One of the main concerns many have when contemplating plastic surgery is the cost. Plastic surgery, also known as cosmetic surgery, can be very expensive. The good news is you don’t have to pay upfront for procedures; many people are choosing financing as an option for plastic surgery.
Cosmetic surgery is big business, so big that it is a billion dollar per year industry. However, not everyone has the seemingly unlimited income of the rich and famous. Likewise, many insurance companies do not offer coverage for cosmetic surgery. So for everyone else, it pays to look at all the options available. When looking into financing plastic surgery, fortunately there are a number of options available.
While it is not necessary, it is a good idea to select a plastic surgeon before looking into financing options. Just be aware that not all surgeons will accept financing, either because they cannot afford the risk or simply because they choose not to. Some surgeons work directly with financing companies and offer “doctor discounts” if a patient decides to go the financing route. So when you choose a doctor, ask to see if he/she takes part in a finance or loan program.
When financing plastic surgery, the patient is taking on an unsecure loan. This means in the event that the patient is not able to pay back the loan, there is not collateral that the loan company can take for means of recovering the funds. With this in mind, banks will make careful observations of a person’s risk level by viewing their credit score. The credit score serves as an indicator to banks of how likely a person will be able to pay back the loan. A bank will look at debts, payment history and collections – certain things like bankruptcy can affect a person score for 8 years. They will also look at factors like the length of residence or employment when making a decision.
A good candidate who is financing plastic surgery will typically have less than $15,000 in credit card debt; the amount of the unsecured loan should be less than 50% of the annual gross income, debt to income ratio of less than 50%, two years of established credit without any disparaging credit entries, and be of legal age and a US citizen.
For those with less than stellar credit, there are still options available in financing plastic surgery. One word of caution, unless you have a non-interest card that comes with cash-back benefits, it is best to leave the credit card as the last resort. Check with unions or see if you are able to obtain a supplemental insurance plan as these two options can help pay for the cost of plastic surgery.
Then you have the option of using a plastic surgery financing company. These companies solely give out loans that are related to cosmetic surgery. The patient is not required to have A+ credit to secure a loan with this type of company. Because of this, these companies tend to have a higher interest rate than your typically bank; interest rates can be anywhere between 5.99% to 27.99% – depending on the credit score.