Plastic Surgery Loans: How to Pay for Your Procedure

Plastic surgery financing allows you to pay for non-covered medical procedures over time. While it’s best to save money in advance (especially if a procedure isn’t medically necessary), there are several plastic surgery loan types to consider. We’ll cover the benefits and drawbacks of different plastic surgery financing options and how to qualify for a plastic surgery loan. 

What is plastic surgery financing?

Plastic surgery financing is the use of any type of loan, line of credit, or credit card that allows you to pay for your procedure over time. One common type of plastic surgery financing is a personal loan, which provides a lump sum of cash you can use for almost any expense, and features predictable monthly payments over a period that can last one to seven years. 

How does plastic surgery financing work?

You can apply for a personal loan directly from a bank, credit union, or online lender and use the funds to pay your surgeon. Some plastic surgery clinics may also offer their own financing options, in which case the lender would pay the clinic directly.

When you apply, you’ll authorize a hard credit check and provide information about your income and financial situation. (A hard credit check can ding your score by up to 10 points for up to one year.) If approved, the lender will offer you an APR and repayment term based on your financial information. If you accept the loan, you’ll repay the lender in monthly payments that include interest. 

Bola Sokunbi, author/founder and CEO of Clever Girl Finance, says personal loans come with benefits you won’t get with other types of plastic surgery financing. “Unlike credit cards that offer ‘0% financing’ but hit you with retroactive interest if you don’t pay in full, a personal loan locks in your terms upfront,” she explains. “This is especially useful for larger expenses like cosmetic surgery.”

Best personal loans for plastic surgery

When it comes to cosmetic surgery loans, some lenders offer better options than others. The best plastic surgery loans have low rates, high borrowing limits, quick funding, and multiple term options. Here are our top picks if you’re looking to finance an elective procedure.

Plastic surgery loans for bad credit

It can be hard to get a loan with fair credit. But getting a personal loan with a FICO score below 580 can be a downright challenge. Fortunately, a few lenders offer bad credit personal loans. “Expect higher interest rates and stricter terms,” warns Sokunbi. “To improve your chances, consider applying with a co-signer who has good credit, which can get you a better rate. Another option is a secured personal loan, where you use savings or an asset as collateral.”

These lenders are our top picks for borrowers with bad credit.

How much do common procedures cost?

Plastic surgery costs vary by location and may depend on the reputation of the surgeon performing the procedure. The table below shows the average cost of common procedures across the United States based on a recent survey conducted on behalf of CareCredit. 

9 plastic and cosmetic surgery financing options

Depending on the cost of the procedure you need, you may be able to use one or a combination of the financing options below to cover it. 

1. Insurance: Before borrowing money, check with your insurance provider. Insurance companies may cover plastic surgery that is medically necessary. For example, Medicare covers breast reconstruction after a mastectomy due to breast cancer and may cover preventive mastectomies; it may also cover Botox used to treat muscle disorders. 
2. Provider payment plan: “Many places nowadays (especially if they are using a system like MyChart) allow for a payment plan to be paid directly to the provider,” says Matt Fizell, CFP and Owner of Harmony Wealth. “This isn't a financing scheme in the sense that you'll have a credit check, and they typically don't show up on your credit report either,” says Fizell. Instead, provider payment plans allow you to pay for the procedure in installments without taking out a loan or paying interest. 
3. Medical loans: Some plastic surgery clinics may offer financing through a third-party medical lender. Some medical lenders offer lower starting interest rates than traditional personal loans, but make sure to compare APRs. 
4. Savings: Especially for procedures that aren’t medically necessary, it’s ideal to contribute at least a portion of money you’ve saved. 
5. Personal loans: You can use a personal loan for almost any household expense, including plastic surgery. Personal loans offer a quick lump sum of cash with fixed monthly payments. Plus, average personal loan interest rates are lower than average credit card rates. 
6. Credit cards: If you can pay off the cost of your procedure within a year to 21 months, a credit card with a 0% APR promotion may be a good option. Some medical credit cards offer similar promotional financing. But with either of these options, you may face a high APR if you don’t repay before the introductory 0% APR offer ends. 
7. 401(k) loan: If your 401(k) plan sponsor offers loans, you could borrow against your retirement savings to pay for plastic surgery. But it might be short-sighted or expensive. 401(k) loans reduce how much you have available for retirement and can even result in taxes and penalties. Consider other options before you go this route. 
8. Home equity loan: A home equity loan allows you to borrow a lump sum of cash against the equity you’ve built in your home. Home equity loans may offer lower rates and longer repayment terms than personal loans, but you risk losing your property if you can’t make payments. And even though rates may be lower than shorter-term options, you could end up paying much more in interest over the course of the loan. 
9. Family loan: If seeking a family loan, clearly establish the nature of repayment with the lender, including the payment schedule, interest rate, and loan terms.  Examples of online platforms that can help you set up a family loan include Pigeon Loans and Zirtue. If borrowing more than $10,000, be aware of IRS rules regarding minimum interest rates. 

Pros and cons of plastic surgery financing

Each plastic surgery financing option comes with benefits and drawbacks. The table below shows some of the pros and cons of choosing a personal loan to pay for your procedure. 

How to qualify for a personal loan for plastic surgery

Most personal loan lenders consider the following factors when making a lending decision:

• Credit score: Personal loan qualification requirements vary by lender, but many require at least fair credit, and some lenders will only accept good or excellent credit borrowers. Other lenders don’t specify a minimum credit score and make decisions based on broader criteria. 
• Payment history: Personal lenders check your credit report for red flags like missed or late payments, which can indicate a lower likelihood of responsible payment in the future. 
• Income: Lenders check that you have sufficient and stable income to manage repayment. Some lenders even have specific minimum annual income requirements. You may need to provide documents like pay stubs or tax returns that show how much you earn. 
• Debt-to-income ratio: Lenders typically look for a debt-to-income ratio (DTI) of less than 36% for personal loans to ensure you can afford to repay the loan along with your existing debts, but some may consider a higher DTI. To calculate your DTI, divide your minimum monthly debt payments by your monthly gross income. 

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