Guide to Financing Plastic and Cosmetic Surgery
Whether you're trying to get a beauty tune-up, whether you need to reverse the effects of a harmful event or disease or whether you need plastic or cosmetic surgery for any reason, the monetary cost is always something you have to consider.
What You need to know before lending money for Your surgery?
Financing plans are available for individuals seeking to improve their appearance through plastic and cosmetic surgery, but these plans are often difficult to understand and even more difficult to analyze for benefits and risks. Medical financing can mean the difference between getting that important procedure and not having the funds; however, you should read on before you make the purchase.
How Medical Financing Works
Medical financing for plastic and cosmetic surgery is what is known as an unsecured loan, meaning that you don't put up any collateral in the event that you default on the loan. Unsecured loans typically have higher interest rates due to the increased risk for the lender, and are dependent upon your credit score.
There are a number of medical financing companies that may or may not offer financing for plastic and cosmetic surgery. Additionally, because many medical financing companies do not offer it, there are several plastic surgery financing companies that focus on providing that service.
Medical financing is like financing for a car, an expensive appliance like a TV, or even a house. You are approved for a certain amount of money, usually between $2,000 and $20,000, which you then use for a plastic surgery procedure. You then spend the next 24 to 36 months paying it off with interest.
Qualification Requirements
A credit score of sufficient standing is usually the major requirement to financing any plastic or cosmetic surgery procedure. This means that you have to have all of your credit accounts in good standing, a low debt to income ratio and a sufficiently small (usually under $15,000) amount of credit card debt. Additionally, you need to meet age and citizenship requirements. You are generally required to be a legal resident of the state in which you apply.
What to Consider - Payment Options, Variables and Real Effective Cost
Not all doctors accept financing for their plastic surgery procedures, so if you are thinking about using this option to pay for your cosmetic surgery you should look for a doctor that will. The only reason a doctor won't accept financing is if he or she can't afford the fees taken by the financing company - it is not because financing companies are somehow immoral or shady, as they might be depicted by some. Plastic surgery financing is like financing for a piece of jewelry - you have to do your research.
Indeed, there are a number of variables that are important to note. Interest rates for plastic surgery financing can go anywhere from 5.99% to 27.99%. To put that in perspective, a $5000 procedure would cost an additional $30 with 6% financing, whereas it would cost nearly $150 extra at the higher rate. In addition, some payment plans require you to pay additional fees, so the real effective cost of the financing and the procedure might be much higher than advertised.
Finally, while most loans are unsecured, there are a few companies that offer secured loans, meaning that you have to use your property as collateral. This can help you get access to a greater line of credit or better rates, but if you default, your property will be at risk.
Covered Procedures
Certain procedures are typically not covered by medical finance companies. Typically, unless you can show that you need cosmetic surgery for a medically acceptable reason (facial reconstruction, burn rehabilitation, etc.), you will not be able to receive finance from a standard company. Most cosmetic surgery finance companies, however, cover all major procedures including cosmetic dentistry, breast reduction/augmentation, liposuction, radial keratomy, rhinoplasty, hair replacement, facial realignments and more.
Pros and Cons of Financing Plastic & Cosmetic Surgery
When you want to get plastic surgery, you have two choices: pay for it now or pay for it later. The pros of paying for it later, which is what financing is all about, include:
- Get your procedure done immediately, without having to wait to save up money. E.g. reconstructive surgery procedures often are life changing and you could start to enjoy them sooner rather than later
- If you need or have planned cosmetic surgery for a very special important event happening in the near future medical financing is a good option
- A majority of surgeons/doctors accept and even might prefer the payment alternative since they often work close with plastic surgery financing companies
- Interest rates aren't so astronomical (for some financing companies) that you have to worry about losing a lot of money
- If you have a stable economical situation and run little risk of having your income change in the near future medical financing have little risk
However, there are certain risks and costs associated with taking out a loan to finance your procedure. These include:
- Your income may change and you may not be able to pay off your loan
- Certain doctors may not accept plastic surgery financing
- Adds to your debt-to-income ratio, which may affect your credit score and subsequent credit-worthiness to make big ticket purchases in the future
Obviously, you have to make your own judgment call on whether your plastic surgery is important enough to you to take on additional debt, with all the risks that carries. For many, it is a price worth paying to look and feel better, while others prefer to save up money and make the payment all at once.
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