Medical Loans From $300 To $10,000

Medical loans may be a way to cover certain expensive medical procedures. Moreover, these loans for personal expenses may be used to cover elective or cosmetic surgeries. Monzi works with lenders willing to consider applicants with bad credit listings on their report.

Monzi is a lender-finding service. We do not offer financial advice. Consider seeking independent legal, financial, taxation or other advice to check how the information and ideas presented on this website relate to your unique circumstances.

What are medical loans?

Medical loans are personal loans used to pay for some medical expenses and procedures. Depending on your situation, you may be eligible for up to $10,000.

Certain medical procedures can quickly throw your budget off-track. After all, not every procedure will be covered by health insurance. Moreover, not every Australian will have private health cover.

You may, as a result, find yourself looking online for loans for medical procedures. Throw poor credit history in the mix, and your traditional finance options may be limited. This is where Monzi may be able to help.

Apply on our site and we may be able to pair you with a credit provider willing to consider your application.

What are loans for medical expenses?

Loans for medical expenses are personal loans designed to cover the costs associated with ongoing medical issues.

Medical expenses can include payments for things like:

  • medical practitioners, nurses or chemists
  • dental or orthodontists
  • in-home carers
  • medical aids
  • artificial limbs, prosthetic eyes or hearing aids
  • maintaining a guide dog
  • nursing homes etc.

What are loans for medical procedures?

Loans for medical procedures are simply personal loans that cover the cost of a medical procedure. Generally, consumers use these loans to cover elective or cosmetic surgeries.

In other words, a personal loan may be an option for covering non-emergency procedures like:

  • breast augmentation
  • arm lift
  • liposuction
  • body contouring
  • tummy tuck
  • breast reduction
  • nose job
  • facelift
  • etc.

Medical loans for weight loss surgery

Weight loss surgery involves a variety of procedures performed on obese people looking to lose weight. Often, however, these surgeries are not covered by health insurance.

People generally consider weight loss surgery for either health or cosmetic reasons. Cosmetic procedures include things like a tummy tuck or liposuction. On the other hand, bariatric surgeries involve altering and drastically restricting your digestive system; common examples include:

  • gastric bypass
  • lap band
  • gastric sleeve
  • gastric balloon
  • duodenal switch.

Moreover, the total cost of your surgery will depend on your personal situation as well as your health insurer’s policies. For example, gastric bypass surgery may cost up to $6,000 with private health cover, and up to $18,000 without insurance.

Does Monzi offer medical loans?

Technically, we do not offer loans ourselves; however, we’ve built up a wide network of lenders that may be able to assist you.

Therefore, once you apply on our site, we try to match you with a potential credit provider. If successful, the lender will first assess you and provide an outcome.

The below table outlines just a few examples of the loans past Monzi customers went on to be approved for:

Medical loansAmount (AUD)Approved
Medical loans Australia$3,000
Loans for medical bills$5,000
Medical loans for weight loss surgery$7,000

Be aware, you are not guaranteed to be offered a loan. If you are, it may not refelect the above table.

Can you get a medical loan with bad credit?

Yes! As we mentioned above, Monzi works with lenders that may be able to consider your medical loans application, even if you have poor credit history.

When you apply with Monzi, we ask you to enter your online banking details. Don’t stress – this isn’t anything dodgy. We simply ask for your details so the lenders in our network can get a better understanding of your current relationship with money.

Our system pulls read-only copies of the last 90 days of your bank statements. Monzi then passes this information onto a potential lender. Therefore, lenders can quickly get an understanding of your:

  • income
  • expenses
  • spending and saving habits
  • repayment history with other lenders.

What are interest-free loans for cosmetic surgery?

Interest-free loans for cosmetic surgery are personal loans that cover the cost of the procedure, and which the borrower only repays the principal.

These loans are not available through Monzi.

Each lender in our network will charge interest as well as other fees and charges on top of the loan principal. Therefore, interest-free loans are not available through Monzi’s lender-finder service.

Medical loans doctor wearing stethoscope holding phone

How can I get a dental loan?

You can apply for a personal loan which you can, in turn, use on dental procedures and expenses.

Due to the non-critical nature of dental procedures, most dental is not covered by Medicare. Therefore, people without private health may need to look to alternative options.

