Out-of-pocket healthcare costs can stretch even the healthiest savings account. To avoid carrying high credit card balances, patients often turn to personal loans to manage medical expenses that insurance won’t cover.

Two names that frequently come up are LendingClub and LendingPoint. Both are online lenders that provide unsecured loans with fixed monthly payments, but their approaches differ. LendingClub personal loans have higher limits and can cover larger procedures, while LendingPoint personal loans are designed for faster approvals and borrowers with a wider range of credit scores.

For practices, the differences matter too. While these loans help patients pay, they don’t always guarantee immediate loan funds at the point of care. That’s why many providers also consider modern BNPL lending platforms like Cherry, Sunbit, and Affirm that offer same-day approvals and upfront funding.

How LendingClub Works

LendingClub began as a peer-to-peer lending marketplace but is now a regulated financial institution operating as LendingClub Bank. The company offers a number of financial products — from small business loans to auto refinancing — and its personal loans can be used for a range of purposes, from credit card debt consolidation to medical financing.

Borrowers can start their journey directly on lendingclub.com, where they first prequalify with a soft credit check. If they move forward, LendingClub completes full underwriting, including a hard credit inquiry, review of credit history, FICO score, and verification of annual income and debt-to-income ratio.

Approved loans are typically funded in as little as one to two business days, with some borrowers receiving their money the next business day. Repayment is structured with fixed-rate monthly payments, and there are no prepayment penalties.

While LendingClub doesn’t allow co-signers or set a minimum credit score requirement, strong applicants with excellent credit often qualify for the lowest APRs (annual percentage rates) available.

Key Takeaways

• Loan amounts: $1,000–$60,000
  
• APR: 7.04%–35.99%
  
• Term lengths: 24–84 months
  
• Origination fees: 0%–8%
  
• Funding: 1–2 business days (sometimes next business day)
  
• Prequalification with soft pull; hard credit check required for final approval
  

How LendingPoint Works

LendingPoint is an online lender that caters to borrowers with fair credit who may not qualify with traditional banks or credit unions. Its focus is on speed and accessibility, making it appealing for patients who want quick loan approval for elective healthcare procedures.

Consumers can check their rates through a simple prequalification process that uses a soft credit pull. If they choose to submit a full loan application, they provide relevant personal information — social security number, bank account information, proof of annual income, and more — and LendingPoint conducts a hard credit pull to assess creditworthiness.

Approved borrowers can access funds as soon as the next business day, and repayment comes with fixed-rate terms. LendingPoint charges no prepayment penalties, but an origination fee may apply, sometimes up to 10%. Borrowers with weaker credit histories may not secure the lowest rates, but the platform’s speed and convenience — including access through a mobile app — are major selling points.

Key Takeaways

• Loan amounts: $1,000–$36,500
  
• APR: 7.99%–35.99%
  
• Term lengths: 24–72 months
  
• Funding: As soon as the next business day
  
• No prepayment penalties; origination fee may apply
  
• Prequalification with no impact to credit score
  
• Does not service West Virginia or Nevada

LendingClub vs LendingPoint: At a Glance

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Choosing Between LendingClub and LendingPoint

For patients, the choice often comes down to loan purpose and credit profile.

• LendingClub is best suited to borrowers with good to excellent credit who need higher loan amounts and longer term lengths with predictable monthly payments. Its structure makes it ideal for one-time, higher-cost medical procedures, and borrowers with stronger credit may secure lower APRs compared to LendingPoint.
  
• LendingPoint, by contrast, works well for borrowers with fair credit who need fast access to cash. Its lower loan limits may not cover extensive surgeries, and its lowest rates aren’t as low as LendingClub’s, but its accessibility and speed make it valuable for mid-range expenses like dermatology or dental work.

For those exploring broader financial options, LendingClub’s banking arm offers more diverse financial services from full-service banking to debt consolidation loans. LendingPoint, however, remains focused on fast, consumer-friendly personal loans.

