Cosmetic Surgery Loans

If you’re looking to fund a cosmetic procedure, check out the range of financing options at your disposal.

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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.

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Compare personal loans to fund your cosmetic surgery

Name Product Interest Rate From Minimum Loan Amount Maximum Loan Amount Processing Fee
DBS Personal Loan
3.88% 

EIR: 7.56%

S$500
Up to 10x your monthly salary
1% processing fee
Apply today and you could get an interest rate as low as 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee. Loans of up to 10x your salary may be available.
Standard Chartered CashOne Personal Loan
3.48% 

EIR: 6.95%

S$1,000
Up to 4x your monthly salary, subject to a cap of S$250,000
S$0
Apply by 20 July 2020 to receive Cashback equivalent to 50% of your first month's instalment loan amount. T&Cs apply.
POSB Personal Loan
3.88% 

EIR: 7.56%

S$500
Up to 10x your monthly salary
Based on your personal credit and income profile
Enjoy a fast approvals service and an interest rate starting at 3.88% p.a. (EIR 7.56% p.a), plus a 1% processing fee.
HSBC Personal Instalment Loan
3.7% 

EIR: 7%

S$1,000
S$200,000
S$88
Get an S$88 processing fee waiver if you apply by 31 October 2020. T&Cs apply.
Citi Quick Cash Loan
4.55% 

EIR: 8.5%

S$1,000
S$100,000
S$0
Get cash starting at 4.55% p.a. (EIR 8.5% p.a.) on a 36-month loan tenure. The interest you pay will vary depending on factors such as your credit score.
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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 loan

Personal loans allow you to borrow money either using an asset as security or with an unsecured loan. 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.

Personal loans information and options

  • Credit card

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

  • Medical loan

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. Fixed rate loans have a set rate for the life of the loan, allowing you to plan your repayments.
  • 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.

Options for those with bad credit

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. 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

Read more on this topic

  • UOB Personal Loan Review Singapore The UOB Personal Loan offers a range of benefits, including a 0% processing fee and quick disbursal of funds.
  • Education Loans in Singapore Guide to getting an Education Loan in Singapore – Education loans can help cover your course fees while you’re still studying.
  • DBS Debt Consolidation Plan DBS offers a debt consolidation plan with a flexible loan tenure and promotional interest rate.
  • DBS Balance Transfer Review Access short term financing with 0% interest for up to 12 months with DBS Balance Transfer.
  • DBS Personal Loan Review Repay your personal loan over a period of up to five years with DBS.
  • POSB Personal Loan Review Take advantage of a fast approval process for a personal loan with POSB.
  • HSBC Personal Instalment Loan Get a quick decision in-principle on your personal loan of up to seven years with HSBC.
  • Standard Chartered CashOne Personal Loan Review Find out what you need to know about Standard Chartered CashOne Personal Loan. Get competitive rates and a loan that’s matched to your needs.
  • Citi Quick Cash Loan Review If you’re looking for a loan to meet any type of expenses, Citi Quick Cash Loan could be an option to consider. Existing Citibank customers with a Citi Credit Card or a Citibank Ready Credit can apply to convert their unused credit limit to cash in their Citi Deposit Account. This needs to be paid back in monthly instalments, along with your regular credit card payments.
  • What is a processing fee on a personal loan? Learn how lenders apply processing fees, how much they cost and where to find a personal loan without this fee.
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