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What provincial plans leave you paying
Provincial health insurance covers doctors and hospitals. It mostly does not cover dental work, eyeglasses, physiotherapy, psychology, fertility treatment, or prescriptions outside hospital, and coverage varies by province and by age. Employer benefits fill some of the gap for some people. Everyone else pays, and a root canal, a pair of glasses and a course of physio can arrive in the same month.
That is why medical costs are a normal reason to borrow on the personal loans market, and why the amounts are smaller than most people expect.
Ask the clinic first
Before borrowing from anyone, ask the provider for a payment plan. Many dental and vision clinics split a bill over several months at no interest, because they would rather be paid slowly than not at all. If the clinic offers third-party financing instead, treat it like any loan: ask for the APR and the fees in writing. Some clinic financing is genuinely interest-free for a fixed period; some carries rates above what you would get on your own.
Your borrowing options
- A personal loan. Fixed amount, fixed payments, fixed end date, funded in a day or two from online lenders. Rates depend on your credit and never exceed 35 percent APR.
- A line of credit, if you have one. Cheapest for most people, and you draw only what the bill requires.
- A credit card. Fine if you clear it within a statement cycle; expensive past a few months.
- Clinic or patient financing. Convenient, sometimes interest-free, sometimes not. The written APR decides.
What a $1,500 dental bill costs each way
What a $1,500 dental bill costs each way
| Route | Monthly payment | Total cost |
| Clinic payment plan | $250 a month for 6 months | $0 (0% over 6 months) |
| Personal loan | $142.56 a month for 12 months | $210.71 interest (24.99% over 12 months) |
| Credit card at minimum payments | starts near $41.24 a month | $2,206.97 interest (20.99% at minimum payments, about 17 years to clear) |
The clinic plan wins outright if offered; between loan and card, the loan costs less unless the card clears within one cycle.
Illustrative example, not quoted offers: a 0% clinic plan over 6 months, a 24.99% APR personal loan over 12 months, and a 20.99% card repaid at minimum payments of interest plus 1% of the balance. Your rate depends on your credit and lender.
To price your own bill, the personal loan calculator takes any amount, rate and term.
What Canadians borrow for medical costs
The amounts are modest. Across Smarter Loans personal loan applications from August 2025 to July 2026, the average request for medical expenses was $1,239, across nearly 8,000 applications. That is a dental bill or a few months of physio, not a surgery. If you are borrowing a thousand or two to cover a procedure, you are the typical medical borrower, and lenders approve this size of loan routinely.
With bad credit
Medical need does not improve your rate, but it does not close the door. Online lenders approve fair and poor credit on documented income, priced inside the legal cap. Two things keep it sane. Borrow the bill, not the bill plus a cushion. And compare total interest over the term, because a bad-credit loan stretched to 36 months for a $1,200 crown costs more than the crown.
Lenders for medical costs
| Lender | Amount | Rate | Speed | |
|---|---|---|---|---|
| MDG Financial | $3,200 to $20,000 | 19.8 to 34.99% APR | within 24 hours | See if you qualify |
| Spring Financial | $500 to $35,000 | 9.99% APR | about 2 business days | See if you qualify |
| Loan Away | $1,000 to $5,000 | 19.9 to 34.5% APR | within 24 hours | See if you qualify |
| Alterfina | $500 to $2,500 | 18.99% APR | within 24 hours | See if you qualify |
| Eastern Loans | $500 to $750 | 23% APR | within 24 hours | See if you qualify |
The personal loans page compares every lender we list, matched to your profile.
Frequently asked questions
Can I get medical financing in Canada with bad credit?
Yes. Ask the clinic for a payment plan first, since those rarely check credit. If you need a loan, online lenders approve fair and poor credit on income, inside the 35 percent cap. Borrow only the bill and keep the term short.
Is patient financing worth it?
When it is genuinely interest-free for a period you can meet, yes, it beats every alternative. When it carries a rate, compare its APR against a personal loan; clinic financing is often priced above what your own credit would get.
Does OHIP or my provincial plan cover dental?
Generally no for adults, with exceptions by province for children, seniors and low-income programs. Check your province's current coverage before assuming, because eligibility and programs change.
Sources
- Canada Gazette, SOR/2024-114, for the 35 percent cap.
- Smarter Loans personal loan applications, August 2025 to July 2026, for the medical borrowing figure.
Related reading: are emergency loans a good idea and disability loans in Canada.
Written by:
The Smarter Loans Editorial Team produces in-depth, original content to help Canadians navigate borrowing, credit, and personal finance with confidence.
