If you’ve been looking at getting a cosmetic procedure done but don’t have enough money to cover it, you may want to consider taking out a loan.
What's the difference between cosmetic and plastic surgery?
It’s common to use cosmetic and plastic surgery interchangeably, however there’s actually a slight difference that may 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 helps your body function normally.
Options for financing cosmetic surgery
A personal loan can be used to pay for cosmetic surgery, since it’s a legitimate purpose. Personal loans usually come in two forms: secured and unsecured. Taking out a secured loan means you offer up collateral, like your home equity or car, and you will usually be offered a slightly lower interest rate. An unsecured loan does not have any of your assets attached to it, however it will likely come with higher interest rates since there’s more risk with this type of loan. You can sometimes choose a variable or fixed rate option when taking out a personal loan. Depending on the loan you choose, you may be able to borrow between $3,000 and $35,000, for a term of between one and seven years.
This is one option that you probably have available to you if you already have a credit card. Depending on your credit limit and the cost of your surgery, 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’ll be able to manage the repayments without incurring a large amount of interest. If you decide to get a new card, you may want to opt for one with a low interest rate on new purchases, so it can save you money on interest.
Putting your home up for collateral can often get you a more competitive interest rate on a personal loan than if you go with an unsecured option. However, this is a risky option considering if you don’t make your repayments you could lose a portion, and eventually all, of your home. With a home equity loan, you can usually borrow up to around 80% of your home’s value.
How to compare loan options
Loan terms. Determine a realistic length of time that you may need to pay back the loan in full, then check that these terms are offered by the lender. The length of time you borrow the loan for will affect the amount of interest you pay as well as the cost of your repayments each month.
Loan amount. Some lenders have set minimum and maximum borrow amounts, while others may only approve you for a certain amount based on your credit history and income. Only borrow as much as you need since you’ll pay interest on the entire amount.
Fixed or variable rate. Fixed rate loans have a set interest rate for the life of the loan, allowing you to plan your repayments and know exactly how much is due each month. Variable rate loans may have a fluctuating rate, but you may also be able to take advantage of good market conditions that afford you a lower rate.
Repayment options. Most personal loans will come with monthly repayments. You may be able to align the repayment dates with your budget, but some lenders may be more restrictive. You should also see if you are able to make early repayments without incurring any additional fees, as this option can help you save money on interest.
Can I get a cosmetic surgery loan with bad credit?
There are a few different types of loans available for those people who have bad credit. Before comparing your options, you can ask yourself the following questions:
Are you sure you want the procedure? Cosmetic surgery is a serious medical procedure that can be irreversible. Before you apply for financing, make sure you’re certain you want the procedure.
Have you researched the risks? There are various risks associated with different surgeries. Research these risks before you apply for a loan to ensure you understand exactly what you’re getting into.
How much will the surgery cost? Total up the entire amount of the surgery, including the surgery itself, travel costs and any unpaid time you may have to take off from work. Calculate your monthly repayments and budget them in with your income and expenses to make sure you’ll be able to afford the loan.
Can you save up the money or wait until your credit has improved? With bad credit, your options for a personal loan may be limited and more expensive. If you can wait until your credit score has improved, you may be able to qualify for a lender who can provide the financing needed for your cosmetic surgery. If not, there are lenders who offer installment loans and short-term loans to those with bad credit.
What to consider when looking for a loan
Fees. Before you take out a loan, you should be aware of all the fees that you might incur. Look for fees that you’ll be charged for the loan to be set up, ongoing loan administration fees, plus fees you may be charged for paying off the loan early or for making additional repayments.
Interest rate. The interest rate may be fixed or variable. Although the rate contributes significantly to the cost of the loan, you need to consider this alongside other costs, such as fees, to get an idea of the real cost of the loan.
Restrictions. Depending on the lender you go with, there may be certain restrictions placed on the loan. For instance, you may not be able to make additional repayments or be able to pay back the loan early. Make sure you are familiar with all aspects of the loan before you sign the contract.
How to apply for a cosmetic surgery loan
To apply for a personal loan, thoroughly research your options and then head to the lender’s website to apply online. You may also be able to apply in person at a store if the lender has physical branch locations. Some lenders also allow you to apply over the telephone. If applying online, you will be taken to a secure online application form. Before applying, make sure you meet the eligibility requirements and have the necessary documents on hand.
You will usually need to meet the following requirements:
Be 18 years of age or the age of majority in your province or territory
Be a Ireland citizen or a permanent resident with a valid Ireland address
Have proof of an income
Have a working bank account
Meet the income and credit score requirements
You will also need to provide the following details when you apply:
Personal details including your name, age and proof of your identification
Financial details including your assets, debts and liabilities
Your income and pay frequency, which may require paycheques or bank statements
Your employment information
Here are some general estimates of how much different cosmetic surgery procedures cost and typical recovery times. Be sure to discuss your personal situation with the surgeon you’re considering before undergoing any procedure.
Laser eye surgery
In vitro fertilization (IVF)
Getting cosmetic surgery overseas
To save money, some people go overseas to places like Mexico and Europe, where cosmetic procedures are cheaper. It’s important to fully research the surgeons 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 Canada. As a result, some procedures conducted abroad aren’t always as hygienic or safe. If you’re considering an overseas procedure, you may want to seek professional advice in order to understand the risks involved.
Frequently asked questions about cosmetic surgery loans
Monthly payments will depend on the amount of money you borrow, 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, however as long as you use the loan for a legitimate purpose, you should be ok. Be sure to check with the specific lender before you apply for the loan.
Many surgeons and medical facilities accept credit cards as 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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