Basic Steps Needed For Obtaining a Cosmetic Loan For Surgery
At one time, cash was the only way to pay for cosmetic surgery, but along the way many other methods of payment have come about. One of those methods is financing. However, cosmetic surgeons perform more procedures than just nose jobs and chin lifts. Sometimes there is a medically viable reason as to why someone needs cosmetic surgery. This can be dental work, procedures to remove scarring, or the need to remove an abnormality from the face. Whatever the reason, there are companies offering loans for those wishing to have some sort of cosmetic surgery.
What is needed?
First of all, it is good to make sure there is some kind of collateral just in case. When financing a car or a home, those items can be repossessed if not paid for. As for a cosmetic surgery loan, the lender cannot repossess your face. The lender may ask you to put something you own up as collateral, which means a lien is placed upon that item. It can be a car or some other belonging that is comparable to the amount of the money being loaned for the surgery.
Second, be sure to have such information as what your total income is, what your expenses are, if you own or rent your home, and what your credit rating is. Unfortunately, if you have no credit or bad credit, qualifying for a cosmetic surgery loan might not happen. Most people need to have a credit score that is better than 700 in order to qualify and then there are other factors that can hurt your chances of acquiring the loan.
You also need to figure out how much you can afford each month in payments. Just keep in mind that lenders have a tendency to try and persuade you to take out a loan with a higher monthly payment to save on interest. Consider this carefully because a high monthly payment increases your monthly expenses exponentially and can hinder you from being able to take out other loans in the future until the current loan is paid off.
Where to apply
There are many financial institutions that offer financing for cosmetic surgery. Simply go online and see how many there are. With cosmetic surgery being so popular, many of the lenders have cashed in on the advantages by offering financing, which means that cosmetic surgery is no longer for the rich and the famous. Your friend down the street who makes $45,000 a year and has an excellent credit rating can have that bump on her nose fixed or get the breast implants she always wanted. If you’ve ever looked at someone and asked, “How did they afford that?” Chances are it was because they financed their surgery. However, they hopefully did the adequate research to find the right lender for them.
Every lender is different in interest rates and such, so it is important to find the right one for you. Once you find them and are ready to fill out the application, you will notice that the application process is more or less like any loan application. All you have to do is fill out that application with the information you gathered about your income and expenses as well as basic information about yourself, and then submit it to the lender.
You will receive a decision back just like you do with any loan. You will either be approved or denied. If denied, some surgeons may offer installment options. Then again, it is important to go through the research phase again and see if you can find some medical financing. Just because one says no doesn’t mean the next one will.
Credit Medical offers medical financing for elective procedures such as breast augmentation financing, cosmetic surgery loan and more.
Cosmetic Surgery Loan FAQ:
Question: Is it possible to get a loan for cosmetic surgeries? Breast augmentation and tummy tuck?
If so, how much would the monthly payments potentially be for $15,000 or so?
Answer: Almost all plastic surgery centers will set up a payment plan that suits you, the same way as if you were buying a car. The monthly payments will all depend on what kind of loan you decide to take out and thus depending on the time (ie 5 years) and the APR (Annual Percentage Rate). It will also depend on how much you have to put down as a downpayment and some offices may require that you have at least 10%, so in your case that would $1500. I can’t really answer this for you since I do not know how the plastic surgery’s office handles these things. Make an appointment for a consultation and they can give you all that information free of charge.
Question: How do I tell my mom I want cosmetic surgery?
I also need to ask her to help pay for it. I’m applying for a loan and I’m hoping that she will take over 50% of the loan. That will about $200 a month for her. She offered to pay for braces for me, but I’d rather the cosmetic surgery instead. I don’t know how to tell her I want it, I guess because I’m sort of embarrassed. I’m old enough to get it (18) so I don’t technically need her permission or her “blessing” but I”m still living under her roof, and what she thinks means a lot obviously, because she’s my mom.
Answer: Just tell her honestly and explain to her why you want it done, that’s all you can do really. However it is not her responsibility to pay for your surgery. You’re not really ready for cosmetic surgery, until you are in a position where you can pay for it yourself. Seek advice from others as well as your mother, not money, and do a lot of serious thinking before you go too far. Even tattoos are often things of regret.
Question: Is it possible to get a cosmetic surgery loan with bad credit?
I’m trying to get cosmetic surgery but it costs about $4000. With my credit I probably have to pay in full. But it seems like alot of people I know get cosmetic surgery all the time and I don’t think their credit is all that great. What are my options?
Answer: Most banks will not lend to you cause they don’t offer a product for that. They will recommend a Credit card or a personal loan if they offer it. Due to the hard times most banks have gotten rid of personal loans. I would recommend talking to your current bank if they have it. I know Chase doesn’t have them. But some doctor offices have a particular lender to help you with a loan.
Question: Can a Canadian go to New York to get cosmetic surgery?
Can you still get a loan for surgery if your not in your country?
Answer: You would have to borrow money while in Canada with a loan or line of credit. Perhaps the doctor you are seeing can help with financing. I would ask them.
Question: Would you take out a home equity loan for cosmetic surgery?
I want implants and I don’t want to wait for them any longer. I don’t want to get a credit card or anything because I have two I am trying to pay off. Would it be foolish to take a home equity line of credit?
Answer: Sorry, but putting that sort of debt against your house is not a good idea.
It sounds to me like you can’t afford that new set of boobs. Once you pay off your debts, start saving up your money and when you have enough cash, then get the boob job.
The whole attitude of “I want them and I don’t want to wait for them any longer” is the mentality that has caused so many people in this country to be in such a financial mess. Being financially responsible and living within your means without a mess of debt will make you feel better about yourself than any set of bigger boobs will.
Question: How to get a loan for cosmetic surgery with poor credit?
Answer: Cosmetic surgery is a want, not a need. You should never borrow money for a want. Open a bank account and save up for it. It will cost you less in the long run.
Question: Can you get a loan for cosmetic surgery and about how much would monthly payments be?
I want to get vaginal tightening surgery done, it IS a cosmetic procedure and my insurance obviously does not cover it. The procedure will be about 14000 in total. Could I get a credit card and put the 14000 on there, and about how much would those monthly payments be? Or could I get a loan instead, and also ABOUT how much would the monthly payments of that be?
Answer: You know you could always go to the banks in town; both local and corporate based (Wellsfargo, Bank of America, etc). They can tell you how much they can loan you and what their rates would be. They could also give you information about opening a credit card; and they can tell you how much monthly payments would be with interest. Without knowing the specifics of your income and credit history, I couldn’t say, plus your area of residence can go into consideration. Be careful with out of state credit cards and “local” banks. Some “local” banks are actually being run through out of state banks and they have some pretty messed up fine print. Also, some plastic surgery places have their own financing. You may want to check into it.
Question: Can you finance your cosmetic surgery thru the office or do you have to pay up front and / or get a bank loan?
I plan on losing about 100lbs over the next few years (fingers crossed). I’m sure I’ll want to get excess skin removed and probably a tummy tuck since I’ve already had 2 kids. I was wondering how they work out payment. Do you have to pay up front? Do they finance?
Answer: I know there’s also a LOT of plastic surgeons who finance-in fact, most do. They know a lot of their patients come from middle class citizens that don’t have money falling out of our pockets! I think some may require a down payment, depending on your credit situation.