Take advantage of cost-effective financing options to fund this hair-replenishing surgery.
You’re probably aware that a hair transplant very expensive. If you don’t have all the available funds right now, there are several options you should know about that can help you finance the procedure.
How can I finance a hair transplant?
There are several ways you can finance a hair transplant and one option is to go through a lender such as a traditional financial institution or non-bank provider that offers personal loans. Another option is a loan from a standalone provider that specializes in providing medical loans for procedures such as hair transplants.
Compare your loan options to finance a hair transplant
How do different hair transplant financing options work?
- Unsecured personal loans. With an unsecured personal loan, you apply through a bank or online lender and request the appropriate funds. If the lender reviews and accepts your application, it will disburse the funds. You then make fixed repayments (usually monthly) for the term of the loan, usually anywhere from one to seven years. No collateral or security deposit is required.
- Loans from speciality providers. A number of standalone providers offer financing for medical procedures such as hair transplants. The terms may differ from provider to provider and options may include personal loans or other types of payment plans.
How much does a hair transplant typically cost?
The cost of a hair transplant varies widely depending on several factors such as the unique goals of each patient, the particular area treated, the treatment or combination of treatments used and the bio makeup of each patient.
For follicular unit grafting (FUE), price is largely determined by the number of grafts you undergo. The price per graft can range anywhere from $4 to $14 per graft and the number of grafts needed for a routine hair transplantation can also vary widely, but ranges anywhere from a few hundred grafts for small bald patches to several thousand.
Besides FUE, there are other procedures like platelet-rich plasma (PRP), or even a combination of techniques. Therefore, the total cost can cost anywhere from $4,000 to $30,000 or more.
What types of hair transplants are available?
- FUG (Follicular Unit Grafting). This technique involves surgeons taking a strip of skin (full of healthy donor hairs) from the back of a patient’s head and then transplanting it into bald spots through tiny incisions made into the scalp.
- FUE (Follicular Unit Extraction). This is a refinement of the FUG technique and is one of the most widely used hair restoration techniques in the world. FUE involves the surgeon removing healthy donor hairs one-by-one. The hairs are then transplanted into balding spots without incisions. The entire procedure leaves no visible scars, unlike with FUG.
- PRP (Platelet-Rich Plasma) hair restoration. Also known as vampire hair restoration, this method involves using a patient’s own blood as the source of hair restoration. PRP is what heals our wounds and forms our cells (think of the yellowish fluid forming on a scab). For hair restoration, PRP is infused into balding areas of the scalp, which then creates new cells to regrow hair naturally. Blood is initially extracted from the patient and then inserted into a centrifuge machine to extract the valuable PRP which is then injected into the scalp.
- Combination of techniques. More and more surgeons are using a combination of grafting techniques, such as FUE, with newer techniques in PRP, to combine the strengths of the two procedures. While a combination of techniques may get the best results, they’re certainly more expensive.
How to compare financing options
Take the following factors into consideration when comparing your options:
- Interest rate. Look for a competitive interest rate on your loan and make sure you’re aware of the difference between a fixed and variable interest rate. For variable rates, make sure you’re able to afford repayments if the rate jumps during your loan.
- Fees and charges. Pay attention to one-time fees like application fees and early repayment penalties. They also may include ongoing fees such as monthly service charges.
- Total cost of the loan. This takes into account both the interest rate and fees for the loan. Knowing the total cost of the loan will help you compare options across lenders and products– helping you make a better decision.
- Minimum loan amount. Pay attention to the minimum loan amount for each lender and make sure whatever option you’re considering provides the correct amount you need to finance your hair transplant. Over-borrowing can lead to financial strain down the road.
- Repayments. Make sure you’re able to make the required repayments and check to see if your lender provides any type of repayment flexibility.
- Secured vs. unsecured. Your lender may require collateral, such as home equity, to secure your loan. Keep in mind that if you ever fail to make repayments and default on your loan, your lender has the right to seize the assets you’ve provided as security.
What to watch out for before you apply
- Falling into a debt trap. It can be easy to find yourself with too much debt so make sure you take into full consideration the repayments you have to make on your loan along with any other loans or credit you’ve already taken out.
- Applying too many times. When you’re badly in need of funds, you may start applying to a number of different lenders within a short period of time, not knowing that lenders can see the number of times you have applied for a loan. Although several prequalifications will be seen as “rate shopping” and not harm your score, too many hard pulls on your credit can be considered overextending yourself.