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Despite the fact that cosmetic surgery can cost thousands of dollars and usually isn't covered by insurance, it's becoming increasingly common in America. If you have been looking at getting a cosmetic procedure but don't have all the cash on hand, you may want to consider a cosmetic surgery loan.
People looking to finance cosmetic surgery procedures sometimes take out personal loans to do so. Personal loans allow you to borrow money either using an asset as security or with an unsecured loan, and you can sometimes choose a variable or fixed rate option. Depending on the loan you choose, you may be able to borrow between $3,000 and $100,000, for a term of between one and seven years.
This is one option people sometimes overlook, but it may be worthwhile to consider. Depending on your credit limit, you may be able to finance part of your procedure or even the entire thing. If you plan on using an existing card, confirm the interest rate you will be charged and whether you will be able to manage the repayments without incurring a bunch of interest. If you decide to get a new card, you may want to opt for one with a 0% interest rate introductory period on purchases so it can save you money on interest. Some cards offer interest-free introductory periods for as long as 12 months.
Some lenders specialize in providing financing options for people looking to get medical treatments and procedures. The benefit in dealing with these lenders is that they are most likely familiar with the type of procedures you are looking to finance and the costs that may be involved. Be sure to check the interest rates that are charged with medical loans as they can be considerably higher than that of other loan types.
Putting up your home for collateral can often get you a more competitive interest rate on a personal loan than if you go with an unsecured option. With a home equity loan, you can usually borrow up to around 85% of your home's value and any interest you pay might also be tax deductible. The down side is that you risk losing your home if you default.
One last-resort option is to borrow against your retirement savings plan. These typically have low rates and are easy to qualify for, but come with several risks. If you have airtight job security, however, you might want to look into these.
It's common to use cosmetic and plastic surgery to mean the same thing. But there's actually a slight difference that can affect your financing options.
Cosmetic surgery is an elective procedure you undergo to improve your appearance.
Plastic surgery is a restorative procedure: It repairs damage or defects and help your body function normally.
Most insurance companies cover plastic surgery but not cosmetic surgery. Want breast implants? That's probably not covered. Need breast reduction for health reasons? That might be covered.
The one area where you might be able to get coverage for cosmetic surgery is bariatric surgery — or weight loss surgery. Several states require health insurance companies under the Affordable Care Act to cover bariatric surgery because it considers it an "essential health benefit." If you're considering this type of procedure, you might want to check with your provider to make sure it's not covered before applying for a loan.
Sadly, bad credit is a reality for many people, but it doesn't have to stop you from getting the surgery or procedure you deserve. Before comparing your options, you can ask yourself the following questions:
To apply for a personal loan to finance a cosmetic procedure, compare your options on finder.com and click the "Go to site" button to go to your chosen lender’s website. There you'll fill out an online application form. Eligibility requirements will differ between lenders, but generally you will need to have good to excellent credit, be 18 or older and a permanent US resident or citizen. You will also need to provide the following details when you apply:
Here are some general estimates of how much different cosmetic surgery procedures costs and typical recovery times. Be sure to discuss your personal situation with the surgeon you're considering before undergoing any procedure.
There are a number of cosmetic issues that can be resolved with general cosmetic surgery. Cosmetic enhancements include procedures such as a face lift or breast lift. The cost of these types of cosmetic surgeries varies widely based on your geographic location and the surgeon's reputation but can range from $3,000 to over $5,000. The procedures can require one or two weeks off from work depending on which body part you are enhancing and the extent of the surgery.
Many people, especially men, turn to surgery to replace lost hair. This involves removing hair bearing skin from one area of the body and transplanting it onto the scalp. Afterwards the patient may feel pain or throbbing in the area, making it necessary to take a few days off from work until fully recovered. How much the procedure costs will vary depending on the extent of hair loss, but can range from $5,000 to over $10,000.
Bariatric surgery is used as a weight loss method that helps the patient to control their appetite. This is done using a variety of methods including having a band placed around the upper portion of the stomach. These types of procedures start at around $3,000, but can be as high as $5,000. Many of these procedures are now done with laser treatments, making recovery time around 10 to 14 days.
Dental surgery requires the removal of teeth and/or the reconstruction of the jaw bone to position them better. Dental implants can cost up to $3,000 for a single tooth and range from $24,000 to $96,000 if you want your entire mouth cosmetically enhanced. You may be in pain for a few days following the procedure, so be prepared to take up to five days off from work.
Cosmetic dentistry is used to repair what is considered to be an abnormality with the mouth or teeth. Teeth whitening is a common procedure that averages about $500 a visit, and should not require any time off from work. Veneers, which are placed over the teeth to improve their appearance, will be anywhere from $800 to $1,200 per tooth.
Laser eye surgery, or Lasik, corrects a person’s vision without the use of glasses or contact lenses. Instead, a laser is used to restore vision to the ideal 20/20. These types of laser treatments can range from $2,500 to $6,500 and as this is an outpatient procedure, you will need someone to bring you home afterwards. Expect that your vision will not be fully restored for up to five days following the procedure.
For couples who are struggling to have a baby, IVF programs are often the only solution. These types of fertility treatments assist the couple with getting pregnant by using donor and implantation techniques. Recent advancements have made these procedures possible for as little as $800, but since they don’t always work the first time, it can become very costly for the couple.
ENT is a specialty in the ear, nose and throat. One of the most common procedures related to ENT surgery is rhinoplasty, which is a reshaping of the nose. These cosmetic procedures can cost up to $12,000, and you’ll also need 10 to 14 days afterwards to recover before being able to return to work.
To save money, some people go overseas to places like the Dominican Republic, where cosmetic procedures are cheaper. It's important to fully research the surgeon before having them perform any procedure on you. Although you may save some money in the short term, you could expose yourself to some serious health risks.
Surgeons in other countries may not be as regulated as they are in the United States. Thus, some procedures in other countries may not be as hygienic or safe. If you are considering an overseas procedure, you may want to seek professional advice in order to understand the risks involved.
Monthly payments will depend on the loan amount, the loan term and what interest rate you're charged.
Most likely, yes. Lenders may have different criteria when it comes to approving loans for cosmetic procedures. Be sure to check with the lender you're interested in before applying.
Many surgeons and medical facilities accept credit cards a form of payment. You may be charged a small percentage of the transaction as a processing fee. Be sure to understand the interest that'll be charged on your balance if you don't plan on paying the credit card balance in full right away.
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