When one thinks of cosmetic plastic surgery, the first thing that one would think of is the expense. And while in some cases, this is true, plastic surgery in this day and age can now be enjoyed by a lot of people. There are plenty of plastic surgery packages, promos, and different kinds of cosmetic surgery financing.
What Is Cosmetic Surgery Financing?
Cosmetic surgery financing is not like a home loan, or an auto loan. Cosmetic surgery financing is an unsecured personal loan; meaning that there is no collateral needed to get it, and there is nothing to repossess should a patient not be able to complete the payment.
This is the reason why banks are very critical in giving away financing for cosmetic surgery, and try to reduce risks by meticulously evaluating the application of a patient, so they can predict how able the patient will be to repay the loan.
How Will a Patient Be Eligible?
Banks and other financing institutions will usually take a look at the patient’s credit report to see how often the patient pays his or her credit card bills. They also inspect your credit report any other accounts you may have, how long they have been active, but most of all, they will check if you have any late payments, and any other outstanding debts.
All of these things contribute to a personal “credit score”, which is then used, along with some other factors—such as the occupation of a patient, how long he/she has been employed, and what other assets the patient owns—to evaluate your eligibility for cosmetic surgery financing. There are, however, some agencies that use the credit score alone to decide on a patient’s eligibility.
To try and improve your credit score, make sure to put enough money into your accounts before you apply for the loan. Also, be ready to present any proofs of ownership for any of your major assets, such as your car, and any piece of property that you own. Try to pay off any outstanding debts as possible as well, because while late payments may affect your score negatively, paid debts can help increase your score.
What If I Have Cad Credit?
While it is difficult to get cosmetic surgery financing for bad credit, it isn’t impossible—it’s just a little bit more difficult. First thing you can do is to try and improve your credit score by going through your credit report to find any errors to challenge.
If there are errors that are corrected, it immediately improves your credit score. But if this isn’t enough to get you a loan in a bank, you can take the online route and look for online lenders. Many online lenders give cosmetic surgery financing for people with bad credit.
However, there are downsides to this. First, you will have to be able to prove that you have a regular source of income. Second, interest rates could prove to be very high, which could push you into debt. But if you are truly dedicated in getting cosmetic surgery done, but have a bad credit score, then going to an online lender can be your best possible option.
Different Types of Cosmetic Surgery Financing Options
Today, patients have more options than ever when it comes to financing cosmetic surgery. In addition to traditional bank loans, many cosmetic surgery clinics partner with third-party financing companies such as CareCredit, Alphaeon Credit, or United Medical Credit.
These companies specialize in healthcare and aesthetic financing and often provide flexible repayment terms, low monthly payments, and promotional interest-free periods.
Some surgeons even offer in-house payment plans, allowing patients to pay a portion upfront and the balance in installments, making cosmetic procedures like breast augmentation, liposuction, or tummy tucks more affordable and accessible.
Interest Rates and Repayment Terms
Interest rates for cosmetic surgery loans typically vary depending on your credit score and lender. Patients with excellent credit can often qualify for interest rates as low as 5%, while those with lower scores may face higher rates, sometimes reaching 20% or more.
Most cosmetic surgery loans come with repayment periods between 6 months and 5 years, allowing patients to choose a plan that fits their budget. Before signing any loan agreement, it’s essential to review the terms carefully and calculate the total repayment amount to avoid unexpected financial strain. Many lenders also allow early repayment without penalty, which can help reduce the overall cost of your surgery.