The answers to your questions before you apply
What is a medical loan?
A personal loan can be used as medical financing to pay for healthcare expenses. This includes elective surgeries, dental work, fertility treatments, prescriptions, vision correction and more. Unlike with traditional medical loans, the funds will be directly deposited into your bank account, meaning that you can work with any doctor that you choose. You can make the repayments over fixed monthly payments. The loan also has a fixed interest rate and term, so your payments remain the same throughout the loan term.
What can you use the money for?
A medical loan to finance elective surgery will cover pretty much any medical bills that your provincial plan doesn’t cover. This includes:
- cosmetic surgery
- LASIK
- IVF and fertility treatments
- Orthodontics
- emergency dental work
- hearing aids
- weight loss procedures
- Physiotherapy
- prescription drugs.
The funds can be used for pretty much any healthcare-related purpose.
What’s the difference between secured and unsecured loans?
In Canada, most medical loans are unsecured personal loans, meaning no collateral is required to be approved. You don’t need to leverage your home, car, or any other asset in order to get a loan, like you would with a secured loan. You also don’t have to stress about the lender seizing an asset if you’re unable to make your payments.
Since unsecured loans carry more risk, it’s common to have high interest rates, especially those that are higher than with a mortgage or a secured line of credit. This is because leveraging an asset gives you access to lower interest rates due to the reduced risk. If you’re looking to finance medical treatment, an unsecured loan is the best option for many Canadians.
How are personal loans different from a credit card?
Credit cards are revolving accounts with interest rates ranging from 19.99% to 24.99%. Since there is no defined end date and the interest compounds as the balance sits, your interest costs can add up quickly. With a personal loan, you will have a fixed interest rate that stays the same throughout the life of the loan. Your repayment term is also fixed, so you know when your payments will stop. You can also adjust the loan term so the monthly payments fit into your budget.
What are the rates and terms?
With Spring Financial, you can get competitive interest rates that range from 9.99% to 34.95% (APR 9.99% to 35.00%). The rate you get is based on your credit profile, income and loan amount. These factors will also determine the loan term, which can range from 6 to 84 months. All the costs associated with the loan are disclosed before you agree to move forward and are outlined in your loan agreement before you sign, meaning that there aren’t any hidden fees.
Can you get a medical loan with bad credit?
Spring Financial accepts loan applications from those with all credit scores. While your approval isn’t guaranteed, your eligibility is based on your full financial picture instead of just your credit score. This includes your income, existing obligations and your credit history.
How quickly are you funded after approval?
You can often get a loan decision in just hours. Depending on the verification process, you can even receive your funds as soon as the same day. That said, most approved applications are funded in 1-2 business days.
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How Spring Financial compares to in-clinic financing and credit cards
In-Clinic Financing(e.g., Beautifi, Medicard)
Credit Card
- Loan Amount
- $500–$35,000
- $1,000–$50,000
- Up to your credit limit
- Interest Rate
- 9.99%–34.95%
- 0%–29.99% (varies by promo)
- 19.99%–24.99%
- Requires partner clinic
- No, use any provider
- Yes, participating clinics only
- No
- Bad credit accepted
- Yes
- Varies
- Varies
- Fixed monthly payment
- Yes
- Yes
- No, minimum payment only
- Funds are deposited into your account
- Yes
- Paid to the clinic directly
- N/A
- Apply without affecting credit
- Yes
- Varies
- A hard inquiry is typically required
- Repayment term
- 6–84 months
- 6–72 months
- Open-ended
Swipe to compare →
In-Clinic Financing(e.g., Beautifi, Medicard)
Credit Card
- Loan Amount
- $500–$35,000
- $1,000–$50,000
- Up to your credit limit
- Interest Rate
- 9.99%–34.95%
- 0%–29.99% (varies by promo)
- 19.99%–24.99%
- Requires partner clinic
- No, use any provider
- Yes, participating clinics only
- No
- Bad credit accepted
- Yes
- Varies
- Varies
- Fixed monthly payment
- Yes
- Yes
- No, minimum payment only
-
Funds are deposited into
your account
- Yes
- Paid to the clinic directly
- N/A
- Apply without affecting credit
- Yes
- Varies
- A hard inquiry is typically required
- Repayment term
- 6–84 months
- 6–72 months
- Open-ended
*Information is based on averages and may vary by institution or lender. It is not intended to address specific circumstances or any individual case.
