Stellar Snippets
Personal loans may be a better option than medical credit cards for financing medical expenses.
Personal loans usually have lower interest rates than medical credit cards, especially if you have good to excellent credit.
The average 24-month personal loan you take has an APR in the high single digits. For credit cards, it is double digits.
If you have good credit, it’s common to find personal loans with interest rates around 11 percent or lower.
However, if you have bad credit, your medical loan may be more expensive, with interest rates capping at 36%.
Personal loans also offer fixed interest rates, which means you’ll have the exact same payment each month.
Medical loans can be an expensive financing option, while personal loans may be cheaper than a traditional credit card.
Personal loans also have repayment options, ranging from 36 to 60 months, allowing you to select what suits your needs.
Personal loans may be a better option for larger medical bills and covering costs with high interest.