All You Need to Know About Plastic Surgery Financing
At a Glance
Plastic surgery can bring a person many benefits, but most procedures come with an expensive price tag. Plastic surgery financing can be an effective way of covering this immediate cost so that you can receive the procedure and pay it off over time.
In this article, you’ll learn:
What is plastic surgery financing?
Financing plastic surgery can seem complicated on the surface. Plastic surgery loans work by providing you with the exact amount of money needed for your procedure up front, which you then pay back over time with interest attached. Loan amounts can range from a couple thousand to tens of thousands of dollars, and the lenders will typically pay the company directly, so you don’t need to worry about anything.
How do plastic surgery loans work?
Cosmetic surgery loans work quickly and easily in just a few steps:
- Determine how much your plastic surgery will cost you to get an exact amount for the loan request.
- Seek out a lender who offers plastic surgery loans or personal loan types.
- Compare loan offerings to see who offers the best interest rate.
- Select a lender and apply.
- Following approval, funds will be paid to the plastic surgery service provider.
- You will begin repayments on a monthly basis with small sums that include any interest.
The total repayment period for plastic surgery loans can vary from lender to lender, but financing for plastic surgery typically has a repayment period anywhere from 24 – 72 months depending on the size of the loan.
Benefits of plastic surgery financing
There are several benefits to plastic surgery financing that can make it an excellent option to consider if you don’t have the funds to pay out of pocket. Some of these benefits include:
- Flexible repayment plans that can be customized
- Variable loan amounts which allow for a variety of procedure types to be covered
- Payments to plastic surgery providers directly
- Many reputable lenders who offer fair terms
These are just a few of the many benefits plastic surgery financing can bring. However, do not take on any debt if you are unable to meet the payments you are required to make, as this will damage your credit score and credit history.
Related: Benefits of Obtaining a Personal Loan
Financing options for plastic surgery
Assuming you have decided that plastic surgery financing is something you wish to consider, and you know what the cost will be, your next step should be determining what type of loan you wish to take on:
1. Medical loans
For plastic surgery, medical loans are an extremely common loan type. Medical loans are a special type of personal loan that offer higher loan amounts due to their purpose. Medical expenses are not cheap and financing for plastic surgery is no exception. If you cannot receive enough financing from a standard personal loan, a specialty medical loan can be something to consider.
We found 6 options for your requirement
8.99% - 23.43%
Est. APR Range$5,000 - $100,000
Loan Amount2-7 years
Loan TermGood For: High loan amounts available, no fees
7.49% - 25.49%*
Est. APR Range
$5,000 - $100,000
Loan Amount2-12 years
Loan TermGood For: Offers longest loan term, no fees
7.99% - 35.99%
Est. APR Range$2,000 - $36,500
Loan Amount2-6 years
Loan TermGood For: Fast funding
8.49% - 35.99%
Est. APR Range$1,000 - $50,000
Loan Amount2-7 years
Loan TermGood For: Low loan amount
8.99% - 35.99%
Est. APR Range$2,000 - $50,000
Loan Amount3-5 years
Loan TermGood For: Getting funds quickly
9.95% - 35.99%
Est. APR Range$2,000 - $35,000
Loan Amount1-5 years
Loan TermGood For: Getting funds quickly
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Learn more: Medical Loans
2. A 0% APR credit card
For those unfamiliar, a 0% APR credit card charges no annual percentage rate for a certain period, typically for the first year you own the card. While this time period can vary from credit card to credit card, take advantage of this period by charging the surgery to the card and slowly paying it off over time without needing to worry about interest. Just be sure to complete all payments before the 0% APR period ends.
Related: Credit Cards with No Annual Fee
3. Payment plan
Many plastic surgery providers will offer payment plans of their own. Interest rates can be competitive compared to those offered by third-party lenders, so inquire with your service provider to see what type of plans they offer.
4. Medical credit card
A medical credit card is a specialty type of credit card offered by medical service providers. It can only be used for certain qualifying medical purchases, so be sure that your plastic surgery would be covered before applying. These credit cards typically have high credit limits and competitive interest rates, along with an introductory 0% APR period.
5. Personal savings
At the end of the day, you can always use your rainy-day fund for your plastic surgery. Dipping into your savings is never ideal, though, so take the time to set aside funds with each paycheck for the purpose of your surgery. This way, you can get your surgery eventually and not need to worry about losing all of your savings.
Tips for plastic surgery financing
When choosing between different types of methods to finance plastic surgery, there are a few tips to consider:
- Compare different lender offerings before settling on your choice.
- Don’t take on more debt than you can reasonably pay back.
- Check for any hidden fees.
- Look at repayment terms to be certain you can meet the obligation.
- Review eligibility requirements before applying and try to prequalify.
- Take a look at past reviews of the lender.
Using some of the above tips can help ensure that the plastic surgery financing options you consider are the best for your specific monetary and personal situation.
Additional considerations before financing plastic surgery
Before finally settling on a lender for your plastic surgery financing, consider looking into using a plastic surgery financing calculator to see what your total cost of taking on the loan will be. In some cases, choosing to save up for your surgery can be the smarter choice economically. Additionally, be aware that if your credit score is not good you may be denied the loan and be taken back to square one. Take the time to not only choose a reputable lender but to also be sure that your finances are in order before taking on a loan.
FAQs
Receiving financing for plastic surgery can either be easy or difficult, depending on your income level, credit history, credit score, and other factors. Focus on improving your credit score to ensure the smoothest process when applying to finance plastic surgery.
There is no single best way to finance plastic surgery. Certain options such as medical loans may work for those with higher credit scores, whereas using personal savings may work for others who don’t have the qualifications to meet a loan.
In general, you should aim to have a credit score above 600 when applying for plastic surgery financing. Having a credit score under 600 may not mean a quick and easy approval process regarding the loan application.
Yes, plastic surgery can be put on a credit card if you have a high enough credit limit. Keep in mind, though, that APRs on credit cards can be far higher than those on personal loans, so this option is best used if you have a 0% APR credit card.
Yes, you can certainly get a loan for plastic surgery. In fact, plastic surgery loans are extremely common due to the expensive costs associated with this type of surgery. Compare different lenders to see what interest rates they offer to help ensure you are receiving the best deal.
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