5 ways to finance cosmetic surgery in Canada

Cosmetic surgery can cost thousands of dollars depending on the procedure you’re interested in. While most people choose to save up to cover their costs, you may be able to qualify for cosmetic surgery financing. This option could come with very high fees and interest rates, so it pays to compare your options to find the best deal.

1. Get cosmetic surgery financing using a personal loan

• How it works. You can get secured or unsecured cosmetic surgery loans from banks, credit unions, online lenders or peer-to-peer lending sites. With this type of financing, you’ll borrow a lump sum of money and pay interest on the full amount. Cosmetic surgery loans in Canada can reach as high as $50,000, and you can choose variable or fixed interest rates.
• Eligibility requirements. You must be a Canadian citizen or resident, the age of majority in your province and meet credit score and income requirements. You will also need to have an acceptable debt-to-income ratio as well as equity in your assets if you choose a secured loan.

Compare personal loans to finance cosmetic surgery

2. Finance cosmetic surgery through the clinic

• How it works. Some cosmetic surgeons let you finance cosmetic surgery in-house, usually through a third-party provider like PayBright. Look for an office offering cosmetic surgery financing through its website, and apply online as you would with a normal loan. Upon approval, the third-party lender will usually transfer funds directly to your surgeon to cover the cost of your procedure.
• Eligibility requirements. You must be a Canadian citizen or resident, the age of majority in your province and meet credit score and income requirements.

3. Use a low interest credit card to finance cosmetic surgery

• How it works. You can apply for a low interest credit card to finance cosmetic surgery. These cards usually come with low annual fees and interest rates from 8.99% to 12.99%. Use your card for financing cosmetic surgery, and then pay it back on your own schedule. It’s also possible to pay your bill with a regular credit card and transfer what you owe to a balance transfer card with a 0% intro rate.
• Eligibility requirements. You must be a Canadian citizen or resident, the age of majority in your province and meet credit score and income requirements

4. Finance cosmetic surgery using a line of credit

• How it works. Taking out a line of credit to finance cosmetic surgery will give you a more flexible pool of funds to borrow from, usually at lower interest rates than a personal loan. Only borrow and pay interest on what you need, and keep the rest as an emergency fund. As you make repayments, the money becomes available for you to borrow again.
• Eligibility requirements. You must be a Canadian citizen or resident, the age of majority in your province and meet credit score and income requirements. You will also need to have an acceptable debt-to-income ratio as well as equity in your home (for a home equity line of credit).

5. Use specialized cosmetic surgery loans in Canada

• How it works. You may be able to get specialized cosmetic surgery loans in Canada with services such as Beautifi, Credit Medical or Medicard. These lenders will often be more familiar with the work you want done and the costs that may be involved. They will usually pay your cosmetic surgeon directly, and then you’ll pay them back with monthly payments.
• Eligibility requirements. You must be a Canadian citizen or resident, the age of majority in your province and meet credit score and income requirements. You’ll also need to have an acceptable debt-to-income ratio.

How to apply for a cosmetic surgery loans in Canada

Follow the steps below to apply for cosmetic surgery loans in Canada:

1. Apply for pre-approval. Fill out an application to get pre-approved for cosmetic surgery financing with banks, online lenders and credit unions. To apply, you’ll need to provide personal details such as your contact details, job, income and housing information.
2. Pick the best personal loan. Compare the offers you get and choose the one with the best rates and terms. Consider loan factors such as amount, length of term, fees, repayment requirements, etc). Learn more about the best personal loans in Canada.
3. Submit a formal application. The lender you choose may ask you to submit a more detailed application to formally apply for a loan (on top of pre-approval). You’ll typically need to upload or submit loan documents and banking information at this point.
4. Submit to a credit check. For the most part, it’s not possible to get cosmetic surgery loans with no credit check. Most lenders will require you to submit to a credit check so they can determine what interest rates you should pay.
5. Get a final loan offer. Review your loan agreement carefully. Make sure you fully understand the terms and cost of your loan and keep an eye out for extra fees.
6. Sign and submit. Sign and submit your loan agreement if you’re happy with your contract. With a personal loan or line of credit, you’ll usually get your money via e-Transfer or direct deposit.

What documents do I need?

To apply for financing cosmetic surgery in Canada, you may need to provide the following documents:

• Identity documents. Government-issued ID such as your passport or driver’s licence.
• Proof of income and employment. Pay stubs, employment records, bank statements or tax documents.
• Debt-to-asset ratio. Lists of assets and debts to make sure you can qualify for funding.
• Social Insurance Number. You may also need to input your SIN so your lender can check your credit.

Keep in mind, if you opt for instant bank verification, you won’t need to submit all of these. Learn more about bank verification for loans.

How can I get cosmetic surgery loans if I have bad credit?

You can get cosmetic surgery loans if you have 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 for bad credit.

The main downside is 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.

How can I get cosmetic surgery loans with no credit check?

It’s not usually possible to get cosmetic surgery loans with no credit check. Most lenders will need to check your credit to determine your interest rates. The one exception is that most payday lenders won’t check your credit as long as you’re a Canadian resident who’s the age of majority in your province. However, you can only borrow $1,500 and your interest rates will be very high.

