Plastic Surgery Financing: Loan Options for Cosmetic Procedures

Undergoing plastic or cosmetic surgery doesn’t just have an impact on your looks, but it can also impact your finances.

If your insurance doesn’t cover your cosmetic procedure, and you don’t have enough on hand to cover the expenses, you should compare different plastic surgery financing solutions to find the best option.

One of your options is plastic surgery loans. You can learn more about this option below.

On this page:

• How Much Does Plastic Surgery Cost?
• Plastic Surgery Loans
• Alternatives to Plastic or Cosmetic Surgery Loans

How Much Does Plastic Surgery Cost?

Plastic and cosmetic surgery aren’t cheap. In the table below, you can see what the average surgeon/physician fee is for certain common procedures according to a study conducted by American Society of Plastic Surgeons.

Plastic Surgery Loans

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There are quite a few companies out there offering personal loans for plastic surgery expenses. Some lenders may brand their personal loans specifically as medical loans.

Unsecured personal loans don’t require collateral, but you will usually need a good or excellent credit score to be approved. If your credit score doesn’t measure up, you might qualify for a secured personal loan. A secured loan is typically collateralized by property.

Most plastic surgery loans are offered with a fixed interest rate and repayment term; however, there are variable rate options on the market.

How You Repay a Loan for Cosmetic Surgery

When taking out a loan, you receive the money upfront and pay back the loan in monthly installments. You are responsible to pay back both the principal balance as well as any accrued interest.

Typically, a repayment term ranges from two years to five years. Some lenders allow you to repay the loan early, but make sure they don’t charge any prepayment fees for doing so.

The total cost of a plastic surgery loan is going to depend on the APR attached to the loan. If you have an excellent credit score, you have a much better chance of obtaining a personal loan with a low interest rate.

If your score is less than perfect, your APR might reach double digits. Some lenders charge an origination fee adding to the overall cost. You should try to choose a lender that doesn’t charge an origination fee to lower the overall cost of your loan.

Alternatives to Plastic or Cosmetic Surgery Loans

If a plastic surgery loan isn’t right for you, check out some alternatives below.

Medical Payment Plans

Some doctors will set up interest-free payment plans customized to a patient’s budget. On the plus side, you save on interest and fees, and a missed or late payment won’t show up on your credit report. However, if you don’t pay your bill, the doctor might use a collection agency or sue you, both of which will appear on your credit report.

Medical Credit Card

These cards are meant to pay for medical care only. Some offer zero-percent financing if you repay within a set time period. If you miss the deadline, you will retroactively owe interest for the period. Doctors often broker these credit cards. You must be careful with these cards, as there have been reports of doctors signing up patients to these cards without their knowledge.

Savings

If you don’t currently have the money on hand to pay for a cosmetic procedure, you might be able to save up for the cost by pushing back the date you have the procedure.

*Payment example: Monthly payments for a $10,000 loan at 9.34% APR with a term of 3 years would result in 36 monthly payments of $319.58. LightStream disclosures here.