Personal Loans

How to Pay for Plastic Surgery Procedures

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Cosmetic surgery is considered an elective surgery, and insurance usually does not cover these procedures. Patients must pay cash or utilize another plastic surgery financing method to pay for cosmetic medical procedures like laser hair removal, Botox, breast augmentation or rhinoplasty, for instance.

Here are five ways to pay for plastic surgery and other elective cosmetic procedures:

  1. Enroll in a payment plan through the surgeon
  2. Utilize a medical credit card like CareCredit
  3. Use a credit card with an introductory 0% APR offer
  4. Take out a fixed-rate personal loan
  5. Budget and save up in advance

1. Enroll in a payment plan through the surgeon

When you’re researching plastic surgeons to complete your medical procedure, ask the provider if they offer any type of plastic surgery financing. You may be able to break up the cost of your cosmetic procedure into smaller monthly payments without paying interest.

Many surgeons avoid getting involved in the financial aspect of the procedure, though, and rely on third-party financing options like medical credit cards and plastic surgery loans.

Pros

 You can split the cost into smaller monthly payments.

 You may not have to pay interest or go through a credit check.

Cons

 Not many doctors offer in-house payment plans, and most defer to a third-party company.

 Your bill may be sent to a debt collector if you don’t pay.

2. Utilize a medical credit card like CareCredit

Your plastic surgeon may offer financing through a medical credit card like CareCredit. Medical credit cards are a popular way to finance plastic surgery because they usually offer promotional financing. During a certain promotional period, typically a few months to a few years, you can break up the cost of your procedure into smaller monthly payments at 0% APR or reduced APR.

However, some medical credit cards come with very high APRs. And if you don’t adhere to the payment plan outlined by the promotional financing offer, you may be stuck paying deferred interest from the original purchase date.

Take a look at the terms offered by the CareCredit® credit card:

CareCredit at a glance
APR 26.99%
Fees Annual fee: $0
Late fee: Up to $40
0% APR financing Promotional financing available for 6 or 12 months on health, wellness and pet care purchases of $200+
Reduced APR financing* Reduced APR for financing on purchases of $1,000 or more:

  • 24 months at 14.90% APR
  • 36 months at 15.90% APR
  • 48 months at 16.90% APR

Reduced APR for financing on purchases of $2,500 or more:

  • 60 months at 17.90%

*APRs accurate as of December 17, 2020

Pros

 Promotional interest rates let you pay for your procedure at no (or reduced) interest.

 No fee for early repayment.

 A convenient option when you need it.

Cons

 You’ll pay deferred interest if you don’t adhere to the promotional terms.

 The APR for these cards can be very high, and you could find more competitive APR offers through other financing options.

 Not all medical providers offer financing through medical credit cards.

3. Use a credit card with an introductory 0% APR offer

Medical providers typically allow you to charge your elective procedure to your credit card. However, credit cards are renowned for their high interest rates.

One way to get around this is to use a credit card with an introductory 0% APR offer. These offers typically last up to 20 months and are reserved for borrowers with good credit. This can let you split up the cost of your cosmetic procedure into smaller monthly payments without paying interest, as long as the balance is paid in full by the end of the intro period.

If you’re unable to secure an introductory 0% APR offer, you may end up paying a lot more for the surgery than you initially thought. Additionally, the large charge to your card is likely to tie up your credit, hurting your credit utilization and possibly affecting your credit score.

Pros

 Borrowers with good credit may secure an introductory 0% APR intro offer to avoid paying interest for a limited time.

 You can pay with a credit card to earn rewards like cash back or travel miles.

Cons

 Not all borrowers will qualify for an introductory 0% APR offer.

 Regular APRs can be high, which can increase the cost of borrowing.

 Putting a large charge on your credit card can affect your credit utilization and credit score.

4. Take out a fixed-rate personal loan

An unsecured personal loan is a quick way to secure money for a surgical procedure. Personal loans are lump-sum loans typically ranging from $1,000 to $50,000 that have a fixed APR and monthly payment.

Compared with some of your other financing options, an unsecured loan could be the cheaper alternative to getting a cosmetic procedure. If you have a strong credit history, your APR is likely to be significantly lower than a credit card. Borrowers with subprime credit might only find personal loans with high APRs, if they qualify at all.

As with most types of borrowing, a personal loan will add to the cost of your procedure since you’ll be paying interest. You can try to mitigate the cost of the personal loan by making extra payments toward the loan and paying it off early, as long as you’re aware of any prepayment penalties that the lender charges. Plus, you should shop around for the lowest possible APR for your financial situation using LendingTree’s online personal loan marketplace.

Pros

 APRs can be competitive for borrowers with good or excellent credit.

 Personal loans are typically unsecured, meaning you won’t have to put up collateral.

 You’re able to break up the cost of your surgery into smaller, fixed monthly payments.

Cons

 APRs can be high for subprime borrowers and may not be competitive for prime borrowers who only need to borrow for a short period.

 You may have to pay an origination fee, which is usually 1%-8% of the total cost of the loan.

 You may be charged a penalty for paying off your loan early.

5. Budget and save up in advance

Borrowing money from a lender or charging a credit card comes at a cost, whether that’s in interest, fees or penalties. Since elective plastic surgery is typically an unnecessary expense, it’s best to pay out of pocket rather than to pay for financing options. Using the money you’ve saved to pay for your surgery is always an option if you have money in the bank.

If you don’t have the money saved up, you can create a budgeting plan to help you save up for the procedure. For example, if the procedure is $15,000, you could squirrel away $625 per month for two years to pay for the surgery with cash. Creating a monthly budget can help you realize your financial goals and get the cosmetic procedure you want without any financial consequences.

Pros

 You won’t pay interest, so the cost of your procedure is the only price you’ll pay.

 You won’t have to borrow money, so there are no credit requirements.

Cons

 You may not have the money you need to get the surgery as soon as you want.

 It takes time and discipline to save enough money to pay for plastic surgery.

 

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