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How to finance LASIK eye surgery

Finance your eye surgery so you never have to shell out for contact lenses again.

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Paying for contacts, new glasses and yearly visits to the optometrist — all adds up. Getting laser eye surgery can save you a pile of money in the long run. But getting together the money to cover the immediate cost isn’t always that easy. Almost all insurance providers consider it an elective procedure so it mostly isn’t covered by insurance. Even if it is, it’s usually only partial coverage

If you’re looking to finance your eye surgery, read our guide. We break down your financing options and the costs of LASIK eye surgery so you can create a manageable payment schedule and get 20/20 vision.

LoanConnect Personal Loan

LoanConnect Personal Loan

From

10 % APR

rate

  • Submit one application to compare multiple lenders
  • No application or origination fees

LoanConnect Personal Loan

Compare personal loans from a range of lenders and borrow up to $50,000 through this online broker.

  • APR: 10.00%-46.96%
  • Loan amounts: $500-$50,000
  • Loan terms: 6-60 months
  • Fees: No application or origination fees
  • Processing time: Receive funds within as little as 24 hours.
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Can I pay for LASIK eye surgery with a personal loan?

Yes. A common reason borrowers take out personal loans is to pay for cosmetic or elective procedures that aren’t covered, or are only partially covered, by insurance.

Some personal loan providers also offer financing specifically designed to cover the cost of cosmetic procedures. Often healthcare providers have partnerships with lenders to offer financing packages to patients. When looking for a loan, check with your LASIK center or eye doctor to see what types of financing they offer in addition to other personal loans.

Compare top online lenders

Name Product Interest Rate Max. Loan Amount Loan Term Fees Min. Credit Score Link
Mogo Personal Loan
9.90% - 47.42%
$35,000
9 months - 5 years
NSF fee - $20 - $50
540
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Mogo offers loans up to $35,000 on flexible terms.
Loans Canada Personal Loan
Secured from 2.00%, Unsecured from 8.00% to 46.96%
$50,000
3-60 months
No application or origination fees
300
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Loans Canada connects borrowers to lenders offering both secured and unsecured personal loans in amounts from $300 to $50,000. Submit one application to get rates from multiple lenders across Canada.
LoanConnect Personal Loan
10.00%-46.96%
$50,000
6-60 months
No application or origination fees
N/A
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More Info
LoanConnect is an online broker that matches borrowers to lenders offering loans in amounts from $500 to $50,000. Get approved for multiple loan offers from different lenders in as little as 60 seconds with any credit score.
Fairstone Personal Loan (Unsecured)
26.99% - 39.99%
$20,000
6 months - 5 years
None
560
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Fairstone offers unsecured personal loans up to $20,000
Cash Money Installment Loan
46.93%
$10,000
6 months - 5 years
Vary across provinces/territories
560
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More Info
Cash Money offers installment loans up to $10,000 for AB, MB and NB residents.
LendDirect Personal Loan
19.99% - 46.93%
$15,000
No end dates
None
560
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More Info
Borrow up to $15,000, based on your income and credit history, with a personal line of credit from LendDirect.
LendingMate Personal Loan
43% (British Columbia and Ontario) and 34.90% (Quebec)
$10,000
1-5 years
None
700
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LendingMate offers loans to Canadians with poor credit with no credit checks. Guarantor required for application.
Fairstone Personal Loan (Secured)
19.99% - 23.99%
$35,000
3-10 years
Varies by province
560
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More Info
Fairstone offers secured personal loans up to $35,000.
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Compare up to 4 providers

Representative example: Lisa gets LASIK

Lisa has worn glasses and contacts for over 20 years and has finally decided to take the plunge and get LASIK eye surgery. Since it’s an elective surgery, she will have to pay out of pocket – with the total procedure costing $3,000.00 ($1,500.00 per eye). She has $500.00 saved up, but will need to take out a loan to cover the remaining $2,500. She has a fair credit rating and some unpaid student debt, which doesn’t make her the best candidate for a loan from her bank. Instead, she heads online to compare lenders and finds one that offers her a competitive personal loan offer.

Cost of LASIK eye surgery $3,000.00
Loan type Personal loan
Loan amount $2,500.00
Interest rate 15.00%
Loan term 1 year
Additional fees Origination fee of 3% ($75.00)
Monthly payment $225.65
Total loan cost $2,782.75

*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 laser eye surgery cost?

Typical LASIK procedures can cost anywhere between a few hundred dollars to a few thousand dollars per eye, though the average cost sits around $2,000 per eye.

Costs will vary depending on the type of procedure you have and the surgeon you choose. Costs in Canada range from as low as $500 per eye to as high as $5,000 per eye.

How else can I pay for LASIK eye surgery?

You don’t necessarily need to take out a personal loan to cover your LASIK costs. Here are some of your other options:

  • A credit card. If you qualify for a credit card that has a low monthly APR, you might want to consider getting one to cover at least part of your LASIK costs — as long as you’re able to pay off your balance relatively quickly and the APR is lower than what you would get from a personal loan.
  • Save up. LASIK usually doesn’t cost more than $5,000 for both eyes and it’s not an urgent procedure. If you can deal with glasses and contacts for a little while longer, consider opening up a high-interest savings account and making monthly deposits toward your LASIK surgery periodically. Before you know it, you’ll have enough saved up.
  • Use your tax refund. Your tax refund might not be enough to cover the entire cost of the surgery, but it could put a big dent in it.
  • Discounts through your employer. Some LASIK companies have deals with large employers to provide discounted procedures. If you work for a large company, ask your HR department if a discount is available.
  • Ask friends and family. LASIK isn’t an incredibly expensive procedure, so your friends and family might be willing to lend you the money you need without interest. Keep in mind borrowing money and failing to pay it back from friends and family can cause relationship issues. Set repayment guidelines just as you would with a lender.
  • Find a promotion. Some LASIK centers have promotions year round offering discounted laser eye surgery. Just make sure it’s with a reputable surgeon.

5 tips for choosing a LASIK surgeon

The last thing anyone wants is to have their LASIK procedure botched by a surgeon with a poor track record — or no track record at all. Before choosing a surgeon, consider these key factors:

  1. Technology. Does your surgeon use up-to-date technology? You can usually find this information by calling or visiting their practice’s website.
  2. Experience. Look for a surgeon who specializes in laser eye surgery and has a long track record of successful surgeries.
  3. Certification and licensing. Check to make sure your surgeon is licensed to practice in your province or territory.
  4. Staff. Is the staff easy to reach and able to answer questions? Are they willing to put you in touch with your surgeon if needed?
  5. Reviews. What do past patients have to say? One bad review doesn’t mean anything, but consistent complaints could mean you should stay away.

Fun fact

Did you know LASIK stands for “laser-assisted in situ keratomileusis”? That’s the medical name for this vision-correcting eye surgery procedure.

Bottom line

LASIK eye surgery doesn’t need to break the bank. Personal loans and financing from your eye doctor or employer can make paying for your eye surgery a lot more manageable. While you might spend a little extra in interest, the amount you save on contacts and glasses might make it worth it.

Get started by asking your surgeon about financing options and checking out our personal loans guide to find the right loan for your financial situation.

Frequently asked questions

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