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5 ways to finance cosmetic surgery in Canada

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

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.

Pros

  • You can choose from dozens of lenders
  • It’s easy to use a broker to compare rates to find the best deal
  • You can secure your loan with an asset or sign on with a guarantor to increase your chances of getting approved

Cons

  • Some lenders have strict eligibility criteria (such as a minimum credit score or income requirements)
  • Loans can come with additional fees
  • You’ll pay high interest rates for cosmetic surgery loans for bad credit

Compare personal loans to finance cosmetic surgery

1 - 8 of 8
Name Product Ratings Interest Rate Loan Amount Loan Term Requirements
Loans Canada Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
6.99% - 46.96%
$300 - $50,000
3 - 60 months
Requirements: min. credit score 300
Spring Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
10.80% - 46.99%
$500 - $35,000
6 - 60 months
Requirements: min. income $1,800/month, 3+ months employed, min. credit score 500
LoanConnect Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
8.99% - 46.96%
$500 - $50,000
3 - 120 months
Requirements: min. credit score 300
AimFinance Personal Loan
Finder Score:
★★★★★
46.00%
$1,000 - $5,000
9 - 24 months
Requirements: min. credit score 580
Mogo Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
9.90% - 46.96%
$500 - $35,000
6 - 60 months
Requirements: min. income $13,000/year, min. credit score 500
SkyCap Financial Personal Loan
Finder Score:
★★★★★
Customer Survey:
★★★★★
12.99% - 39.99%
$500 - $10,000
9 - 60 months
Requirements: min. income $1,666.67/month, full time employment/pension, min. credit score 575, no bankruptcy
goPeer Personal Loan
Finder Score:
★★★★★
8.99% - 34.99%
$1,000 - $35,000
36 - 60 months
Requirements: recommended income $40,000/year, no payday loan debt, min. credit score 600, min. 5-year credit history. (Avg. approved rate of 15.80%)
getloanapproved.com Vehicle Title Loan
Finder Score:
★★★★★
9.95% - 29.00%
$1,000 - $50,000
48 - 72 months
Requirements: Vehicle must be 10 years old or newer, and must not be financed or leased.
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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.

Pros

    • Easy and quick application
    • Direct payment to your cosmetic surgeon
    • High acceptance rate for qualified candidates

Cons

    • You won’t be able to compare lenders to find the best rates
    • You may not get approved with bad credit
    • Not available with all clinics

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

Pros

    • Low interest rates
    • Reasonable annual fees (usually between $25 and $35)
    • You could qualify for a 0% intro offer, which could lower your costs even further

Cons

    • You may get a lower credit limit than you need
    • May be difficult to qualify with bad credit
    • It takes time to apply for a credit card and to receive it in the mail (if you don’t already have one)

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).

Pros

    • Quick financing for cosmetic surgery if your line of credit is set up in advance
    • Can help to cover aftercare and other expenses
    • You only pay interest on the amount you borrow (not the amount you qualify for)

Cons

    • Interest rates can be high if you have bad credit
    • Lenders may have strict eligibility requirements (for example, minimum income or credit score requirements)
    • You may spend more than you need if cash is readily available

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.

Pros

    • Easy and quick application
    • Direct payment to your cosmetic surgeon
    • No prepayment penalties in most case

Cons

    • It’s not possible to compare lenders to find the best rates
    • Interest rates for these loans are often quite high
    • It’s difficult to qualify for cosmetic surgery loans for bad credit

What’s the difference between cosmetic and plastic surgery?

The main difference is that cosmetic surgery is for aesthetic reasons while plastic surgery is for medical reasons.

  • 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 various health issues. It is usually covered by provincial health or private insurance.

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 $15,000 loan to cover the 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 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.

What credit score is needed for cosmetic surgery financing?

You’ll usually need a credit score of 660 or above to qualify for cosmetic surgery loans in Canada. Any score below 660 may be considered as fair or bad credit, which could make it more difficult or extremely expensive 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 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 surgeryAverage costRecovery timeWhen’s it covered by insurance?
Facelift$10,000 to $35,0004 to 6 weeksNever covered
Nose job$4,000 to $10,0003 to 4 weeksMay be covered if the nose job will fix nasal problems, breathing issues or a deviated septum
Breast augmentation$8,000 to $10,0006 to 8 weeksMay be covered for transgender surgery
Breast reduction$4,500 to $6,5002 to 6 weeksOften covered if it’s required to reduce back pain or fight infection
Mole removal$150 to $4001 to 2 weeksOften covered if a mole is cancerous or interfering with an important physical function
Chemical peel$500 to $6001 to 2 weeksNever covered
Liposuction$1,500 to $7,5001 to 2 weeksMay be covered when used to remove tumours beneath the skin or for other medical reasons
Eyelid lift$3,000 to $6,5001 to 3 weeksSometimes covered if your vision is impaired
Ear reshaping3,500 and up2 to 3 weeksSometimes covered for children
Hair restoration$3,500 to $14,0006 to 12 monthsNever covered
Cosmetic dentistry$500 to $2,000 (per veneer)1 to 2 weeksMay be covered for restorative and preventative dental procedures
Laser eye surgery$1,500 to $3,000 (per eye)1 to 2 weeksA 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

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