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Compare loan options for weight loss surgery

Need some extra cash to pay for any uncovered weight loss surgery? You have financing options.

Looking for the right loan? We're here to help.
Click the blue button to find the best loan for you.
Name Product Interest Rate Loan Amount Loan Term Requirements Credit Score Link
LoanConnect Personal Loan
Secured from 1.90%, Unsecured from 9.90%-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.
ConsumerCapital Personal Loan
19.99% - 32.99%
$1,500 - $12,500
24 - 60 months
Min. income of $1,900 /month, 6+ months employed
Min. credit score: 540
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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.
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.
goPeer Personal Loan
8.00% - 31.00%
$1,000 - $25,000
36 - 60 months
Min. income of $15,000 /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.
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.
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.
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.
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.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$5,000 - $50,000
36 - 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.
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While not all provinces and territories have full public health coverage for all types of weight loss surgery, many procedures do have full or at least partial coverage across Canada. If you need some extra cash to pay for any unpaid portions or cosmetic weight loss procedures that aren’t covered by insurance, here are several financing options that can make paying for it more affordable.

Using a personal loan to pay for weight loss surgery

If your operation is not fully covered in your province or territory and your private insurance doesn’t cover it, you can turn to a financing option like a personal loan.

1. Start with checking coverage in your province or territory

Only one third of weight loss procedures are treated at public health clinics in Canada, while two thirds are paid for customers out-of-pocket (or with help from insurance) at private clinics.

While some weight loss procedures are covered in most provinces and territories, some people don’t qualify and others don’t want to wait the sometimes two to fifteen years to reach the top of the waitlist.

The three types of weight loss surgeries covered in most provinces and territories in Canada by health care plans include:

  • Gastric banding
  • Gastric sleeve
  • Gastric bypass

To find out what type of coverage you have in your province or territory, ask your doctor or surgeon for more information.

2. Check with your insurance company

If you decide to go the private clinic route, don’t qualify for coverage or don’t want to wait on a public health clinic waitlist, contact your private health insurance company and see what type of coverage they offer. This may help you cover part or all of your surgery.

3. Look at multiple types of providers

If you still need coverage after checking both public and private health insurance, you can consider alternative financing options, including a personal loan.

Personal loans are offered by traditional lenders like banks and credit unions, as well as non-traditional lenders in the online world. Compare your options and shop around before you choose a loan and apply for it. You are usually able to choose between a secured or unsecured personal loan, including variable or fixed interest rates.

Example: Kevin gets liposuction

Kevin has been overweight for a very long time and has decided to get liposuction. He knows this won’t be covered by insurance or public health since it’s a cosmetic procedure. Since he’s getting liposuction in six different areas, his total cost will come to $21,000.00 ($3,500.00 per area). Kevin has $11,000.00 saved up for the procedure, but will need access to $10,000.00 more. He decides to take out a personal loan for $10,000.00. After comparing his options, he heads online and finds a lender willing to offer him a secured loan with just 5.00% interest. He will offer up his car as collateral since it’s worth $25,000.00, and he can pay the loan back over the course of 2 years.

Cost of liposuction in six areas$21,000.00
Loan typeSecured personal loan
Loan amount$10,000.00
Interest rate5.00%
Loan term2 years
Additional feesOrigination fee of 3.00% ($300.00)
Monthly payment$438.71
Total loan cost$10,729.13

*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 much does weight loss surgery cost?

The cost of weight loss surgery in Canada will depend on a few factors including:

  • Coverage in your province or territory by Public Health.
  • Whether you meet the requirements for Public Health coverage.
  • Coverage by your private insurance company.
  • Whether you choose a public or private clinic.
  • The type of weight loss procedure you get.
  • Whether it is a weight loss procedure or a cosmetic procedure (Cosmetic procedures are rarely covered by private insurance).

Most weight loss surgeries are a type of bariatric surgery — procedures that involve altering the digestive system. Cosmetic procedures like liposuction or a tummy tuck can also help you lose weight initially, although they might not allow you to keep it off. Speak with a medical professional before deciding on any surgical procedure.

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Compare costs per procedure

Good news!

The above three procedures are usually partially or fully covered by health care in Canada, depending on the province or territory you reside in.

Restrictive vs. malabsorptive procedures

When researching bariatric surgery, you might come across the terms restrictive and malabsorptive to describe specific procedures.

In short, restrictive refers to procedures that decrease the stomach’s capacity to hold food, like gastric stapling or banding.

Malabsorptive surgery typically refers to rerouting the intestines to bypass a part of the small intestines, where fats, proteins and vitamins are absorbed. Fewer nutrients absorbed by your digestive system can mean faster weight loss. However, it might also require lifetime supplements to keep your body healthy.

Speak to a medical professional before deciding on any medical procedure to make sure it fits your lifestyle and long-term goals.

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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How else can I pay for weight loss surgery?

First, ensure you understand your insurance and Public Health coverage for the type of surgery you need — many bariatric procedures are at least partially, if not fully covered. You may find that your insurance provider covers specific doctors and medical facilities for the procedure you’re interested in.

Other financing options include:

  • Medical payment plans. Some private clinics will offer plans that allow patients to pay their bills in installments, rather than all at once, often without interest.
  • Peer-to-peer loans. Fund your weight loss surgery through a loan funded by investors on an online peer-to-peer platform. Interest rates are sometimes lower than your standard personal loan.
  • Credit cards. If your procedure doesn’t cost more than your credit limit, it might be easier to put it on your credit card if you know you can pay it off quickly.
  • Friends and family. If you have trouble pulling together the funds, consider asking relatives or loved ones for financing. They might not charge you interest, although it could hurt your relationships if you’re slow to pay it back – or don’t pay it back at all.

Consider a secured loan

Lenders consider loans secured by collateral less risky than unsecured loans. With a secured loan, your lender can sell the asset you’ve put up as collateral if you’re unable to repay your loan on time. In this situation, your credit will likely suffer and you’ll lose your asset, however you’ll avoid other troubles that come along with defaulting on an unsecured loan.

Bottom line

You don’t have to put off weight loss surgery if it’s crucial to maintaining your health. Personal loans, peer-to-peer loans and in-house financing can help you pick up any costs not covered by Public Health and your own private insurance.

Get started on your search for weight loss financing by checking out our guide to personal loans.

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