Medical Loans in Canada
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Make your health a priority with a Spring Financial medical loan
For over a decade, Spring Financial’s medical loans have helped fund necessary and elective medical procedures and treatments. Don’t postpone essential health care. Our online application makes it easy to access up to $35,000, e-transferred directly to your bank account as soon as the same day you apply. Apply today.
How to pay for medical treatment in Canada?
Unsecured medical loan
Unsecured personal loans are a popular choice for Canadians with medical-related expenses. They offer flexible loan amounts that could cover anything from major surgeries to smaller treatments like medication and cosmetic procedures. Plus, these don’t require collateral, making them one of the safest and most convenient financing options to cover health costs.
Spring Financial has been providing medical loans to thousands of Canadians – often the same day they apply. Complete our 3-minute online application, and you could secure up to $35,000 with interest rates starting at just 9.99%. Apply now to see how much you qualify for.
Secured loans
These differ from their unsecured counterparts by requiring collateral, like your car or property. Since assets back these loans, they tend to feature lower rates. However, failing to meet the loan terms could result in collateral loss. This makes it imperative for the borrower to fully understand loan terms and stay organized with payments to protect the pledged collateral.
Insurance
Insurance through your province, employer or personal plan can help with medical expenses. However, coverage varies depending on your plan and the care you seek. Aesthetic treatments are usually not covered, while those deemed medically necessary by your doctor could be partially covered. It’s best to check with your provider for coverage details.
Medical installment plans
Like a personal loan, a medical payment plan breaks medical costs into smaller payments. However, they’re usually limited to cover specific treatments and are often provided by specific clinics, doctors or specialized lenders. Compared to personal loans, these plans usually have stricter terms and fewer options for early repayment, making them less flexible overall.
On the other hand, some online lenders like Spring Financial provide the flexibility to pay off your loan early without any penalties. You can access up to $35,000 with the option to use the funds to cover a wide range of needs, from medical expenses to vacations.
Apply in 3 easy steps
Fill out our secure online application
Say goodbye to branch visits and long queues – everything can be done from the comfort of your device.
Get approved
Our dedicated team will promptly review your application and provide you with an approval within a matter of hours.
3. Receive your funds!
Once approved, receive your funds swiftly through a convenient e-Transfer directly to your bank account!
How do I get a medical loan with bad credit?
Personal loans
Many lenders specialize in financial assistance for people with poor credit. One shouldn’t be discouraged from applying if their credit is less than ideal. While rates might be higher for certain scores, many lenders still offer fair and competitive rates by considering other factors during the application process. These include earnings, debt, and employment, among others.
No credit check medical loans
These are typically offered by lenders who overlook your credit score during the application process, often leading to instant approval. However, the downside is the high borrowing cost associated with these loans. Rates can often reach triple digits, and additional fees, such as origination costs, are often required. Experts tend to advise against this type of financing.
If you seek good credit, whether to secure better interest rates, increase your borrowing power or land a dream job, consider joining Spring Financial’s credit-building program The Foundation. No matter your financial situation, this program is designed to help you grow credit and save up to $750. Learn more today.
Calculate your payments
How do I get a medical loan with bad credit?
The application process varies by lender. Banks usually require you to apply in person. Online lenders offer a fully digital process, which is often the fastest option for accessing money within the same day of applying. In general, you’ll need to provide documentation outlining your financial profile, such as bank statements, proof of annual income, and identity, among others.
If you need quick access to funds, Spring Financial provides a streamlined application process without the need of traditional, in-person banking procedures. Our process is designed to be fast and convenient, allowing you to apply online in 3 minutes and receive the approved funds as quick as the same day.
You have questions,
we have answers.
How easy is it to get approved for medical financing?
That depends on who you apply with. With Spring Financial, you can also enjoy quick and easy access to funds at competitive rates. A major advantage of choosing Spring Financial is the flexibility to use your approved funds to cover many different expenses, from LASIK surgery and dental cleanings and other medical procedures.
How do plastic surgery loans like beautifi work?
Cosmetic surgery loans like Beautifii tend to offer financing for elective procedures usually not covered by healthcare plans. The application process is similar to that of online personal loans. However, these loans are usually restricted to specific cosmetic treatments. A personal loan might be a better option if you want more flexibility in using the funds. Personal loans work similarly to designated cosmetic procedure loans, but personal ones allow you to cover a broader range of expenses. Before committing to any loan, be sure to understand the term and rate; and carefully review all costs including a potential origination fee.
How long does it take to get approved for a medical loan?
The approval timeframe depends on the lender you choose to borrow from. Credit unions and banks may take a few business days, especially if you need to apply in person. If you apply with an online lender like Spring Financial, you can often get approved funds within the same business day you submit your application.
Does applying for a medical loan affect your credit score?
In general, submitting a loan application itself doesn’t usually impact your credit score. During the application process, many lenders perform a soft credit check, which allows them to see your credit history without affecting your score. However, if you move forward with the loan, the lender will usually perform a hard credit pull to finalize the loan process – which could temporarily impact your score. While it could cause a slight decrease in your score, making on-time loan repayments can help bump your score higher over time.
What types of medical procedures can you get loans for?
You can get loans for various expenses, such as plastic surgery, orthodontics, dermatological and dental treatments, hair transplants, physiotherapy, chiropractic services, medication, etc.
What are the repayment terms for medical loans?
Repayment terms vary depending on the borrower’s financial profile, lender and the requested loan amount. In Canada, loan terms typically range from six months to a couple of years, often with fixed rates. This allows borrowers to better determine and manage a repayment plan that fits their budget. Monthly payments are the most common form of repayment, but some lenders offer bi-weekly or semi-monthly options.
What can I pay for with a medical loan?
Medical loans are primarily used to cover expenses not typically covered by health plans, such as elective cosmetic procedures, surgeries, and treatments. However, these loans aren’t limited to medical bills and debt; you can typically use them for other needs, like consolidating debt and covering personal expenses. It’s best to confirm with your lender how the funds can be used.
Why choose Spring?
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Bank Loans
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Credit Cards
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Payday Loans
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Max Amount
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$35,000
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$50,000
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$10,000
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$1,500
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Interest Rates
From |
9.99%
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9.99%
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$19.99%
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200-450%
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Fully Online Application
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Fast Approval
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e-Transfer
Delivery |
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Max Amount
$35,000 |
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interest Rates From
$9.99% |
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Fully Online Application
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Approval within
Hours |
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Same-Day
E-Transfer |
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Bank Loans
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Max Amount
$50,000 |
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interest Rates From
9.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Credit Cards
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|---|
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Max Amount
$10,000 |
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interest Rates From
$19.99% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
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Payday Loans
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Max Amount
$1,500 |
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interest Rates From
200-450% |
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Fully Online
Application |
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Approval within
Hours |
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Same-Day
E-Transfer |
*Information is based on avarages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.
About Spring Financial
Apply From Your Device and Say Goodbye to Financial Stress
Experience the most convenient and hassle-free loan application, specifically designed for Canadians, by Canadians. Apply, get approved, and receive the funds via e-Transfer, all from the comfort of your device. Say goodbye to long queues and tedious paperwork! Our process is intentionally designed to be simple, fast, and straightforward.