What's the difference between financing and a medical equipment loan closet?

A medical equipment loan closet, sometimes called a lending closet, is typically a non-profit service that lends out donated medical equipment for free or at a low cost. It's an excellent resource for temporary needs. Financing, on the other hand, provides you with funds to purchase new equipment outright. This is ideal when you need a specific model prescribed by a doctor, require equipment for long-term use, or when the local loan closet doesn't have what you need.

Can I get medical equipment financing with bad credit?

Yes, it may be possible. While a higher credit score will secure better rates, we partner with lenders who specialize in working with borrowers across the credit spectrum. They look at factors beyond just your credit score, such as your income and overall financial stability. Applying to check your rate won't affect your credit score, so it's worth seeing what options may be available to you.

Can I finance a CPAP machine or other smaller items?

Absolutely. Personal loans are well-suited for financing items like CPAP machines, which can cost over $1,000. Many people also use them for hearing aids, nebulizers, or other home medical supplies. Since minimum loan amounts often start at $1,000, it's a viable option for a wide range of medical equipment needs.

Does the loan pay the medical supply store directly?

Typically, the funds from a personal loan are deposited directly into your personal bank account. This gives you the flexibility to pay the medical equipment supplier yourself, just as you would with cash. You can pay by check, debit card, or wire transfer, according to the supplier's preferences. This also means you can easily cover related costs, like delivery fees or taxes, with the same funds.

How quickly can I get funds for an urgent equipment need?

The process is designed to be fast. The initial rate check takes only a few minutes. If you proceed with an offer, the lender's final application can often be completed online the same day. Once approved and you've signed the loan agreement, many lenders can deposit the funds into your account as soon as the next business day.

Can I use the loan to pay for used or refurbished medical equipment?

Yes. Because the loan funds are sent directly to you, you have complete control over how they are used. You can purchase equipment from any source, including certified refurbished dealers or private sellers. This can be a great way to save money while still getting the equipment you need.

Medical Equipment Financing

A personal loan can help you purchase necessary durable medical equipment (DME) like wheelchairs, hospital beds, or CPAP machines without waiting.

Check Your Rate

When a health condition requires specialized equipment, the last thing you should worry about is the price tag. Yet, the high upfront cost of durable medical equipment (DME) can be a significant barrier to getting the care and support you or a loved one needs. Insurance might not cover the full amount, or you may face a high deductible. This is where medical equipment financing can bridge the gap, providing the funds you need quickly and simply.

The Challenge of Paying for Medical Equipment

Insurance coverage is limited or has high deductibles.
A personal loan can cover what insurance won't, from deductibles to the full cost of non-covered equipment.
The need for equipment is urgent and you can't wait to save up.
Our online process is fast, with many borrowers receiving funds as soon as the next business day after approval.
The equipment supplier offers financing, but at very high interest rates.
We connect you with a network of lenders, so you can compare offers and find a competitive rate that fits your budget.
You need to cover more than just the device, like installation or home modifications.
Loan funds are flexible and can be used for the equipment itself, plus related costs like ramps, vehicle lifts, or setup fees.

Using a Personal Loan for DME

A personal loan for medical equipment is an unsecured installment loan. This means you receive a lump sum of cash upfront and repay it in fixed monthly installments over a set period. Unlike a credit card, the interest rate is fixed, so your payment never changes, making it easy to budget for. Because it's unsecured, you don't need to put up any collateral like a car or house to qualify.

This type of financing is ideal for one-time, large purchases. Whether you're financing a new power wheelchair, a hospital bed for home care, a CPAP machine for sleep apnea, or a portable oxygen concentrator, a personal loan provides the flexibility to buy the exact equipment prescribed by your doctor from the medical supply store of your choice. You're not tied to a specific brand or vendor's limited financing options.

Get Your Financing in 3 Simple Steps

1
Check Your Rate
Fill out our short form with some basic information. This takes about two minutes and won't affect your credit score.
2
Compare Your Offers
If you qualify, you'll see loan options from our network of lending partners. Compare APRs, terms, and monthly payments.
3
Get Your Funds
Select the offer that works best for you, complete the final application with the lender, and get your funds directly deposited.

Example: Financing a Power Wheelchair

Mid-Range Power Wheelchair	$4,500
Home Wheelchair Ramp Installation	$1,500
Vehicle Lift for Transport	$2,000

Estimated monthly

$261/mo

Based on a $8,000 loan with a 3-year term at 11% APR. Your actual rate may vary.

The total cost for necessary medical equipment can quickly add up. The example above shows how a single piece of equipment often requires additional modifications and accessories to be fully effective. A personal loan can consolidate these expenses into one manageable monthly payment, simplifying your finances during a stressful time.

See Your Estimated Monthly Payment

Find out what you could afford. Checking your rate is free and won't impact your credit score.