Why flexibility matters
In some cases, an in-clinic financing program can be a good option, especially if you qualify for a 0% promotional rate.
That said, if your provider participates, the clinic is paid directly, which means there’s less flexibility if you need to cover multiple expenses or your provider isn’t in the network.
With a third-party personal loan, the funds are deposited directly into your account. There are flexible financing options that fit your monthly budget to reduce your financial stress, with no upfront costs.
More flexibility
Not limited to a partner clinic
More control
Funds go directly to your account
Get approved in as little as a few hours
Three steps:
Complete the online application:
It takes just a few minutes, and there’s no cost to apply.
Submit verification documents:
These include government-issued ID, bank account verification, and even proof of income if requested.
Receive your funds:
If you’re approved, funds are deposited directly into your bank account as soon as the same day. This is subject to verification, and most approved applications are funded in 1-2 business days.
To be eligible, you need to:
Be the age of majority in your province or territory
Have a valid government-issued identification
Have an active Canadian bank account
Have a steady source of income
Trusted by hundreds of thousands of Canadians
Over one million applications received | Founded 2014 | Reports to Equifax & TransUnion
I was able to get a loan against all odds with a young credit history, high credit utilization, and a low bank balance. I was approved when I needed it most. Their process was smooth and professional. I’m truly grateful!
Emmanuel · Toronto, ON
“I was in need of emergency financial assistance, and Spring assisted me with funds in record breaking time, they gave me an affordable repayment plan. I am so grateful to them and would recommend you give them a try.”
Bobby · Calgary, AB
“Spring Financial deserves every bit of praise I can give them. After being turned down by multiple banks and feeling completely defeated, Spring Financial gave me hope when I had none. Highly recommend.”
Don · Winnipeg, MB
“They made it very easy to get the loan I was looking for. They are very courteous, professional, and communication was very good. They made sure I understood all terms and options. I can’t recommend them enough.”
Andrew · Vancouver, BC
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A complete guide to financing healthcare costs in Canada
Contents
Medical expenses that provincial insurance doesn’t cover
While provincial health insurance covers many medical costs, such as hospital stays, physician visits, and medically necessary procedures, there are things it doesn’t cover. These include:
- Dental procedures (except in limited circumstances)
- Vision correction, such as LASIK
- Fertility treatments and IVF
- Most cosmetic procedures
- Hearing aids
- Some prescription drugs
- Physiotherapy beyond a certain number of sessions
- Weight loss surgeries
It’s not uncommon for personal loans to be used to cover these expenses. Since these funds are paid out to you, you aren’t restricted to a specific type of treatment or provider. They’re deposited directly into your account and can be used to pay for whatever you like. They also offer flexible terms and quick access, and they are a practical way to finance your procedure without affecting your financial security, unlike a secured loan.
In-clinic financing vs. a personal loan: which is right for you?
There are in-clinic programs designed for medical procedures, including Beautifi, Medicard, and iFinance. These companies work directly with participating clinics and may offer 0% promotional rates to those with a good credit score. If you qualify and the loan meets your needs, this can be a strong option.
However, the main limitation with these companies are the networks they work in. If your dentist, fertility clinic, or surgeon doesn’t participate, then you’re unable to take advantage of these offers. If you do use these programs, the funds go directly to the clinic, not into your account. If you have medical costs with multiple providers, you may need to take out multiple loans, which increases your overall interest costs.
