What Are Your Options for Financing Plastic Surgery?
Plastic surgery financing affords consumers the ability to have procedures and pay over time. Options include personal loans, credit cards, savings, and medical credit cards such as Care Credit.
A personal loan from your local bank or credit union:
An unsecured personal loan is a quick way to secure money for a surgical procedure. Personal loans are lump-sum loans typically ranging from $1,000 to $50,000 that have a fixed APR and monthly payment. It is possible that you could get a better interest rate on a personal loan compared to a credit card or medical credit card.
Compared with some of your other financing options, an unsecured loan could be the least expensive alternative to getting a cosmetic procedure. If you have a strong credit history, your APR is likely to be significantly lower than a credit card.
Use a credit card with an introductory 0% APR offer:
These offers are typically anywhere from 12 – 20 months of 0% APR as an introductory offer and are reserved for borrowers with good credit when opening a new account. This allows you to divide the cost of your cosmetic procedure into smaller monthly payments without paying interest, as long as the balance is paid in full by the end of the introductory period.
Medical Credit Cards:
Medical credit cards, such as Care Credit, provide an easy-to-obtain method of financing for qualified individuals to pay for cosmetic procedures or procedures not covered by health insurance. It is important to read the fine print when obtaining a medical credit card. The terms of many of these types of credit cards may include harsh penalties for a missed payment. Additionally, interest can be applied to prior expenses if the balance of the card is not paid off in total by the end of the promotional period.
Savings:
If you can pay out-of-pocket, you will not incur any debt or additional fees for interest. You should consider how much of your savings you are willing to devote to the surgery.
Like the procedure itself, deciding how to finance your cosmetic surgery is a highly personal process. There are pros and cons to each option. You should explore and examine each to determine how it could affect your personal financial situation. We hope these suggestions are helpful. Please let us know if we can be of further assistance. You can also visit our financing page for more information.