Common dental procedures include:

  • fillings
  • teeth removal
  • crown
  • straightening
  • alignment
  • braces and retainers
  • dentures
  • etc.

Luckily, Monzi works with lenders that may be able to offer loans for dental.

What can I use Medical loans Australia for?

The great thing about personal loans is they can be used to cover most personal expenses. Moreover, a personal loan for medical expenses can cover any costs associated with surgery or treatment.

Past Monzi clients have used their personal loans to cover:

  • Surgery. Many past Monzi customers have used their funds to cover elective surgeries, as these are often not covered by Medicare.
  • Appointments. Regular visits to your GP or specialist can quickly add up. Therefore, a personal loan may help you cover the cost of these visits, regardless of your insurer’s policy.
  • Hospital costs. The cost of staying at a hospital can quickly snowball. After X-rays, MRIs, treatment and tests, your bill may add up quickly.
  • Ongoing treatment. Your costs may continue to add up post-hospital. If you require ongoing medical supplies or equipment, a personal loan may be useful.

You can, in a nutshell, spend your money where you see fit. After all, nobody understands your unique situation better than yourself.

What credit score do I need for loans for medical bills?

There is no minimum credit score required for a personal loan for medical bills. Rather, your credit score is simply one criterion lenders consider when assessing your application.

In other words, your credit history only plays one part of the assessment process. Lenders will also take into account your current:

  • income
  • expenses
  • repayment history
  • saving and spending habits.

As a result, you may be approved for a loan with bad credit because you’re earning a consistent income and have great repayment history with other lenders.

When will I receive my money?

Access to funds is dependent on a number of factors. Therefore, we cannot guarantee when you will receive your money.

Lenders transfer funds after you approve your contract. Generally, you can expect the money to appear in your account either the same day or the next business day.

The following may affect your access to funds:

  • If you approve your contract outside of your lender’s normal business hours, you may not receive your funds until the following business day.
  • Approving your contract over the weekend or on a public holiday will result in a delay. Generally, you will have access to your cash the following business day.

As you can see, same day loans are not guaranteed.

How can I apply for loans online?

You can apply for loans online through Monzi’s lender-finder service. In fact, our entire application process is 100% online.

In other words, you’re free to apply with Monzi as long as you have a device with an internet connection. It doesn’t matter if you’re still in your pyjamas or on the bus home from work; you can apply with Monzi.

In addition, our application is completely paperwork free.

When you apply, our system is able to digitally access read-only copies of your bank statements – usually within minutes! That saves you time trying to find physical copies of your statements.

Once our system has the PDF versions of your statements, we can pass this information onto a potential lender. Lenders then use this information to assess whether or not they can lend to you.

Is it possible to get a loan without a credit check?

It may be possible to get a loan without the lender checking your credit history; however, you are not guaranteed to be offered one through Monzi’s network of credit providers.

This is because a credit check is conducted at the discretion of the individual lender. Moreover, as each lender within our network is a completely separate company, we cannot speak on their behalf.

Therefore, if you wish to apply for a no credit check loan directly, Monzi may not be your best option. After all, we have no way to guarantee which lender you may match with nor whether they will perform a credit check or not.

Keep in mind, you may be considered for approval even if the lender checks your credit file. This is because Monzi works with lenders that are understanding of poor credit history and who will also take into account a consumer’s current financial situation.

Why should I choose Monzi?

While we already think we’re the best lender-finder in the game, it’s you we’re trying to convince. So, here are just a few key reasons why past Monzi customers keep returning, time and time again.

It’s free

Obviously a major plus for most consumers; Monzi’s service is always completely free to use.

Consumers never pay a cent for our service, regardless of the outcome. In other words, Monzi is always free, regardless of whether we successfully match you with the lender of your dreams or not.

Easy medical loans application

Lodging an application on our website couldn’t be easier. See, our smart online loans system is streamlined and takes away a lot of the hassle of applying for finance online.

Our submission form sticks to the essentials, so it should only take a few minutes to complete. From there, our smart baning system works as quickly as possible accessing read-only copies of your statements.

So, make yourself a cuppa and get comfortable in your favourite chair.