When you get a personal loan through a more traditional lender, there are no network restrictions. The funds are directly deposited into your account, and you can use them for whatever you like. However, you won’t be able to take advantage of a 0% promotional rate. The rates range from 9.99% to 34.95% over a specific term and are considerably lower than credit card rates.
The option that works best for you depends on your individual situation. Your provider, credit limit and how your funding needs to be allocated all make a difference. Either way, patients can access funds without delay, but your provider determines whether you need to seek outside financing.
You have questions,
we have answers.
Is the application process entirely online?
Yes, the entire process is completed online. Even your documentation can be submitted digitally if additional documentation is required.
Does applying affect my credit score?
No. With Spring Financial, your application is reviewed, and a soft credit inquiry is performed. If you choose to move forward after the initial approval process, a hard credit inquiry may be required to finalize your eligibility. You’ll be notified, and your consent is required in order to perform the credit check.
What’s the difference between a personal loan and in-clinic financing for healthcare?
While both options can cover medical procedures, they work differently. In-clinic financing is arranged through the clinic and often offers promotional rates specific to your provider. With a personal loan, the funds are deposited into your bank account. This allows you to work with any provider and cover any expenses that you like. Depending on which option you choose, the rates and terms will vary.
Can I use this for dental work, IVF, or LASIK?
Yes. Funds from a Spring Financial personal loan can be used for almost any purpose. This includes dental procedures, fertility treatments, LASIK surgery, cosmetic procedures, and other healthcare expenses not covered by provincial plans.
Are there interest-free options?
With in-clinic financing programs, you can get promotional rates of 0%. Whether this is available to you depends on the clinic you’re using, your credit profile, and whether there is a promotion to take advantage of.
Does provincial health insurance cover cosmetic or elective medical procedures?
No. Provincial plans such as OHIP in Ontario and MSP in British Columbia cover medically necessary services. Any other procedures will need to be paid for out of pocket.
Are the interest payments tax-deductible?
Generally no. That said, if the expense qualifies as a medical expense for the Medical Expense Tax Credit, it could qualify, but it would be the expense itself, not the loan interest. A tax professional can help you determine what you qualify for.
Do I need a co-signer?
No, a co-signer or guarantor isn’t required to apply for a loan. That said, a co-signer may add to your application, since they’re agreeing to take responsibility for the loan if you’re unable to make your payments.
What happens if I have difficulty making a payment?
The best thing you can do is contact the lender as soon as possible. If your payments fall behind, you may incur additional charges if they’re specified in your loan agreement, and your credit history could be affected. Reaching out as soon as possible can give you more options.
Can I pay the loan off early?
Yes. In fact, all Spring Financial loans are open. This means that you can pay off the balance in full at any time without any prepayment penalties. You can also make any additional payments towards the balance whenever you like.
How does this affect my credit score over time?
Spring Financial reports all payment activity to both Equifax and TransUnion. Making your payments on time can improve your credit history, but any missed or late payments may have a negative impact.
Is there a minimum credit score required?
Spring Financial accepts applications from applicants with any credit score, so no minimum score is required. That said, your eligibility depends on your overall financial situation, so approval isn’t guaranteed. The only way to know if you qualify is to apply online. While you won’t get instant pre-approval, you can find out if you’re pre-approved in just a few hours.
What if I’ve had a bankruptcy or consumer proposal?
Just because you have a consumer proposal or bankruptcy on your credit file doesn’t mean that you can’t get a loan. Your eligibility is based on your current financial situation and not just what’s in your credit report.
How do I know what my total repayment will be?
Before you agree to move forward on the loan, your rate, term and repayment amount are outlined in writing in your loan agreement. You can also use the loan calculator on the Spring Financial website to estimate monthly payments and the total cost for different loan amounts and terms.
Can I apply if I’m self-employed?
Yes, being self-employed doesn’t mean that you can’t get a personal loan. That said, most lenders require you to provide the previous year’s Notice of Assessment as proof of income. They may also request bank statements or other additional documentation.
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