Both help patients finance care, but neither integrates directly into healthcare, which can leave practices waiting on payment and patients responsible for managing repayment.

Alternatives to LendingClub and LendingPoint

While LendingClub and LendingPoint are both popular personal loan lenders, they are not healthcare-focused. This can slow down the funding process, creating treatment delays for patients and payment delays for practices. That’s why many healthcare providers turn to modern solutions that integrate directly at the point of care, offer faster approvals, or make true 0% financing available.

Cherry Financing

Cherry is a buy now, pay later platform built exclusively for healthcare. Over 40,000 providers in plastic surgery, aesthetics, dental, dermatology, and veterinary offices already use Cherry to boost patient satisfaction and practice growth.

In just 60 seconds, patients can apply with a soft credit check and receive an instant approval decision. Loan amounts can reach up to $50,000 with terms as long as 60 months, making it easy for borrowers to finance larger procedures from mommy makeovers to full-mouth veneers. Most importantly, Cherry offers true 0% APR financing for qualified borrowers — without the deferred interest traps used by other financing providers.

For practices, Cherry offers the lowest merchant fees in the industry, upfront payment (so there’s no risk if the patient defaults), and an 80%+ approval rate across all credit profiles. And unlike personal loans or healthcare credit cards, approvals are tied to the specific provider where the patient applies, creating loyalty and the potential for repeat care.

Key Takeaways

• For patients: High approval rate and instant decision; true 0% APR options for qualified borrowers; larger loan amounts for high-cost procedures; no hidden fees or deferred interest.
  
• For practices: Upfront payment to practices; lowest merchant fees; no risk if a borrower defaults; exclusive approvals; dedicated customer support.

Sunbit

Sunbit began in auto repair but has become a popular option in dentistry, vision, and other healthcare fields. Unlike some competitors that prioritize borrowers with stronger credit, Sunbit is known for approving patients with fair or even bad credit. Its goal is to make financing accessible to those who might otherwise be turned away.

Patients can apply in minutes at the point of care, with only a soft credit check and nearly instant decisions. Financing goes up to $20,000 with terms as long as 36 months, making Sunbit best suited for mid-range procedures rather than large-scale surgeries.

Sunbit offers promotional financing options, but these rely on deferred interest: no interest is charged if the balance is paid in full, on time, within the promotional window. But if even $1 remains afterward or one payment is missed, interest is added retroactively from the original purchase date. For borrowers with a history of missing payments, this can turn an interest-free loan into a surprisingly costly one.

For practices, Sunbit can help increase treatment acceptance rates, but merchant fees start higher than competitors' at around 4.7%.

Key Takeaways

• For patients: High approval rates, even with bad credit; financing up to $20,000; quick, point-of-care approval; shorter terms tailored to mid-range procedures; beware of deferred interest.
  
• For practices: Helps more patients qualify; boosts case acceptance; instant decisions at checkout; higher merchant fees (starting ~4.7%).

CareCredit

The CareCredit Card, issued by Synchrony Bank, is the most established healthcare credit card on the market. Patients can apply once for a credit line up to $25,000 and reuse it for multiple procedures across more than 270,000 providers nationwide. A hard inquiry is required to submit a full application, which will have a negative impact on the patient’s credit report. Promotional 0% APR periods (typically 6–24 months) are attractive, but they also rely on deferred interest charges applied at a steep 32.99% APR.

Practices benefit from CareCredit’s broad acceptance and brand recognition, but merchant fees are higher than many BNPL options, and funding isn’t exclusive to one office.

Key Takeaways

• For patients: Reusable credit line for ongoing care; hard credit check required; promotional deferred-interest plans; wide acceptance network; lower rates available for more creditworthy borrowers.
  
• For practices: Widely recognized option; easy to integrate into care offerings; higher merchant fees (starting ~5.9%).
  