What should I consider when looking for a loan?

Consider the following factors when looking for the right cosmetic surgery 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 15%. Compare personal loan rates in Canada.
• Fees. Check in with your lender to see if they’ll charge you extra fees for signing up, repaying your loan early or making late payments. Go with a lender that works to keep your costs low. Learn more about personal loan costs.
• 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 applying for a loan that’s out of your reach – and multiple hard pulls on your credit can bring down your credit score.
• Company reputation. Look for a lender with a solid reputation for customer service. Check online reviews on sites like Google, Trustpilot and the Better Business Bureau.

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, and which ones could be covered by insurance. You should also factor in lost time from work due to recovery times when making your budget.

Type of surgery	Average cost	Recovery time	When’s it covered by insurance?
Facelift	$10,000 to $35,000	4 to 6 weeks	Never covered
Nose job	$4,000 to $10,000	3 to 4 weeks	May be covered if the nose job will fix nasal problems, breathing issues or a deviated septum
Breast augmentation	$8,000 to $10,000	6 to 8 weeks	May be covered for transgender surgery
Breast reduction	$4,500 to $6,500	2 to 6 weeks	Often covered if it’s required to reduce back pain or fight infection
Mole removal	$150 to $400	1 to 2 weeks	Often covered if a mole is cancerous or interfering with an important physical function
Chemical peel	$500 to $600	1 to 2 weeks	Never covered
Liposuction	$1,500 to $7,500	1 to 2 weeks	May be covered when used to remove tumours beneath the skin or for other medical reasons
Eyelid lift	$3,000 to $6,500	1 to 3 weeks	Sometimes covered if your vision is impaired
Ear reshaping	3,500 and up	2 to 3 weeks	Sometimes covered for children
Hair restoration	$3,500 to $14,000	6 to 12 months	Never covered
Cosmetic dentistry	$500 to $2,000 (per veneer)	1 to 2 weeks	May be covered for restorative and preventative dental procedures
Laser eye surgery	$1,500 to $3,000 (per eye)	1 to 2 weeks	A certain portion may be covered by insurance with some providers

When should I apply for cosmetic surgery loans in Canada?

You may be in a position to apply to finance cosmetic surgery in the following situations:

• You have a high income. Cosmetic financing may be a good fit for you if you have a high income, and you know you can afford your repayments.
• You have a strong credit score. You’ll usually get much lower interest rates when you finance cosmetic surgery with a strong credit score.
• You can’t wait for the procedure. Financing may help if the procedure is medically necessary but not covered by insurance. If it’s not a medical emergency, it’s usually best to save up funds so you don’t get sucked into a cycle of debt you can’t get out of.

When should I avoid cosmetic surgery financing?

It’s best to avoid financing for cosmetic surgery in the following scenarios:

• You have bad credit. You’ll pay much higher interest rates for cosmetic surgery loans for bad credit. It’s much better to wait and improve your credit score to make sure you can qualify for better interest rates in the future.
• You have an uncertain financial situation. Avoid taking out cosmetic surgery loans if you only have a temporary job or an unpredictable income. This could make it difficult for you to make your repayments.
• You don’t want the extra cost. Avoid applying for cosmetic surgery loans if you can’t afford to pay high interest or fees. With cosmetic surgery, saving up in advance is often your best bet.

Getting cosmetic surgery overseas

Some people get cosmetic surgery done overseas to save money. While this might seem appealing, it’s important to remember that undergoing medical procedures in other countries is typically not recommended due to the risk of medical complications.

It should only be done in consultation with your doctor, who may be able to put you in touch with a reputable clinic overseas. If you decide to go this route, you should factor the costs of travel into your overall budget.

Bottom line

Many loan providers will let you apply to finance cosmetic surgery 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

• Can I get a loan for cosmetic surgery?

  You may be able to get financing for cosmetic surgery if you have a decent credit score, income and debt-to-income ratio. You could also apply with bad credit if you can prove that you have the means to pay your loan back, or if you're willing to secure your loan with an asset or get a cosigner to lower your interest rates.

• How much will I have to pay for cosmetic surgery financing?

  That depends on the procedure you want and how much you already have saved up. It will also depend on what interest rates you get for your cosmetic surgery financing since this can often add hundreds or thousands of dollars to your overall expenses.

• Am I guaranteed approval if I apply with good credit?

  Not necessarily. You're more likely to get a loan with decent interest rates if you have good credit. That said, most lenders will look at other factors such as your income, assets and other debts to determine your eligibility for cosmetic surgery loans.

• Can I use a credit card to pay for cosmetic surgery?

  Yes. You may be able to use a credit card to pay for a portion of your cosmetic surgery expenses. Just be aware that you'll only be able to use a credit card for an amount up to your credit limit, and you'll likely need to pay interest rates of around 19.99% unless you have a low interest credit card.

• Can I get cosmetic surgery loans with no credit check?

  It's usually not possible to get cosmetic surgery loans with no credit check unless you apply for payday loans (up to $1,500). However, you should avoid these loans at all costs since they're exorbitantly expensive and must be paid back by your next payday.