Plastic Surgery Financing
Plastic surgery has always been thought of as expensive, something that only the rich and privileged are able to afford. However, as plastic surgery has evolved, going beyond cosmetic, it is serving practical purposes as well.
There has been an increase in the number of people that are looking to get plastic surgery done. And for people who are not as financially capable as others, getting plastic surgery done is possible through plastic surgery financing.
What Is Plastic Surgery Financing?
Plastic surgery financing is somewhat different from usual loans, like car loans or home loans. Unlike these other loans, wherein there is something to repossess in the event that the person cannot complete the payment, in plastic surgery, nothing can be repossessed.
It is an unsecured personal loan, and there is no collateral needed to be able to get one. Because of this, banks are very critical when deciding whether or not a person is eligible for plastic surgery financing. They reduce the chance of getting people who are not able to complete payments, by being very meticulous in evaluating a person’s application for the loan.
Popular Procedures Often Financed
Plastic surgery financing can be used to cover a wide range of procedures, both cosmetic and reconstructive. Popular treatments often financed include breast augmentation, rhinoplasty (nose reshaping), liposuction, tummy tucks, facelifts, and eyelid surgery.
Some patients also use financing for newer, minimally invasive options like Botox, dermal fillers, and laser skin treatments. Since many of these are not covered by insurance, especially when performed for aesthetic reasons, financing options can make them more accessible for people who want to enhance their appearance without paying the entire cost upfront.
Patient’s Eligibility
In order to be able to predict a patient’s ability to complete payments of the loan, banks and other financing companies will inspect a patient’s credit report. By checking how often the patient pays, or misses paying, his or her credit card bills, the banks and financing groups are able to get an idea of a patient’s financial capabilities. They also inspect if a patient has any other accounts, the lifespan of these accounts, but most important, if the patient has any other outstanding debts.
These factors combine to form what’s known as a person’s “credit score”, and is used, along with other factors, to evaluate the eligibility for plastic surgery financing. The other factors that can contribute to a patient’s eligibility, is the patient’s occupation, length of tenure in said occupation, and any other major assets the patient owns.
People looking for help in financing plastic surgery procedures usually try to improve their credit score first, before approaching a bank or lending company. This is done a number of ways, like for example, readying proofs of ownership of any major assets, putting money in the bank accounts, paying off outstanding debts and loans as much as possible, among others. All of these can help improve the credit score, but for people with bad credit, other things can be done.
Monthly Payment Plans and Zero-Interest Options
Many cosmetic surgery clinics now partner with third-party financing providers such as CareCredit, Alphaeon Credit, or United Medical Credit. These companies offer flexible monthly payment plans to accommodate various budgets. Some plans even offer promotional zero-interest periods if the balance is paid in full within a set time (usually 6–24 months).
It’s important to read the fine print, as missing a payment may result in retroactive interest charges. Patients should compare financing terms carefully and ask their plastic surgeon’s office about in-house financing plans, which can sometimes offer better terms than external lenders.
Bad Credit Plastic Surgery Financing
Patients with bad credit need not despair, because while getting plastic surgery financing will be difficult, it is still possible. A person with bad credit can improve their credit score by meticulously going through their credit report to find any errors that they can challenge.
Any errors that need to be corrected immediately improves the patient’s credit score. And if this isn’t enough, patients can go to online lenders rather than banks and other traditional financing groups. These online lenders will give loans to people with bad credit, in exchange for higher interest rates. The only requirement is to present proof of income.
Choosing a Reputable Surgeon While Financing
Even if you’re approved for cosmetic surgery financing, it’s crucial not to compromise on the quality of your care. Financing makes it possible to choose a board-certified plastic surgeon who has extensive experience with the procedure you want, rather than selecting a cheaper, less-qualified provider.
Look for credentials from recognized organizations such as the American Board of Plastic Surgery (ABPS), and check patient reviews. Remember, while financing helps manage costs, your safety and results should never be sacrificed for a lower price.