Using a Personal Loan for Prescription Medication
Medications not fully covered by insurance can be a genuine barrier to starting or continuing necessary treatment. A personal loan can cover the cost upfront so a gap in coverage doesn't mean a gap in care. It's one of several reasons Canadians borrow that we cover in detail.
What It Typically Covers
- Prescription costs not covered by insurance
- Specialty or long-term medications
- Medical supplies related to treatment
- Costs while waiting for insurance approval
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 prescription medication, borrowers often look at around $600 — 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
- Ask your pharmacist about generic alternatives, which can cost significantly less with the same active ingredient.
- Check manufacturer patient assistance programs, which sometimes offer free or reduced-cost medication for eligible patients.
- If cost is a barrier to an ongoing prescription, talk to your doctor — there may be a comparable, lower-cost option.
How to Apply for a Prescription Medication Loan
Step 1
Apply in 2 minutes
Tell us you're covering prescription medication 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.