Over-Extended Credit – Can You Still Qualify For a Cosmetic Surgery Loan?

Posted by Credit Financing Guru

With beauty being within reach for so many, no one can blame someone for wanting to look their best. Look at how society treats people who look good. They land the best jobs, have the best looking boyfriends and girlfriends, and they also seem to get the most attention. It isn’t wrong for someone to have those things if they believe they can acquire them. However, there is one thing that can stand in the way and that one thing is money.

Through the years, there have been new ways of financing such things as cosmetic surgery so that people can look their best. It helps their self-image and the way that other people perceive them. However, the procedures can be quite expensive depending on what the person wants done, but there is a way to fix this financial issue when it comes to looking good, and that is financing.

But there are some things to keep in mind when it comes to financing cosmetic surgery and that is the fact that many lenders look for a credit score over 700, which in this day and age is not as common as it used to be. That is why there are some lenders that will go ahead and finance cosmetic surgery for those who may not have the credit history that some lenders look for.

About the cosmetic surgery loan

When cosmetic surgery started growing in popularity beyond the rich and the famous, doctors began developing a fee that covered everything such as the procedure, the hospitalization cost, the medication, materials used in post-op, and the various other expenses incurred due to cosmetic surgery. This is when cosmetic surgery loans were created in order to help people cover the entire cost of their surgical procedure and everything associated with it.

However, because cosmetic surgery cannot be repossessed like a house or a car, the lenders had to make sure that those applying for the loans had an excellent credit records. Even with excellent credit, those applying for cosmetic surgery loans incurred an interest rate of up to 10%. However, with cosmetic surgery being used on people needing it for medical reasons, some lenders relaxed their requirements and are allowing borrowers with less than perfect credit to acquire cosmetic surgery loans. Even if the procedure is not medical, they are still allowing financing for the procedures. But it is very likely that the interest rates can be anywhere between 14% and 24%, which really does not stop many from going ahead and achieving their dream of looking wonderful. The lender also reports to the credit reporting agencies, which can improve the borrower’s credit with timely payments.

To take the loan or not to take the loan

If someone really wants the procedure done, then they will take the medical financing and not let the interest rates deter them. The truth is, if they make their payments on time, they are going to be able to improve their credit rating more than if they had never taken out the loan. Taking the loan can be the difference between being able to get lower interest loans or not getting lower interest loans in the future. But it is not a bad idea to be picky about the interest rate even if credit is not so great. It is good to investigate the options and find out who is best to loan the money. Just because a person has a few negative marks on their credit report doesn’t mean they have to settle for what interest rate comes their way. In the end, they not only look great, but they are also improving their financial future.

Credit Medical provides innovative patient financing services such as cosmetic dentistry financing that allow clients and practitioners the freedom to focus on the treatment, not the payment.

Cosmetic Surgery Loan FAQ:

Question: Are there any cosmetic surgery financing companies w/ loans, credit to those wanting cosmetic procedures?
Loans/Lines of credit for those wanting cosmetic procedures? Taking down payments, as collateral, or special circumstances such as these?

Answer: First a down payment is not collateral. If you qualify for a personal loan or line of credit, the lender is not going to care what you plan to use the money for, only that you will be able to make your payments.

The cosmetic surgeon may be willing and able to accept monthly payment over a period of time or to assist you in arranging financing. Another option you should consider is making the payments first (saving up the cost) and then having the procedure.

If you suffer from a serious deformity you may be able to find a cosmetic surgeon that will do the surgery at a reduced fee or even at cost depending on your ability to pay. Many cosmetic surgeons do a considerable amount of this type of work feeling, in part that supporting such work justifies the time they spend on elective procedures.

Question: Cosmetic loan fever?
I’m 19 years old and I don’t have a credit card but I am thinking of getting one. For a cosmetic surgery loan I need a good credit history to get one but as a new credit card, it won’t have any history. Can I buy things on credit cards for about a year and a half so that my credit score increases so I can get a loan? What should I do except to have a co-signer?

Answer: Yes, one and half years is enough to get you a good credit score. But, be prompt on your credit card repayments.

Question: When getting a bank loan for cosmetic surgery, can you use the implants as collateral?

Answer: No. Collateral would be something the bank can physically take from you and turn a profit on, such as your house.

Question: How can I get my cosmetic surgery for free or alot cheaper?
I have excess skin and need cosmetic surgery. Is thier a way to get a loan or get the price reduced or even free?

Answer: If it’s making you really depressed and you can prove it then you can get it done on the NHS (if you live in the UK), or if you have medical insurance then they may cover it, or if there is some reason that could prove it could be a risk to your health then they will do it for free. The only alternatives I can think of is you take out a loan or pay for it out of your savings.

Cosmetic surgeons are skilled, highly trained people, they are also generally very rich. I doubt very much that they would give their service free of charge. As for `cut-price` or `cheap deals`; they will be in this category for a reason, usually because their standard is not high, and hardly worth the risk I would think. If you want to under go such radical surgery, you presumably want it done to improve the way you look. So why chance it with a not-so-good-surgeon?

Question: I’m looking for information on cosmetic surgery loans?

Answer: Contact the plastic surgeons office. They usually have info on programs available. Also, Capital One has a lot of health care loan options. Give them a call and ask. They might not do cosmetic stuff though.

Question: Best way to go about getting money (loan or credit) for a cosmetic surgery with a credit score of 750?
I have a credit score of 750, and am looking to borrow about $6000.00. Where is the best place for me to look and also would it be best for me to look into a credit card or a loan. If a credit card would be a better option, would I look for a credit card that blatantly states “high balance” or something like that before I apply? Or do I just apply and see what sort of balance I get?

Answer: It would be difficult for you to walk into a bank and get an unsecured loan for that amount unless you have a relationship with one already. (a community bank not a large bank like Chase or wells fargo). AMEX has no limit cards and with your credit score depending on income you might be able to get one but beware interest rates. If you have some sort of collateral to pledge it would save you a good amount of money on interest. The best advice I can give is to wait until you can almost pay cash for the whole surgery. It will be way cheaper in the long run. Plastic surgery for personal gain in my opinion isn’t something I would finance. Now if it is for a scar or an accident then yes.

Question: Can I take out a loan without any credit?
I’m 18 and want to take out a cosmetic surgery loan. But it says you need to have at least decent credit. Can I still do it if I don’t have any credit at all? I’ve never had a credit card or anything before so I’m pretty sure I have no credit. Can I still take out a loan?

Answer: The only way you will be given a loan is if you have a co-signer. Which is someone that has good credit and is willing to sign the loan as a secondary person saying that they will pay off the loan if you do not.

Question: Are there any grants out there that pay for cosmetic surgery needs? I know loans will, but I don’t want that!

Answer: You could try to get on a TV program but other than that, you’re either going to have to convince your insurance company that it’s necessary, or you’ll have to pay for it, with a loan or without. No such thing as a grant.

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