Using a Personal Loan for Medical Expenses
Not every medical cost is covered by provincial health insurance or an employer plan — specialists, procedures, equipment, and treatments can leave a real out-of-pocket balance. A personal loan lets you get the care you need without delay. It's one of several reasons Canadians borrow that we cover in detail.
What It Typically Covers
- Specialist consultations and procedures
- Medical equipment and mobility aids
- Out-of-country medical costs
- Fertility treatments and other uninsured procedures
Eligibility Requirements
- 18 years or older (19 in BC, NB, NL, NS, NT, NU, and YT)
- Canadian citizen or permanent resident
- Valid Social Insurance Number (SIN)
- Active bank account in your name
- A regular source of income
How Much Do You Typically Need?
For medical expenses, borrowers often look at around $2,000 — though the right amount depends on your specific situation.
Pros
- Fast approval — often within minutes
- Soft credit check only, so checking rates doesn't hurt your score
- Repayment term sized to the amount, keeping payments manageable
- Available to a wide range of credit profiles
Things to Consider
- Confirm exactly what's covered by your provincial plan or employer benefits before borrowing for the full cost.
- Ask your provider's billing office about payment plans, which sometimes carry no interest.
- Keep receipts — many medical expenses are eligible for a tax credit at filing time.
How to Apply for a Medical Expenses Loan
Step 1
Apply in 2 minutes
Tell us you're covering medical expenses and a bit about your situation. No paperwork.
Step 2
Compare offers
See real offers from vetted lenders, matched to your credit profile.
Step 3
Get funded
Accept an offer and funds typically land within 24 hours.