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Cosmetic surgery financing

Find the best rates and terms for cosmetic surgery loans when you compare your options.

Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 5.75%-46.96%
$500 - $50,000
3 - 120 months
Currents debts must total less than 60% of income
Min. credit score: 300
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An online broker who helps inform clients towards better finances. Get pre-approved by different lenders for unsecured or secured loans in 5 minutes with any credit score.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Recommended income of $40,000 /year
Min. credit score: 600
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Canada's first regulated consumer peer-to-peer lending platform offering unsecured loans. Connects creditworthy Canadians looking for a loan with Canadians looking to invest. goPeer strives to offer the most competitive interest rates. Apply in minutes and get a response within 24 hours.
Spring Financial Personal Loan
17.99% - 46.96%
$500 - $15,000
9 - 48 months
Min. income of $1,800 /month, 3+ months employed
Min. credit score: 400
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An online lender offering unsecured personal loans and credit builder loans. Those filing for bankruptcy or a consumer proposal can also apply. If you're not eligible for an unsecured loan, you may be offered a loan to help rebuild your credit.
ConsumerCapital Personal Loan
19.99% - 34.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 600
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An online lender that provides fast unsecured personal loans. Complete an application in less than 10 minutes and get a decision within 24 hours. For faster loan approval, complete the Flinks bank integration in the app.
SkyCap Financial Personal Loan
12.99% - 39.99%
$500 - $10,000
9 - 36 months
Min. income of $1,200 /month, stable employment
Min. credit score: 550
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An online lender offering unsecured personal loans to borrowers with a wide range of credit scores. Apply in less than 5 minutes and if approved, receive financing in as little as 24 hours.
FlexMoney Personal Loan
18.90% - 46.93%
$500 - $15,000
6 - 60 months
Min. income of $2,000 /month, 3+ months employed
Min. credit score: 500
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An online lender offering flexible unsecured loans. Apply in less than 10 minutes and if approved, receive financing in as little as 24 hours. Pay off your loan at any time.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$300 - $50,000
3 - 60 months
No min. income or employment requirements
Min. credit score: 300
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An online broker with the largest lender network in Canada. Get matched for free with lenders offering both unsecured and secured loans through one quick application regardless of your financial situation.
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Mogo Personal Loan
9.90% - 46.96%
$200 - $35,000
6 - 60 months
Min. income of $13,000 /year
Min. credit score: 500


Mogo offers a 100-day money-back guarantee. If you're not happy with your loan, pay back the principal and get your 100 days of paid interest and fees back.
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An online lender who aims for a hassle-free process through same-day unsecured loan approval and funding. Get a loan fast and track your credit score for free.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$500 - $25,000
6 - 60 months
Able to make monthly repayments on your loan
Min. credit score: 560
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An online lender with a team dedicated to professional service. Get a quote for an unsecured loan without impacting your credit score. Receive funds within as little as 24 hours. No prepayment fees.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
60 - 120 months
Must be a homeowner
Min. credit score: 560
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Use your home equity to get a secured loan up to $50,000 with flexible repayment options and a long loan term. Get a quote without impacting your credit score.
Loan Away Personal Loan
19.90% - 45.90%
$1,000 - $5,000
6 - 36 months
No min. income or employment requirements
Min. credit score: 300
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A lender that approves unsecured loans in as little as 20 minutes. Get affordable monthly repayments with any credit score.
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Cosmetic surgery can cost thousands of dollars depending on the procedure you’re interested in. It’s typically in your best interest to save up enough money in advance to cover your medical costs. However, there are also cosmetic surgery loans and other forms of financing available to help you pay for any work you want done.

FlexMoney Personal Loan

FlexMoney Personal Loan

From

18.9 %APR

rate

  • Same day funding
  • Quick online application
  • Pay off loan anytime

FlexMoney Personal Loan

Apply online in less than 10 minutes. If approved, receive funds in as little as 24 hours. Pay off your loan at any time.

  • APR: 18.90% - 46.93%
  • Loan amount: $500 - $15,000
  • Loan term: 6 - 60 months
  • Fees: No application, origination or prepayment fees
  • Min. credit score: 500
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Promoted

How can I finance cosmetic surgery?

  • Personal loan

You can use a personal loan to pay for cosmetic surgery in Canada. Cosmetic surgery loans typically range from $1,000 to $50,000, with interest rates falling between 4% and 36% in most cases (though you may pay more if you have bad credit).

