Credible takeaways
- Health insurance typically only covers types of plastic surgery deemed medically necessary, which rarely include cosmetic procedures.
- If you need to finance cosmetic surgery, you have several options, including a personal loan, credit card, or in-house financing.
- Some credit cards and in-house financing programs offer zero-interest promotional periods.
Cosmetic surgery is becoming more common, with a 19% increase in procedures between 2019 and 2022, according to the American Society of Plastic Surgeons. But health insurance typically won’t cover an elective procedure like cosmetic surgery unless your insurance provider also deems it medically necessary. Whether you’re hoping to get Botox or a more invasive procedure like liposuction, plastic surgery financing can help with the costs.
What is plastic surgery financing?
Plastic surgery financing is any loan or credit card that can be used to pay for a cosmetic procedure over time. Many people struggle to cover the costs of cosmetic surgery all at once, since the procedures can be expensive. For example, a tummy tuck cost an average of nearly $7,500 in 2022, according to Aesthetic Plastic Surgery National Databank Statistics.
While it’s generally best to save for a large expense like plastic surgery rather than borrowing, there are financing options available, such as a personal loan, home equity loan, credit card, and in-house financing.
Personal loan for plastic surgery
One option for financing cosmetic surgery is to apply for a personal loan from a bank, credit union, or online lender. A personal loan is an installment loan that provides you with a lump sum of money upfront. You repay the loan in fixed monthly payments with interest over a set period of time, often several years.
A personal loan can be used for almost any purpose, including plastic surgery. You can often borrow up to $50,000 (sometimes more), depending on the lender, and repayment terms are typically available from one to seven years. Personal loan interest rates largely depend on your credit profile, and range from around 6% to 36%.
To qualify for the best rates on a personal loan, you’ll need excellent credit. But some online lenders offer bad-credit personal loans. Most lenders also check your payment history, income, and other debts when determining whether you’re eligible for a loan and setting your interest rate. Some lenders may also charge an origination fee, which is typically deducted from the funds you receive. The annual percentage rate (APR) on the loan reflects the total annual cost of borrowing, including any upfront fees, which makes it a good way to compare different loans on the basis of overall cost.
Tip
Prequalify with multiple lenders to get a sense of the rate and terms you may receive with them, and compare APRs. Prequalification is not an offer of credit.
Plastic surgery credit card
Another way to pay for plastic surgery is to use a credit card, which gives you access to credit on an ongoing basis and typically requires a minimum payment toward your balance every month. Some plastic surgeons accept medical credit cards, like those offered by CareCredit and Alphaeon. The advantage of these cards is that you can often get promotional financing on large purchases. That means you’ll pay low or no interest on the charge for a limited period of time.
You can also take advantage of an introductory APR offer on a new credit card. For instance, some credit card issuers offer a 0% APR on purchases for up to 21 months when you open a new account. That means you can avoid paying any interest as long as you pay off the balance in full before the introductory period ends. If you apply for one of these offers, you’ll also be able to use the card for non-medical purchases.
Warning
Unlike installment loans, credit cards assess interest on any interest that has already accrued to your account — called compound interest — which can lead to a rapid rise in your balance if you only make minimum payments.
In-house financing for plastic surgery
Many plastic surgery clinics offer in-house financing, which is typically provided in partnership with a third-party financing company. The funds usually go directly to the provider, so you’ll have less flexibility when compared to a personal loan. Many in-house financing programs come with a 0% APR promotional offer for the first six or 12 months. However, rates are generally higher if you choose a longer-term financing option. If you need several years to pay off the balance, you may pay less with a personal loan.
How to qualify for plastic surgery financing
While eligibility requirements vary depending on the type of financing you choose, you’ll generally need the following:
- A good-enough credit score: The better your credit score, the more options you’ll have. Excellent credit gets you access to low rates, higher loan limits, and better promotional offers. Many personal loan lenders require at least a score in the mid-600s to qualify. That said, some lenders are friendly to borrowers with poor credit — for example, Universal Credit, a Credible partner, requires a minimum FICO score of 560.
- Enough income to pay your debts: Most lenders will check your debt-to-income ratio, which is the share of your monthly income that you put toward debt repayment, to make sure you’re not already overextended. If you have a lot of debt, you may not be approved or you may be approved at a higher rate. Some lenders also have minimum income requirements.
Best financing for plastic surgery
When it comes to financing cosmetic surgery, some lenders offer better options than others. The best plastic surgery loans come with low rates, high borrowing limits, quick funding, and multiple term options. Here are our top picks for people looking to finance an elective procedure.
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
Plastic surgery loans for bad credit
Getting a loan with bad credit can be a challenge, but some lenders are more accepting of poor-credit borrowers than others. Bear in mind that you’ll likely pay a higher interest rate, and you may get hit with an origination fee. These lenders are our top picks for borrowers with bad credit.
Learn More: Best Personal Loans With No Origination Fee
All APRs reflect autopay and loyalty discounts where available | LightStream disclosure | SoFi Disclosures | Read more about Rates and Terms
Tip
If you can’t get approved on your own, applying with a co-borrower or cosigner can help you get approved for a loan, or lower your rate.
FAQ
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