Best Plastic Surgery Financing Options of 2022 – Forbes Advisor
There are several ways to finance plastic surgery if your insurance does not cover it. Here are some options to consider.
Personal loans provide a lump sum of money that you can spend on your plastic surgery costs. You will repay the amount over several years with fixed monthly installments, plus interest. Some lenders also charge origination fees, usually between 1% and 8% of the loan amount.
Since most personal loans are unsecured, meaning they don’t require collateral, lenders tend to have stricter qualification requirements than secured loans. How you repay your personal loan can also impact your credit. Payments on time can help improve your score while late payments can damage it.
Some plastic surgeons offer payment plans to their patients. Depending on your doctor, you may be able to spread the cost of your cosmetic procedure over time without having to pay interest on the amount. It might be helpful to ask the office about payment options and credit score requirements, if any. Some payment plans have no credit requirements, so bad credit won’t stop you from using one.
Note that some medical practices may refer you to a third-party lender or credit card company for a medical loan or credit card.
Medical credit card
Another option for plastic surgery financing is a medical credit card. Designed to cover medical expenses, these cards often offer 0% APR or a reduced APR if you pay off your balance within a certain time frame. The popular CareCredit medical credit card, for example, offers 0% APR if you pay off your charge of $200 or more within six to 24 months.
The downside to these cards, however, is that you may owe deferred interest if you still have a balance at the end of the 0% APR period. Your interest charges could be high, as credit cards often carry annual interest rates of 15% or more.
0% APR credit card
You can also explore other credit cards at 0% APR. Some cards allow you to make interest-free purchases for up to 21 months. As long as you pay off your entire balance within this time, you will not owe any interest. However, you run the risk of having to pay interest charges at the end of the promotional period.
It’s also worth noting that charging a large amount to a credit card will increase your credit utilization rate, which could lower your credit score. Also, you probably need good credit (at least 670) to qualify for one of these cards.
If you’re looking for funding for plastic surgery, you might consider a personal loan, credit card, or payment plan through your doctor. However, these options may incur interest and fees, as well as potentially damage your credit if you make late payments or increase your credit utilization rate.
To avoid these risks, consider saving up for your plastic surgery instead. Set aside money weekly or monthly in a savings account reserved for your intervention. If you can spend time saving for your surgery, you won’t have to go into debt or pay interest.