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Loan vs medical card: What are the interest rates

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Personal loans may be a better option than medical credit cards for financing medical expenses.

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Personal loans usually have lower interest rates than medical credit cards, especially if you have good to excellent credit.

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The average 24-month personal loan you take has an APR in the high single digits. For credit cards, it is double digits.

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If you have good credit, it’s common to find personal loans with interest rates around 11 percent or lower.

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However, if you have bad credit, your medical loan may be more expensive, with interest rates capping at 36%.

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Personal loans also offer fixed interest rates, which means you’ll have the exact same payment each month.

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Medical loans can be an expensive financing option, while personal loans may be cheaper than a traditional credit card.

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Personal loans also have repayment options, ranging from 36 to 60 months, allowing you to select what suits your needs.

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Personal loans may be a better option for larger medical bills and covering costs with high interest.

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