Crystal clear and above board

You can be sure every lender in our network is reputable and legitimate. Specifically, every lender we work with is fully-licenced by ASIC. Furthermore, every lender takes its responsible lending objectives seriously.

In addition, all the rates, fees and terms associated with your loan will be included in your loan contract. If you’re unhappy with anything included in the contract, you are under no obligation to approve what’s offered to you.

Bad credit? No dramas

Monzi works with lenders that live in the real world. Therefore, they realise a few missed payments or defaults from your past do not paint the whole picture.

That’s why the lenders in our network assess every application on a case-by-case basis. Furthermore, our system pulls copies of your bank statements, allowing lenders to quickly get an understanding of your current relationship with money.

Final tips for medical procedures

At the end of the day, surgery is not a decision that should be taken lightly. It is important you understand exactly what you are signing up for. Therefore, get advice from your GP or surgeon before you make a decision.

How will it help?

It is important you understand exactly what the alleged benefits of this surgery are. It may be worth asking questions along the lines of:

  • How, specifically, will this surgery help me? Will it help me lose weight or reduce my pain?
  • Do the benefits last forever?
  • Out of 100 people, how many felt better after this surgery?

What are the risks?

Naturally, consider what might go wrong during surgery. At the end of the day, all surgery carries risk. It is essential you understand this risk.

  • What could potentially go wrong?
  • Is this procedure considered risky?
  • Are complications normal?

Second opinion

This surgery may not be your only option. So, it may be worth asking:

  • Are there any other simpler or safer options?
  • Get a second opinion from another GP or surgeon.

Monzi Personal Loans

The great thing about Monzi is we’re flexible.

Need a few extra dollars to buy a new bicycle? No stress – we think we know a lender for that!

Are you, alternatively, looking for a lump sum to install solar panels on your newly furnished house? Consider Monzi’s lender-finder service.

In short, we’re ready to try to help, no matter your need.

Ready to apply?

You can start the lender-finder process by scrolling up to the loan slider at the top of the page. Apply in no time and we’ll try to get an outcome for you within 60 minutes. Keep in mind, 60 minute outcomes are only possible during normal business hours.

Email hello@monzi.com.au if you have any questions about our lender-finder service or how it works. You’re free to email us whenever you wish, and we’ll reply as soon as we’re back in the office.

Alternatively, stay in touch via Facebook, Instagram, Twitter and Pinterest.

Factor In

Costs

Two credit cards
Two credit cards

You won't use a penny to apply for our lender-finding service, but here's some costs you could expect from a lender

Loan amount

$300 - $2,000

Terms

12 months

Costs

20% upfront establishment fee

+ 4% monthly fee

Example

Loan Amount of $1,000 over 6 months repayable weekly (25 weekly repayments). $1,000 (Principal Amount) + $200 (20% Establishment Fee) + $240 (fees based on 4% per month over 25 weeks) = $1,440 total repayable in 25 weekly installments of $57.60.

Under the current legislation, most small personal loan providers don’t charge an annual interest rate (you’ll know this as an APR) %. The maximum you will be charged is a flat 20% Establishment Fee and a flat 4% Monthly Fee. The maximum comparison rate on loans between $300 and $2000 is 199.43%. This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate

Loan amount

$2,001 - $4,600

Terms

13 months

24 months

Costs

48% annual percantage rate

67.41% comparison rate p.a.

Example

Loan Amount of $3,000 over 18 months repayable weekly (78 weekly repayments). $3,000 (Principle Amount) + $400 (Establishment Fee) + $1,379.06 (reducing interest) = $4,779.06 total repayable over 18 months with weekly installments of $61.27.

The Interest Rate for Secured Medium Loans is 48%. The Typical Comparison Rate is 67.41% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.

Loan amount

$5,000 - $10,000

Terms

13 months

24 months

Costs

21.24% annual percantage rate

48% comparison rate p.a.

Example

Loan Amount of $10,000 over 24 months repayable weekly (104 weekly repayments). $10,000 (Principle Amount) + $5,577.12 (Interest) = $15,577.12 total repayable over 24 months with weekly installments of $149.78.

The Interest Rate for Secured Large Amount Loans is 48%. Maximum Comparison Rate is 48% p.a. WARNING: This comparison rate is true only for the examples given and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate with the lender that finances your loan. Click here to see a worked example.