  • Secured loans. Secured cosmetic surgery loans offer lower interest rates, but you need to use a personal asset such as your home or vehicle to secure your payments. You also risk losing your asset if you default on your loan.
  • Unsecured loans. Unsecured loans come with higher rates, and are issued based on personal factors such as your credit score and income. You’ll take a significant hit to your credit score if you fail to pay unsecured debts back.

Find a personal loan for your cosmetic procedure

  • Credit card

Credit cards often come with higher interest rates than some cosmetic surgery loans, but they may be useful for covering smaller expenses. This is because you’ll only be able to spend an amount equal to or less than your credit limit.

You may want to look for a low interest credit card to get the best deal. It could also make sense to pay with a credit card that offers high rewards, and then transfer your outstanding balance to a credit card with a 0% introductory balance transfer rate.
Compare low interest credit cards

  • Medical and cosmetic surgery loans

Some lenders specialize in providing medical and cosmetic surgery financing options for people looking to get medical treatments and procedures. These lenders will often be more familiar with the work you want done and the costs that may be involved.

Just be sure to check the interest rates on offer with medical loans, since they are typically much higher than what you might pay with other types of cosmetic surgery loans.

Read about medical and cosmetic surgery loans

  • Home equity loans

If you have a good financial situation and you own your own home, you can use your house as collateral to secure lower interest rates for cosmetic surgery loans. With a home equity loan, you can usually borrow up to around 65% of your home’s value. The main downside is that you risk losing your home if you default on your payments.

Find out if you can qualify for a home equity loan

  • RRSP loans

If you have a solid pension or you’ll have more money than you need in retirement, you can borrow money using RRSP loans. These come with low rates, but they should only be used if you have a very comfortable financial situation. You should also speak to a financial advisor before tapping into your RRSPs to make sure that you’re abiding by tax regulations.
Find out how to finance cosmetic surgery with your RRSP

What’s the difference between cosmetic and plastic surgery?

The main differences between cosmetic and plastic surgery are outlined below:

  • Cosmetic surgery. Cosmetic surgery is an elective surgery that you may want to undergo to improve your appearance. It is used purely for aesthetic reasons and is almost never covered by insurance.
  • Plastic surgery. Plastic surgery is deemed to be medically essential surgery, and is typically used to treat cosmetic issues related to birth disorders, trauma, burns and disease. It is usually covered by provincial health or private insurance.

What’s usually covered by insurance?

The following are examples of what you can expect to be covered and not covered with popular procedures:

ProcedureCosmetic surgeryPlastic surgery
Rhinoplasty (nose job)Not covered for aesthetic purposesCovered if the nose job will fix nasal problems, breathing issues or a deviated septum.
FaceliftNot covered for aesthetic purposesRarely a medical requirement.
Mole removalNot covered for aesthetic purposesCovered if a mole is cancerous or interfering with an important physical function.
Breast implantsNot covered for aesthetic purposesMay be covered for transgender surgery.
Breast reduction or breast implant removalNot covered for aesthetic purposesOften covered if it’s required to reduce back pain or fight infection.
Weight loss surgeryNot covered for aesthetic purposesMay be covered if your BMI is above a certain point and other weight loss treatments have failed.
LiposuctionNot covered for aesthetic purposesOften covered when used to remove tumors beneath the skin or for other medical reasons.
Blepharoplasty (eyelid surgery) or otoplasty (ear reshaping)Not covered for aesthetic purposesEyelid surgery may be covered if your vision is impaired; ear reshaping is often covered for children.

Representative example: Paul gets cosmetic surgery

Paul is a professional boxer and has broken his nose several times during his career. Now that he’s retired, he wants to get rhinoplasty (or a nose job) to fix the damage. He decides to take out a loan to cover the $15,000 procedure. He gets an interest rate of 5% on a 5-year loan. This is what his cosmetic surgery financing will cost him:

Cost of rhinoplasty$15,000.00
Loan typePersonal loan
Loan amount$15,000.00
Interest rate (APR)5.00% (or $1,984.11 over 5 years)
Loan term5 years
Additional feesOrigination fee of 1% ($150.00)
Monthly payment$283.07
Total loan cost$16,984.11

*The information in this example, including rates, fees and terms, is provided as a representative transaction. The actual cost of the product may vary depending on the retailer, the product specs and other factors.

