What Are the Different Types of Financing for Cosmetic Surgery?

Financing for cosmetic surgery is often necessary, since many standard health insurance plans do not allow for this type of process, unless the surgery is necessary as part of reconstruction after some type of an accident. People who want to have some type of elective surgery such as an augmentation, liposuction or even Botox® treatments, often need to find some way to secure a loan or otherwise finance the cost. Fortunately, this can be managed by either working with a lender who specializes in providing secured or unsecured loans expressly for medical procedures of this type, or employing a couple of strategies for self-financing.

Depending on the cost of the procedure you have in mind, it may be possible to manage your own financing for cosmetic surgery. Assuming you have a credit card with a high enough limit, you can simply charge the costs of the procedure then pay off the balance according to a payment schedule you design yourself. This approach works especially well when the interest rate applied to that card balance is equal to or lower than the rates that would apply on some type of loan arrangement. One additional benefit is that you can pay on the balance whenever you like and in whatever increments you can manage, as long as the monthly minimum payment due on the card is made.

A second approach to financing for cosmetic surgery is to talk with local lenders about an unsecured loan. Typically, loans of this type may be used for any purpose you want, without having to reveal your reasons to the lender. If you have an established relationship with the bank, a track record of paying off past loans on time, and currently meet the other criteria required by the lender in order to receive this type of loan, you can often have the money in hand in a matter of days, making it easy to schedule the procedure you have in mind. Should you not meet the requirements for an unsecured loan, you may be able to obtain a secured loan with decent rates by pledging some asset that the lender will accept as collateral for the duration of the loan.

There are also lenders who specialize in offering financing for cosmetic surgery. Many of these lenders will offer rates and terms that are competitive with the loans offered through banks. It is not unusual for medical practices that offer procedures of this type to maintain a listing of different lenders who offer financing for cosmetic surgery, providing a great place to begin your search. Before making any type of commitment to a specific lender, make sure to compare rates and terms with several different providers, and always check into the background of all lenders who seem to be a good fit. This will help reduce the chances of getting involved with a lender who is less than ethical.