly income or credit profile. 

Since My Medical Loan is meant to help you get through medical bills, its repayment terms are also very friendly. Unlike most lenders who will administer a late repayment fee immediately after missing a payment, My Medical Loan gives you a 15-day grace period before applying a 10% late repayment fee. 

As well, if you decide to repay your loan before the due date, you won’t be charged any prepayment penalties. In fact, it saves you interest money. 

Here are other advantages and disadvantages of using My Medical Loan to finance your medical costs;


  • Large loan amount – $35,000
  • Easy application process 
  • Quick funding 
  • Competitive rates and excellent repayment terms 
  • No prepayment fee 
  • 15 days grace period for late payments 


  • Has a minimum credit limit score of 620
  • Not available in all states 


Which medical procedures can I finance?

MyPersonalLoans offer loan financing services for medical expenses such as vision correction, cosmetic surgery, orthodontics, dermatology, hair restoration, gastric bypass surgery, general surgery, fertility, and much more. 

If your medical condition isn’t covered here, you can contact the support team to find out if your case can be financed. 

How much can I qualify for, and for how long? 

The loan amounts range between $1,000 and $35,000. You will know the specific amount you can qualify for once you make an application. The repayment terms range from 36 months to 60 months. Once your loan is approved, you’ll be given your loan repayment terms including the amounts and repayment dates. 

What if I have bad credit?

To qualify for a loan, you must have a credit score of 620 or above. Otherwise, you may not be eligible to apply. 

What if my loan is not approved? 

There’s no guarantee that your loan will be approved. Therefore, if your loan application is rejected, you can always find other lenders that are willing to help you get a short-term loan. 

Eligibility Criteria

To qualify for a loan with My Medical Loan, you must meet specific minimum requirements. They include;

  • Must be 18 years old 
  • Must be a resident of an eligible state 
  • Have a credit score of 620 and above 
  • Be a U.S citizen 
  • Have a regular monthly income 

State Availability

Since My Medical Loan operates under state regulations, its services are restricted to individual states. Residents of these states are not eligible to apply for a loan;

  • New York 
  • Connecticut 
  • New Hampshire 
  • West Virginia 
  • Vermont 

Customer support

My Medical Loan customer support team can be reached at 1-800-788-0711. They are friendly and will reply to your concerns promptly. 

Application process

The application process, like with most online lenders, is done online and takes about 5 to 10 minutes to complete. When applying, you’ll be requested to provide information regarding yourself and your financial status. 

Here is a step by step application procedure;

Step 1 – Visit the My Medical Loan website application page and click Check My Rate. 

Step 2 – You’ll be asked to provide your preferred loan amount as well your personal information including your;

  • Name 
  • Phone number 
  • Email address 
  • Social Security Number 
  • Residential state 
  • Gross monthly income 
  • Employment status 
  • Financing medical service 
  • Your medical Provider’s name and active phone number 

Once you fill all the required details, agree to the terms and conditions and 

Submit your application. Wait for a response. 

Step 3 – if your loan is approved, you’ll be offered a loan offer to e-sign. Ensure you read and understand with all the rate and repayment terms before signing the loan agreement. If you’re satisfied with the contract, sign the contract and wait for the funds on the next business day. 


If you have a medical procedure that is not covered by your health insurance and you have a good credit profile, then MyPersonalLoans is an excellent place to turn to. 

It can help you pay for medical expenses ranging from $1,000 to $35,000. Furthermore, their rates are affordable and have favorable repayment terms. As well, the application process is easy and funding takes place within 1 business day.