How to apply for a cosmetic surgery loan

You can apply for cosmetic surgery loans by following the steps below:

  1. Apply for your credit score. Get your credit score from one of Canada’s major credit bureaus (such as Equifax or TransUnion) to see which loans you might qualify for.
  2. Compare lenders. Compare lenders based on interest rates, loan amounts, fees and other factors to find the best loan for your personal situation.
  3. Fill out an application. You’ll need to provide basic personal info like your phone number, address, birth date and email address to apply.
  4. Provide supporting documents. Provide documentation such as your pay stubs, bank records and driver’s licence to verify the information in your application.
  5. Get approved. The lender will provide final approval if everything checks out. Sign the contract after reviewing their terms and conditions.
  6. Get your funds. Online lenders typically send funds in 24 to 48 hours.
  7. Begin repayments. Make sure that you repay your cosmetic surgery financing on time to maintain your credit score.

What credit score is needed for cosmetic surgery financing?

You’ll usually need a credit score of 650 or above to qualify for cosmetic surgery loans with most lenders. Any score below 650 may be considered as fair or bad credit, which could make it more difficult for you to qualify for cosmetic surgery financing. You can apply to find out your credit score from one of Canada’s major credit bureaus, such as Equifax or TransUnion.

How can I get cosmetic surgery financing with bad credit?

You can get cosmetic surgery financing with bad credit by following the steps outlined above for applying with good credit. Just be aware that you may have fewer options for lenders and you’ll want to check that you meet a lender’s eligibility criteria before you apply for cosmetic surgery loans.

Keep in mind that you’ll usually be required to pay exorbitant interest rates on any money you borrow if your credit score is low. That said, you may be able to get lower interest rates if you secure your loan with collateral (such as your home or vehicle) or sign up with a cosigner who has good credit.

What should I consider when looking for a loan?

  • Loan amount. Find a lender that’s willing to give you the amount that you need, but make sure that you only sign up for loans that you know you can afford to pay back in full with interest.
  • Interest rates. Search for the best rates on your loan over the length of time you’d like to pay it back. As a rule of thumb, avoid rates that are higher than 20%.
  • Fees. Check in with your lender to see if they’ll charge you extra fees for signing up, repaying your loan or making late payments.
  • Repayment period. Pick a repayment term that works for your budget. Shorter terms come with higher monthly payments and less interest over time; longer terms come with lower monthly payments and more interest over time.
  • Eligibility criteria. Find a loan that you know you can qualify for before you apply. There’s no use in applying for a loan that you know you’ll be rejected for – plus multiple hard pulls on your credit can bring down your credit score.

How much will my cosmetic surgery cost?

Use the table below to get an idea of what popular cosmetic surgery procedures might cost in Canada. You should also factor in lost time from work due to recovery times.

Type of surgeryAverage costRecovery time
Facelift$6,000 to $25,0004 to 6 weeks
Nose job$9,000 to $10,0003 to 4 weeks
Breast augmentation$8,000 to $10,0006 to 8 weeks
Mole removal$350 and up1 to 2 weeks
Chemical peel$650 and up1 to 2 weeks
Liposuction$1,500 to $7,5001 to 2 weeks
Eyelid lift$3,000 to $6,5001 to 3 weeks
Ear reshaping$400 to $8,0002 to 3 weeks
Hair restoration$3,500 to $14,0006 to 12 months
Cosmetic dentistry$500 to $2,000 (per veneer)1 to 2 weeks
Laser eye surgery$1,500 to $3,000 (per eye)1 to 2 weeks

Getting cosmetic surgery overseas

Some people go overseas to get work done to save money on the cost of cosmetic surgery. If you decide to go this route, you’ll want to factor the costs of travel into your requirements for cosmetic surgery loans.

You should also keep in mind that surgeons in other countries may not be as heavily regulated as they are in Canada. For this reason, you should research your options thoroughly to make sure you work with a reputable doctor.

Bottom line

Many loan providers will let you sign up for cosmetic surgery financing if you have good credit and a decent income. You may even be able to qualify for cosmetic surgery loans with bad credit if you can prove that you have the means to repay your loan. You may also want to find out if your insurance covers your procedure before you pay out of pocket.

Frequently asked questions about cosmetic surgery loans

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