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Dental Loans: Compare Financing Options for Dental Procedures

Annie MillerberndAugust 27, 2019

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Dental loans are personal loans that can help fund expensive procedures. Find lenders that offer these loans and learn about other options to help you pay for dental work.

Our picks for

Dental loans

Upstart

on Upstart's website

on Upstart's website

Min. Credit Score

620

Est. APR

7.69-35.99%

Loan Amount

$1,000-$50,000

Pros

  • Accepts borrowers new to credit.
  • Fast funding.

Cons

  • Origination and late fees.
  • No secured or co-sign option.
Read full review

Qualifications

  • Minimum credit score: 620.
  • Minimum credit history: None.
  • Minimum annual income: $12,000.
  • Max debt-to-income ratio: 45%.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 0% - 8%.
  • Late fee: 5% of past due amount or $15, whichever is greater.

Disclaimer: Your loan amount will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will qualify for the full amount. Loans are not available in West Virginia or Iowa. The minimum loan amount in MA is $7,000. The minimum loan amount in Ohio is $6,000. The minimum loan amount in NM is $5,001. The minimum loan amount in GA is $3,100. The full range of available rates varies by state. The average 3-year loan on Upstart will have an APR of 20% and 36 monthly payments of $35 per $1,000 borrowed. There is no down payment and no prepayment penalty. The average APR on Upstart is calculated based on 3-year rates offered in the last 1 month. Your APR will be determined based on your credit, income, and certain other information provided in your loan application. Not all applicants will be approved.

Lightstream

on LightStream's website

on LightStream's website

Min. Credit Score

660

Est. APR

4.49-17.49%

Loan Amount

$5,000-$100,000

Pros

  • No fees.
  • Co-sign option.
  • Low starting rates.

Cons

  • Does not offer pre-qualification on its website.
  • Requires several years of credit history.
Read full review

Qualifications

  • Minimum credit score of 660.
  • No minimum income specified.
  • Maximum debt-to-income ratio varies depending on loan purpose.

Available Term Lengths

  • 2 to 7 years

Fees

  • Origination fee: None.
  • Late fee: None.

Disclaimer: Your loan terms are not guaranteed and may vary based loan purpose, length of loan, loan amount, credit history and payment method (AutoPay or Invoice). Rate quote includes AutoPay discount. AutoPay discount is only available when selected prior to loan funding. To obtain a loan, you must complete an application on LightStream.com which may affect your credit score. You may be required to verify income, identity and other stated application information. Payment example: Monthly payments for a $5,000 loan at 12.8% APR with a term of 3 years would result in 36 monthly payments of $168. Some additional conditions and limitations apply. Advertised rates and terms are subject to change without notice. SunTrust Bank is an Equal Housing Lender. ©2019 SunTrust Banks, Inc. All rights reserved. SUNTRUST, LIGHTSTREAM and the LightStream logo are trademarks of SunTrust Banks, Inc. All other trademarks are the property of their respective owners. Lending services provided by SunTrust Bank.

Lending Club

on Lending Club's website

on Lending Club's website

Min. Credit Score

600

Est. APR

6.95-35.89%

Loan Amount

$1,000-$40,000

Pros

  • Offers a loan option with direct payment to creditors.
  • Co-sign option.
  • Offers hardship plan.

Cons

  • Charges origination and late fees.
  • No rate discount for autopayments.
Read full review

Qualifications

  • Minimum credit score of 600.
  • Minimum credit history of 3 years.
  • Debt-to-income ratio of less than 40% for single applications, 35% for joint applicants.

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 1% - 6%.
  • Late fee: Greater of $15 or 5% of payment after 15-day grace period.
  • Check processing fee: $7.

Disclaimer: *All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: 595 Market St suite 200 San Francisco Ca 94105. **Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20, 2018. The time it will take to fund your loan may vary.

OneMain

on OneMain Financial's website

on OneMain Financial's website

Min. Credit Score

None

Est. APR

18.00-35.99%

Loan Amount

$1,500-$20,000

Pros

  • Fast funding.
  • Co-sign option.
  • Free credit score access.

