What Credit Score Is Needed for a Medical Loan?

What Credit Score Is Needed for a Medical Loan?
The credit score required for a medical loan depends on the lender and the type of loan you’re applying for. In general, the better your credit score, the more likely you are to qualify for favorable terms like lower interest rates and higher loan amounts.

General Credit Score Ranges
Excellent (750 and above):
You’re likely to qualify for the best interest rates and loan terms.

Good (700–749):
You should have strong approval odds and receive competitive rates.

Fair (640–699):
You can still qualify for a loan, but rates may be higher.

Poor (below 640):
Approval is possible, but expect higher interest rates, smaller loan amounts, or stricter repayment terms. You may need a co-signer.

Minimum Credit Score Requirements by Lender Type
Traditional Banks: Typically require at least 660–700

Online Lenders: Often accept scores as low as 580–600

Healthcare-Specific Lenders (like CareCredit): May approve scores around 600, sometimes lower with other strong factors

Other Factors Lenders Consider
Even if your credit score isn’t ideal, lenders also look at:

Income and employment history

Debt-to-income ratio

Loan amount requested

Purpose of the loan

These can help strengthen your application even with a lower score.

What If Your Credit Score Is Low?
Consider applying with a co-signer

Look for lenders offering secured loans (using savings or a vehicle as collateral)

Try to prequalify to see your loan offers without impacting your credit

Work on improving your score by paying down debt and making on-time payments

Final Thought
While a higher credit score gives you more options and better rates, people with average or even poor credit can still get approved for medical loans—it just takes more planning. Always compare offers and read the terms before committing.