Check Your Rate Now

Financing vs. Other Options

When facing a large medical equipment purchase, you have several payment avenues. While community resources like a "medical equipment loan closet" or "lending closet" can be invaluable for short-term needs, they may not have the specific, new, or customized equipment you require for long-term use. For purchasing, it's important to weigh the pros and cons of each financial tool.

Personal Loan vs. Alternatives for DME

	Personal Loan	Medical Credit Card	In-Store Financing
Interest Rate	Fixed; typically 8-35.99%	Often has 0% intro period, then high variable rates (25%+)	Varies widely; can be very high
Flexibility	High; funds can be used for equipment and related costs	Moderate; may only be usable with participating providers	Low; only for purchases from that specific store
Repayment	Fixed monthly payments over a set term (2-7 years)	Variable minimum payments; can take long to pay off	Fixed payments, but terms may be shorter
Best For	Predictable budgeting for large, one-time purchases	Smaller costs you can pay off during the intro period	Convenience, if the rates are competitive

Find the Right Financing for Your Needs

Compare personalized loan offers from multiple lenders to ensure you're getting a competitive rate.

Compare My Options

What Lenders Look For

Common Qualification Criteria

Credit Score: Most lenders prefer a score of 600 or higher, but some partners work with borrowers with lower scores. A higher score generally leads to better rates.
Verifiable Income: You'll need to show a steady source of income from employment, self-employment, retirement, or disability benefits to demonstrate you can repay the loan.
Debt-to-Income Ratio (DTI): Lenders look at your total monthly debt payments relative to your gross monthly income. A lower DTI ratio is preferred.
Credit History: A history of on-time payments and responsible credit use can strengthen your application, even if you have existing medical debt.

If your credit is a concern, consider applying with a co-signer who has a stronger credit profile. This may improve your chances of approval and help you secure a lower interest rate.

Loan amount: $1,000 – $15,000
APR: 7.99% – 35.99%
Term: 24 mo – 60 mo

Your actual APR depends on credit score, loan amount, loan term, and credit usage & history. Not all applicants will be approved.

Discover What You Qualify For

See your potential loan amount and interest rate in minutes.

Check Eligibility

Example scenario

When the insurance company only approved a basic manual wheelchair for my mom, we knew we needed a better option. A personal loan let us get the power chair she really needed, and the fixed payments were much easier to manage than a credit card.

David R.·Son and Caregiver, Austin, TX

Frequently Asked Questions

What's the difference between financing and a medical equipment loan closet?
A medical equipment loan closet, sometimes called a lending closet, is typically a non-profit service that lends out donated medical equipment for free or at a low cost. It's an excellent resource for temporary needs. Financing, on the other hand, provides you with funds to purchase new equipment outright. This is ideal when you need a specific model prescribed by a doctor, require equipment for long-term use, or when the local loan closet doesn't have what you need.
Can I get medical equipment financing with bad credit?
Yes, it may be possible. While a higher credit score will secure better rates, we partner with lenders who specialize in working with borrowers across the credit spectrum. They look at factors beyond just your credit score, such as your income and overall financial stability. Applying to check your rate won't affect your credit score, so it's worth seeing what options may be available to you.
Can I finance a CPAP machine or other smaller items?
Absolutely. Personal loans are well-suited for financing items like CPAP machines, which can cost over $1,000. Many people also use them for hearing aids, nebulizers, or other home medical supplies. Since minimum loan amounts often start at $1,000, it's a viable option for a wide range of medical equipment needs.
Does the loan pay the medical supply store directly?
Typically, the funds from a personal loan are deposited directly into your personal bank account. This gives you the flexibility to pay the medical equipment supplier yourself, just as you would with cash. You can pay by check, debit card, or wire transfer, according to the supplier's preferences. This also means you can easily cover related costs, like delivery fees or taxes, with the same funds.
How quickly can I get funds for an urgent equipment need?
The process is designed to be fast. The initial rate check takes only a few minutes. If you proceed with an offer, the lender's final application can often be completed online the same day. Once approved and you've signed the loan agreement, many lenders can deposit the funds into your account as soon as the next business day.
Can I use the loan to pay for used or refurbished medical equipment?
Yes. Because the loan funds are sent directly to you, you have complete control over how they are used. You can purchase equipment from any source, including certified refurbished dealers or private sellers. This can be a great way to save money while still getting the equipment you need.

Ready to move forward?

Personal loan disclosure

Money Savvy is not a lender. We are a marketing service that connects consumers with participating lenders. Rates, amounts, and terms vary by lender, your credit history, and other factors.

Loan amounts: $1,000 – $100,000
Repayment terms: 3 – 84 months
Min APR: 5.99%
Max APR: 35.99%
Origination fees: 0% – 10% of the loan amount
Late fees: May apply; vary by lender

Representative example: A $10,000 loan with a 36-month term at an 18.99% APR would have an approximate monthly payment of $366.39 and a total cost of $13,190.04, including interest and a $500 origination fee.

Your actual APR depends on your credit score, income, and other factors. Only borrow what you can afford to repay.

California residents: California Financing Law disclosures available upon request.