Cons

  • May charge origination fee.
  • High rates.
Read full review

Qualifications

  • Minimum credit score: None, average is 600 to 650.
  • Minimum credit history: Not provided.
  • Minimum annual income: None, average is $49,000.

Available Term Lengths

  • 2 to 5 years

Fees

  • Origination fee: Varies by state.

Disclaimer: Not all applicants will qualify for larger loan amounts or most favorable loan terms. Loan approval and actual loan terms depend on your ability to meet our credit standards (including a responsible credit history, sufficient income after monthly expenses, and availability of collateral). Larger loan amounts require a first lien on a motor vehicle no more than ten years old, that meets our value requirements, titled in your name with valid insurance. Maximum annual percentage rate (APR) is 35.99%, subject to state restrictions. APRs are generally higher on loans not secured by a vehicle. Depending on the state where you open your loan, the origination fee may be either a flat amount or a percentage of your loan amount. Flat fee amounts vary by state, ranging from $30 to $150. Percentage-based fees vary by state ranging from 1% to 5% of your loan amount subject to certain state limits on the fee amount. Active duty military, their spouse or dependents covered under the Military Lending Act may not pledge any vehicle as collateral for a loan. OneMain loan proceeds cannot be used for postsecondary educational expenses as defined by the CFPB’s Regulation Z, such as college, university or vocational expenses; for any business or commercial purpose; to purchase securities; or for gambling or illegal purposes. Borrowers in these states are subject to these minimum loan sizes: Alabama: $2,100. California: $3,000. Georgia: Unless you are a present customer, $3,100 minimum loan amount. Ohio: $2,000. Virginia: $2,600. Borrowers (other than present customers) in these states are subject to these maximum unsecured loan sizes: Florida: $8,000. Iowa: $8,500. Maine: $7,000. Mississippi: $7,500. North Carolina: $7,500. New York: $20,000. Texas: $8,000. West Virginia: $14,000. An unsecured loan is a loan which does not require you to provide collateral (such as a motor vehicle) to the lender.

Prosper

on Prosper's website

on Prosper's website

Min. Credit Score

640

Est. APR

6.95-35.99%

Loan Amount

$2,000-$40,000

Pros

  • Check your rate with a soft credit check.
  • Fast funding.

Cons

  • Origination and late fees.
  • Does not offer direct payoff to creditors for debt consolidation loans.
Read full review

Qualifications

  • Minimum credit score: 640, but average is 710.
  • Minimum credit history: Two years, but average is 11.
  • Minimum annual income: None, but average is $89,000.
  • Maximum debt-to-income ratio: 50% (excluding mortgage).

Available Term Lengths

  • 3 to 5 years

Fees

  • Origination fee: 2.4% - 5%.
  • Late fee: $15 or 5% of unpaid amount (whichever is greater).
  • Insufficient funds fee: $15.

Disclaimer: For example, a three-year $10,000 loan with a Prosper Rating of AA would have an interest rate of 5.31% and a 2.41% origination fee for an annual percentage rate (APR) of 6.95% APR. You would receive $9,759 and make 36 scheduled monthly payments of $301.10. A five-year $10,000 loan with a Prosper Rating of A would have an interest rate of 8.39% and a 5.00% origination fee with a 10.59% APR. You would receive $9,500 and make 60 scheduled monthly payments of $204.64. Origination fees vary between 2.41%-5%. APRs through Prosper range from 6.95% (AA) to 35.99% (HR) for first-time borrowers, with the lowest rates for the most creditworthy borrowers. Eligibility for loans up to $40,000 depends on the information provided by the applicant in the application form. Eligibility is not guaranteed, and requires that a sufficient number of investors commit funds to your account and that you meet credit and other conditions. Refer to Borrower Registration Agreement for details and all terms and conditions. All loans made by WebBank, member FDIC.