Affirm

Affirm is a well-known BNPL provider in retail and e-commerce that now offers healthcare financing. Patients can apply at checkout and receive transparent, fixed-term loans with repayment dates clearly laid out. Some borrowers qualify for 0% APR financing, though most loans carry rates up to 30%. Loan amounts cap at around $17,500.

For practices, Affirm offers a simple integration at the point of care, but merchant fees are among the highest in the industry, which can cut into margins.

Key Takeaways

• For patients: Transparent terms; some true 0% APR offers; predictable fixed-rate monthly payments.
  
• For practices: Easy point-of-care integration; well-known brand; higher merchant fees (~5.99% + $0.30 per transaction).

Prosper Loans

Unlike other personal loan providers like Upstart, SoFi, and LendingTree, Prosper is a peer-to-peer lending platform that connects borrowers with individual and institutional investors rather than issuing loans directly. It offers unsecured personal loans that patients can use to cover healthcare costs, refinance debt, or even fund a home improvement project.

The application process involves a soft credit check for prequalification, followed by a hard credit check for those who submit a full application. Loan offers can reach up to $50,000, with repayment terms of 24–60 months, making Prosper a solution capable of financing larger procedures.

APRs typically range from 8.99% to 35.99%, and origination fees fall between 1%–9.99%. While funding generally takes 1–5 business days, patients gain structured repayment without revolving debt.

For practices, Prosper loans expand access to larger ticket treatments, but they don’t integrate into healthcare workflows, and providers don’t receive upfront funds.

Key Takeaways

• For patients: Loan amounts up to $50,000; fixed repayment terms (24–60 months); soft prequalification available; predictable monthly payments; no true 0% APR financing; lowest rates available to most creditworthy borrowers; multiple products available for a number of personal finance goals.
  
• For practices: Patients gain access to larger procedures; no upfront payment to practice; longer approval/funding timeline (1–5 business days).
  

United Credit

United Credit (formerly United Medical Credit) is a marketplace for medical loans, connecting patients with banks, credit unions, and lending partners who help ease the burden of healthcare expenses. Unlike other providers, it doesn’t issue its own credit card or loan. Instead, it acts as a matchmaking service, helping patients compare multiple offers through a single application.

A full application will trigger a hard credit check, but prequalification won’t harm the patient’s credit score. Loan amounts typically range from $1,000 to $35,000 with repayment terms from 6 to 72 months, and APRs vary widely depending on creditworthiness, so borrowers with stronger credit histories will be eligible for lower interest rates. Financing is not instant — approvals can take up to a day, and loan funds usually arrive within 1–2 business days afterward.

For practices, United Credit can cover more costly procedures like fertility treatments or advanced dental implants that some providers might not. However, because funding isn’t instant and payments flow through the patient rather than directly to the provider, it’s less seamless for same-day treatment acceptance.

Key Takeaways

• For patients: Access to multiple medical lenders with one online application; predictable fixed loan rates; loan amounts $1,000–$35,000; repayment terms 6–72 months; funding in 1–5 business days; better rates available for creditworthy borrowers.
  
• For practices: Marketplace approach helps more patients qualify; slower approval and funding compared to instant BNPL solutions.
  

Final Thoughts: LendingClub vs LendingPoint

Both LendingClub and LendingPoint give patients access to unsecured personal loans that can help manage medical expenses. LendingClub works best for larger procedures and borrowers with excellent credit who want longer term lengths. LendingPoint offers speed and flexibility, especially for borrowers with fair credit who need smaller loans quickly.

Still, neither is made specifically for healthcare financing. Patients have less flexible loan options, practices take on risk, and approvals may not align with treatment-day decisions.

That’s why more providers are choosing modern lending platforms like Cherry. With a 60-second application, Cherry approves more than 80% of borrowers without harming their credit score, offering true 0% APR options to qualified borrowers.

For practices, Cherry eliminates financial risk with upfront payment and the lowest merchant fees in the industry, all while boosting loyalty and encouraging repeat treatment with exclusive approvals. See how Cherry can transform your practice. Claim your complimentary demo here.