Cosmetic surgery is becoming increasingly common in Singapore, but that doesn’t mean that all of these procedures are covered by your healthcare provider. If you have been looking at getting a cosmetic procedure but don’t have the funds available, you may want to consider a cosmetic surgery loan.
- Borrow from S$5,000
- Fixed monthly repayments
- Redraw on your existing loan
HSBC Personal Loan
Apply today to get approved for up to S$200,000 over 7 years.
- Max. loan amount: Up to 8x fixed monthly income or up to S$200,000
- Loan tenure: Up to 7 years
- Approval duration: 1 minute approval in principle. "Next Day" approval available for loans no more than S$100,000
- Effective Interest Rate: 7% is only applicable to customers with annual income of at least $80,000, and tenor between 3-7 years.
- Fees: S$88 processing fee, S$75 late payment fee, 2.5% early repayment fee, 2.5% + prevailing interest overdue interest fee
Compare personal loans to fund your cosmetic surgery
Plastic surgery holidays: What you need to know
To save more, some Singaporeans opt to go overseas, such as Thailand, where cosmetic procedures are cheaper. These are referred to as ‘plastic surgery holidays’, and although you may save yourself some money, you could expose yourself to some serious risks.
Singapore’s medical services are among the best in the world, while 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 to understand the risks involved.
What options do you have to finance cosmetic surgery?
Personal loans allow you to borrow money either using an asset as security or with an unsecured loan, and you can choose a variable or fixed rate option. Depending on the loan you choose, you may be able to borrow between S$5,000 and S$100,000, for a term of between one and five years for fixed-rate loans, or one and seven years for variable rate loans.
Personal loans information and options
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 minimum repayments. If you decide to get a new card, you may want to opt for one with 0% instalment payment plans so you can save you money on interest.
Find out more about credit cards here
Some lenders specialise 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. They offer payment plans that offer loans for amounts up to S$70,000, with reduced fees being another common feature. Be wary of the interest rates that are charged with these loans though, as they tend to be considerably higher than with other finance options.
How you can compare cosmetic surgery loans
- Loan terms. You should try and 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 for may affect the amount of interest you pay over the life of the loan and the cost of your repayments.
- Loan amount. Before signing up for the loan, you should check that you will be able to borrow the full amount of money you need. Some lenders have set minimum and maximum amounts, while the amount you will be approved for is also dependent on your credit history.
- Fixed or variable. Fixed rate loans have a set rate for the life of the loan, allowing you to plan your repayments. 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. Variable rate loans tend to offer longer loan terms as well.
- Repayment options. Most personal loans will have the option of weekly, fortnightly or monthly repayments that you can align with your budget, but some lenders are more restrictive. You should also see if you are able to make additional repayments without incurring fees as this option can help you save money on interest.
Did you know that there are options for credit-impaired borrowers so you can still get your implants or veneers in Singapore or head to Thailand? Before you compare your options, ask yourself the following:
- Are you sure you want the procedure? Cosmetic surgery is a serious medical procedure that is often irreversible. Before you apply for finance, make sure you’ve properly made up your mind.
- Have you researched the risks? There are various risks associated with different surgeries. Research these risks before you consider your finance options to ensure you understand what you’re getting into.
- How much will the surgery cost? This has to include the surgery plus any time you need to take off work or to pay for travel. Calculate your repayments and make sure you will be able to afford the loan for this amount.
Once you’ve asked yourself these crucial questions and are still sure you want a bad credit cosmetic surgery loan, you can compare your options. Start with those in the table below.
What to consider with a cosmetic surgery loan
- Fees. Before you sign up for the loan you should check all applicable fees that you might incur. You should look for fees that you will be charged for the loan to be set up, ongoing loan administration fees, plus fees you may be charged for closing 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 apply.
What you’ll pay for cosmetic surgery
How you can apply for a loan for your cosmetic procedure
To apply for a personal loan or credit card to finance a cosmetic procedure, compare your options in the table above and click through to your chosen lender’s website to start your online application.
Eligibility requirements will differ between lenders, but generally, you will need to:
- Be over the age of 21.
- A permanent Singapore resident or citizen.
- Have a good credit rating.
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 payslips or tax returns.
- Your employer’s name and contact information.
Unsecured personal loan information and options