Summary of Dental Loans: Compare Financing Options for Dental Procedures

LenderBest ForEst. APRMin. Credit ScoreLearn More
Upstart

Upstart

on Upstart's website

Dental loans

7.69-35.99%

620

on Upstart's website

Lightstream

LightStream

on LightStream's website

Dental loans

4.49-17.49%

660

on LightStream's website

Lending Club

LendingClub

on Lending Club's website

Dental loans

6.95-35.89%

600

on Lending Club's website

OneMain

OneMain Financial

on OneMain Financial's website

Dental loans

18.00-35.99%

None

on OneMain Financial's website

Prosper

Prosper

on Prosper's website

Dental loans

6.95-35.99%

640

on Prosper's website

LenderBest ForEst. APRMin. Credit ScoreLearn More
Upstart

Upstart

on Upstart's website

Dental loans

7.69-35.99%

620

on Upstart's website

Lightstream

LightStream

on LightStream's website

Dental loans

4.49-17.49%

660

on LightStream's website

Lending Club

LendingClub

on Lending Club's website

Dental loans

6.95-35.89%

600

on Lending Club's website

OneMain

OneMain Financial

on OneMain Financial's website

Dental loans

18.00-35.99%

None

on OneMain Financial's website

Prosper

Prosper

on Prosper's website

Dental loans

6.95-35.99%

640

on Prosper's website

» MORE: Compare online loans

Factors to compare between personal loans

Annual percentage rate. A loan’s APR is typically higher than its interest rate because it encompasses the entire cost of a loan, including the interest rate and any fees. Compare different lenders’ APRs to find the least expensive loan.

Fees. Find out any additional fees the lender charges before taking out a loan. For example, some lenders charge a late-payment fee and others charge an origination fee. An origination fee is typically 1% to 8% of the loan amount and is reflected in a loan’s APR.

Borrower requirements. Some lenders have a minimum income or credit score requirement. Or there may be a limit to the amount of debt you can have, expressed as a debt-to-income ratio.

Time to fund. While some lenders offer same-day funding, others can take up to seven days to fund. You can speed the application process by gathering all the required documents and promptly responding to lenders' questions.

» MORE: 5 medical loans for health care expenses

Pre-qualify for a dental loan

Pre-qualifying for a loan lets you see a loan’s terms, interest rate and monthly payments so you can determine whether it’s right for you. You can pre-qualify with NerdWallet to see which loans are available to you and find the one with the lowest APR.

Alternative dental financing options

Personal loans are low on the list of inexpensive ways to finance dental work, says Minneapolis-based financial planner and owner of Abundo Wealth, Eric Simonson. He says it’s important to weigh other options before going with a personal loan.

Here are some other ways to fund dental work.

Finance through your dentist. Some dentists offer an in-house payment plan that you can sign up for when faced with a big bill. Unlike regular dental insurance, you can take advantage of these plans when you learn you need expensive work done, Simonson says. They can be a good option if you don’t have insurance or would rather make monthly payments toward the procedure.

Negotiate. The cost of dental work isn’t regulated by the government, so there may be room for negotiation if you’re quoted a price that you think is too high.

Look around. Compare prices across different dentists in your insurance network to see whether the procedure is offered at a lower price elsewhere.

» MORE: 6 ways to pay off your medical bills

Dental school. Dental schools offer procedures at a reduced price so students can get experience under the supervision of skilled dentists. You can check the American Dental Association’s list of dental programs to see whether there’s a school near you.

A medical credit card. Some offices offer financing through a medical credit card, like CareCredit. CareCredit lets you pay back purchases of $200 or more at 0% interest as long as you pay the full balance by the end of the term.

If you don’t pay the balance by the end of the term — CareCredit offers short-term financing for 6, 12, 18 and 24 months — you’ll be retroactively charged all of the interest. New accounts come with a 26.99% interest rate, according to the company’s website.

The APR on longer term financing with CareCredit depends on the purchase amount and the term.

Save for cosmetic work. As a general rule, Simonson says, incurring debt for cosmetic work is unnecessary unless you’ll somehow benefit from it financially in the future. In these cases, it’s best to save for the procedure to avoid racking up credit card debt or taking out a high-interest loan.

Saving money in an emergency fund can also give you a safety net if you ever need to pay for an urgent procedure.

» MORE: How to save money

Last updated on August 27, 2019

Methodology

NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.

To recap our selections...

NerdWallet's Dental Loans: Compare Financing Options for Dental Procedures