Bariatric Surgery Medical Loans Sample Payment Plan: Monthly Payments, APR, Rates

Medical Payment Plan Sample

Bariatric Surgery can change your life – and perhaps even save it! If you’re considering various financing options, taking out a medical loan might be one that you look into, and viewing a sample payment plan based on common APRs can be helpful in knowing what to expect. 

One of the main considerations on taking out a medical loan for bariatric surgery is the monthly payments, the APR (annual percentage rate), and the lender fees.

Some of the most common sources for medical lending include:

  • Upstart
  • LendingPoint
  • LendingClub
  • Earnest
  • Avant

Upstart

If you’re searching for a way to fund your gastric sleeve, a medical loan from Upstart could be the answer. They will take your education and job history into consideration. These factors can help you get a lower interest rate compared to other lenders. For example, a person who graduated from university in 2009 and makes $70,000 in income may borrow $10,000 with a monthly payment of $320 over a 3-year term. This sample loan would have an APR of 12.5%, a 9.5% interest rate, and a $300 origination fee. This loan is great for those with less of a credit history who need a chance to prove their credit worthiness!

LendingPoint

Another funding source that will work for those with less than perfect credit is LendingPoint. They offer loans up to $25,000, and they provide loans for credit scores beginning with 585 at the low range. In addition to credit score, LendingPoint will consider your job history, income, and financial history. This company has no penalty for prepayment of the loan balance and allows you to split the payment into two payments a month, indicating that they’re more flexible and accommodating regarding repayment.

LendingClub

You can borrow up to $40,000 from LendingClub. The APR for your loan will be dependent on a few elements including the credit rating, the loan amount indicated, and your debt-to-credit ratio. Depending on these and other qualifying factors, you can anticipate a loan in line with your projected ability to repay. It will come with a fixed interest rate in as little as seven days, so you can quickly begin to make arrangements for your bariatric procedure.

Earnest

Earnest provides low-interest lending without origination fees. Suppose you take out a $10,000 loan to finance your gastric sleeve procedure. Your payment will depend on the term of repayment and the interest rate. A term of three years with a fixed APR of 6.99-14.26% will have payments ranging from $302-$343. A four-year term with an APR between 7.49% and 16.24% will have payments between $242 and $285. For even lower payments, you might stretch the term to five years. The APR will rise to 9.49-18.24%, and the payments will fall between $210 and $255. 

Avant

You can secure funding between $2,000 and $35,000 from Avant. The process is transparent, simple, and fast. APRs range from 9.95% to 35.99%, depending on amount borrowed, terms of repayment, and other qualifying factors. 

A personal loan is unsecured. It’s based upon your promise to repay, so the interest rate will usually be higher than a loan secured through collateral. 

Getting the funding in place for your gastric sleeve procedure should include looking into medical loans, and part of this investigation will be considering a sample payment plan. Within moments on the company’s website, you’ll have the best information to determine the right source. 

A gastric sleeve procedure offers hope to those who need to lose a significant amount of weight, and as anyone who’s been overweight understands, not only can extra weight limit your life enjoyment, it can also put your very health at risk. Don’t allow a lack of savings, a limited credit history, or limited insurance coverage from allowing you to take the hope that the procedure offers and regain your life. 

Medical loans are available to practically everyone. Various loan companies offer quick access to your approval and offered loan terms. In most cases, applying won’t affect your credit, so you stand to lose nothing in your quest for a medical loan for a gastric sleeve procedure. You should have the needed funding quickly and be on your way to a safe and effective return to health, making the cost of your personal medical loan well worth it.