Plastic Surgery Loans: How to Pay for Your Procedure
Since cosmetic surgery is generally considered to be an elective procedure, many insurance providers won’t cover the cost of these operations. This can make cosmetic procedures expensive. However, financing options such as plastic surgery loans can make them more affordable.
The average cost of the most common cosmetic procedures runs from $466 for BOTOX up to $8,005 for a facelift, so finding the right financing is crucial. Here are some of the best ways to pay for your plastic surgery.
9 plastic surgery loan options
Personal loans can be used for just about any purpose, including plastic surgery. Because they are unsecured — meaning they don’t require collateral — your rates and borrowing limits will depend on your credit score and history.
You’ll want to compare the annual percentage rates (APRs) offered by lenders, in addition to origination fees, loan amounts offered, loan terms and minimum credit score requirements.
| Lender | APRs | Loan terms | Loan amounts | Minimum credit score |
|---|---|---|---|---|
 | 7.80% - 35.99% | 36 and 60 months | $1,000 - $50,000 | 300 |
 | 8.99% - 35.99% | 24 to 60 months | $2,000 - $50,000 | 560 |
 | 7.49% - 25.49% (with autopay) | 24 to 144 months | $5,000 - $100,000 | Not specified |
 | 7.99% - 24.99% | 36 to 84 months | $2,500 - $40,000 | 720 |
 | 7.99% - 35.99% | 24 to 72 months | $2,000 - $36,500 | 660 |
 | 7.99% - 17.99% | 12 to 60 months | $600 - $50,000 | 760 |
 | 8.49% - 35.99% (with autopay) | 24 to 84 months | $1,000 - $50,000 | 580 |
 | 8.99% - 35.99% | 36 to 60 months | $2,000 - $50,000 | 600 |
Other ways to pay for plastic surgery
Insurance
If the plastic surgery you need is considered medically necessary, it may be covered by health insurance. Examples of medically necessary plastic surgery can include breast reconstruction after a mastectomy and rhinoplasty if there is damage due to trauma or disease.
You should always check with your insurance provider before taking out a loan to cover the cost of plastic surgery. You may be surprised that some or all of the procedure is covered.
In-house financing
Your plastic surgeon may offer in-house financing, whether in the form of a payment plan or a loan brokered through a lender.
A payment plan could be a good way to pay over time, potentially with little to no interest. If the provider offers a loan, you will want to read the terms carefully and compare them to financing options available to you elsewhere.
Secured personal loans
With a secured loan, you pledge something of value as collateral for the loan. It could be your savings account, your car, your house or even fixtures inside your home. The upside is that secured loans can be easier to qualify for and offer lower interest rates than unsecured personal loans. The downside is that if you default on your loan, the lender can take your collateral as repayment.
If you have poor credit and are having a hard time qualifying for other forms of financing, as long as you are confident you can handle the payments, a secured loan could be a good way to borrow at attractive rates.
No- or low-interest credit cards
Many credit cards offer introductory rates with 0% interest for the first 12 to 21 months of owning the card. This can function just like a payment plan, allowing you to spread the cost of your plastic surgery without paying any interest as long as you pay in full before the end of that introductory period. If you still have a balance once the introductory period ends, the card’s regular interest rate will start to apply.
You could also use a credit card specifically designed for medical purchases, such as the CareCredit card. There is a long list of procedures you can use the card for, and you may even be eligible for a six- to 24-month interest-free payment period. The downside is that interest still accumulates over the life of the loan and you will have to pay it back in full if the loan isn’t fully repaid by the end of the promotional period.
Cash
The most cost-effective way to pay for your plastic surgery is to do it with savings. If you know that plastic surgery is something you want or need, and if you have room in your budget for regular savings, putting some away every month until you have enough to cover the cost is likely the best option.
Be sure to compare annual percentage yields (APYs) on savings accounts as this could help you save up. By paying for cosmetic surgery with cash, not only can you spare yourself the cost of interest and origination fees on a loan, but you can earn money as you save.
What to consider when getting plastic surgery
When deciding how to finance your plastic surgery, the biggest question is whether the surgery is necessary or optional.
If the surgery is necessary, start with your insurance company to see if they will cover some or all of the cost. For any additional cost, start by looking at your savings and then compare loan options to find the best fit for your situation.
If the surgery is optional, consider waiting until you have saved enough to pay for it with cash. If you’d prefer not to wait, check your credit score to see if you’d be eligible for favorable loan terms. Consider your existing debt and how an additional loan would impact your overall financial stability.