RateCity.com.au
powering smart financial decisions

Find and compare hospital expense personal loans

Showing personal loans for
$
over
for a credit score of

Embed

Personal loan lenders we compare at RateCity

Learn more about personal loans

What are personal loans for hospital expenses?

Unexpected medical expenses can arise at any time. Perhaps there was a medical emergency, an accident at work, or an unfortunate diagnosis.

Hospital expenses can be planned or unplanned, but either way, visits can incur significant costs. Personal loans for hospital expenses, sometimes also referred to as medical loans, can help you cover the costs of doctors appointments, hospital visits, medical procedures or even time off from work to heal. A personal loan for hospital expenses is designed to help you cover all of your healthcare related bills when your health insurance falls short.

Why do people use personal loans for hospital expenses in Australia?

Hospital expenses can vary greatly, with some procedures reaching upwards of thousands of dollars. The cost of hospital admission and treatment can be overwhelming, and it’s not always possible to pay these bills out of pocket.

Many people choose to use personal loans for hospital expenses to ease the financial stress of medical costs. Whether you’re stuck working out the hospital expenses for having a baby or overwhelmed by a procedure’s cost, a personal loan for hospital expenses can help you pay off your medical bills.

What are the main features of a personal loan for hospital expenses?

Personal loans for hospital expenses differ in their loan amounts, interest rates, comparison rates, fees and features, but all are designed to help you pay your hospital bills.

In general, obtaining a personal loan is a straightforward transaction between a borrower and a lender. Because loans for hospital expenses vary, a personal loan comparison can help you find the most suitable personal loan rates for you. Comparing personal loan options will help you find the right one for your situation.

You’ll likely be able to choose between secured and unsecured personal loans, variable and fixed interest rates and, depending on your lender and loan amount, negotiate the loan term in which the loan must be repaid. 

A personal loan calculator may be able to help you understand what will work with your budget. It’s important to only take out a loan you know you can afford, because if you miss repayments or make late repayments, it could have an impact on your credit history and negatively affect your credit score.

What can I use a hospital expenses personal loan for?

Personal loans for hospital expenses can be used to help cover the cost of a range of different medical expenses. Some of these include:

Check that you meet the eligibility criteria for your preferred loan product before you click the 'apply now' button.

What are the pros and cons of personal loans for hospital expenses?
  • They could help relieve some of your financial stress during an already stressful time.
  • They could allow you to pay your bills without draining your bank account to pay upfront.
  • They tend to have lower interest rates than credit cards, so if you struggle to pay your credit card bill on time and in full, a personal loan may incur fewer costs than your card, under the right circumstances.
  • Comparing the interest rates, fees, and features of a range of personal loans can be annoying and time-consuming, and the application process may seem confusing.
  • Obtaining a personal loan also means that you’ll have to meet weekly, fortnightly, or monthly repayments.
  • It’s important to be confident that you can repay your loan in a timely matter to avoid additional costs.

Hospital bills can be incredibly expensive. With a personal loan for hospital expenses, you can get the care you need, when you need it.

For more information on specific financial products and whether they might work for your personal circumstances, consider speaking to a finance broker or adviser before submitting an online application.

Frequently asked questions

Can you refinance a $5000 personal loan?

Much like home loans, many personal loans can be refinanced. This is where you replace your current personal loan with another personal loan, often from another lender and at a lower interest rate. Switching personal loans may let you enjoy more affordable repayments, or useful features and benefits.

If you have a $5000 personal loan as well as other debts, you may be able to use a debt consolidations personal loan to combine these debts into one, potentially saving you money and simplifying your repayments.

What is a bad credit personal loan?

A bad credit personal loan is a personal loan designed for somebody with a bad credit history. This type of personal loan has higher interest rates than regular personal loans as well as higher fees.

Should I get a fixed or variable personal loan?

Fixed personal loans keep your interest rate the same for the full loan term, while interest rates on variable personal loans may be raised or lowered during your loan term.

A fixed rate personal loan keeps your repayments consistent, which can help keep your budgeting consistent. You won't have to worry about higher repayments if your rates were to rise. However, on a fixed loan you’ll also potentially miss out on more affordable repayments if variable rates were to fall.

What is a personal loan?

A personal loan sits somewhere between a home loan and a credit card loan. Unlike with a credit card, you need to sign a formal contract to access a personal loan. However, the process is easier and faster than taking out a mortgage.

Loan sizes typically range from several hundred dollars to tens of thousands of dollars, while loan terms usually run from one to five years. Personal loans are generally used to consolidate debts, pay emergency bills or fund one-off expenses like holidays.

How much can you borrow with a bad credit personal loan?

Borrowers who take out bad credit personal loans don’t just pay higher interest rates than on regular personal loans, they also get loaned less money. Each lender has its own policies and loan limits, but you’ll find it hard to get approved for a bad credit personal loan above $50,000.

Can I repay a $3000 personal loan early?

If you receive a financial windfall (e.g. tax refund, inheritance, bonus), using some of this money to make extra repayments onto your personal loan or medium amount loan could help reduce the total interest you’re charged on your loan, or help clear your debt ahead of schedule.

Check your loan’s terms and conditions before paying extra onto your loan, as some lenders charge fees for making extra repayments, or early exit fees for clearing your debt ahead of the agreed term.

Is a personal loan a variable or fixed-rate loan?

Depending on the personal loan lender, you may be able to choose between a fixed and a variable interest rate. But, there are a few distinct differences between the two, so it’s important to weigh up the pros and cons before deciding on what’s right for you.

A fixed interest rate loan gets you the convenience of knowing exactly how much you need to repay each fortnight or month. On the other hand, you generally won’t be able to make lump sum or advanced payments to close your personal loan early - or at least not without a penalty.

With a variable interest rate personal loan, you may be able to get a longer loan repayment term, with the option of paying off the loan early. You typically won’t need to pay any additional charges for an early full repayment either. The potential disadvantage with an interest rate that can change is that your repayment is not entirely predictable, as it can fluctuate with the market. However, you’ll likely have more options as more lenders offer a variable interest rate personal loan.

Can I merge my personal loan with my home loan?

Yes, you can refinance your home loan and, in the process, merge or consolidate your personal loan and home loan. By doing so, you can lower the number of debts you have, and you may also reduce the total interest you have to pay.

However, you should consult a financial advisor or a mortgage broker to confirm that you are decreasing your total outstanding debt, including interest payments. The repayment term for a home loan can be much longer than that for a personal loan, and by merging the two, you could be repaying a higher amount over the full term.

What is the average interest rate on personal loans for single parents?

Like other types of personal loans, the average interest rate for personal loans for single parents changes regularly, as lenders add, remove, and vary their loan offers. The interest rate you’ll receive may depend on a range of different factors, including your loan amount, loan term, security, income, and credit score.

Can unemployed single parents get personal loans?

It can be more difficult for unemployed borrowers to successfully apply for a personal loan. Most lenders require borrowers to have a regular income available to cover the cost of loan repayments.

If you’re self-employed, or if less than half of your income comes from Centrelink, you may not be eligible for some personal loan options. Consider contacting the lender before applying.

How long does it take to get a student personal loan?

Completing an online personal loan application can often take anywhere from 10 minutes to 1 hour. Depending on your lender, processing your personal loan application may take anywhere between 1 and 24 hours. If your personal loan application is approved, you may receive the money in your bank account the following business day, or, in some cases, the same day.

Does refinancing a personal loan hurt your credit score?

Personal loan refinancing means taking out a new loan with more desirable terms in order to access a more competitive interest rate, longer loan term, better features, or even to consolidate debts.

In some situations, refinancing a personal loan can improve your credit score, while in others, it may have a negative impact. If you refinance multiple loans by consolidating these into one loan, it could improve your credit score as you’ll have only one outstanding debt liability. Your credit may also improve if you consistently pay the instalments on time.

However, applying to refinance with multiple lenders could negatively affect your credit if your applications are rejected. Also, if you delay or default the repayment, your credit score reduces.

Can I get a bad credit personal loan with a guarantor?

Some lenders will consider personal loan applications from a borrower with bad credit if the borrower has a family member with good credit willing to guarantee the loan (a guarantor).

If the borrower fails to pay back their personal loan, it will be their guarantor’s responsibility to cover the repayments.

Do student personal loans require security?

While some personal loans can be secured by the value of an asset, such as a car or equity in a property, student personal loans are often unsecured, which typically have higher interest rates.

Some lenders also offer guarantor personal loans to students. These loans have lower interest rates, as a guarantor (usually a relative of the borrower with good credit) will fully or partially guarantee the loan, taking on the financial responsibility if the borrower defaults.

How can I get a $3000 loan approved?

Responsible lenders don’t have guaranteed approval for personal loans and medium amount loans, as the lender will want to check that you can afford the loan repayments on your current income without ending up in financial hardship.

Having a good credit score can increase the likelihood of your personal loan application being approved. Bad credit borrowers who opt for a medium amount loan with no credit checks may need to prove they can afford the repayments on their current income. Centrelink payments may not count, so you should check with the lender prior to making an application.