LASIK Financing: Compare Personal Loans for Eye Surgery

What is a personal loan for LASIK financing?

Unsecured personal loans are flexible financing because you can use them for almost any purpose, including LASIK. They don’t require collateral, and borrowers repay their loans in fixed, monthly installments that make budgeting more predictable.

And while personal loans can be expensive, starting interest rates for excellent-credit borrowers are typically lower than credit card rates.

You can get a personal loan from a credit union, bank or online lender. Factors like time to fund, rate ranges and loan amounts vary for each. To find a loan with monthly payments and rates that fit your budget, it’s best to compare offers from multiple lenders.

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How to compare LASIK eye surgery loans

APR. Annual percentage rates on personal loans typically range from 6% to 36%, depending on your credit. The lowest rates go to borrowers with good to excellent credit (690 or higher).

Fees. Some lenders charge a one-time origination fee, which covers the cost of processing the loan. The fee is usually 1% to 10% of the loan amount, and most lenders subtract it from the loan before disbursement.

Loan amount. Personal loan amounts typically range from $1,000 to $100,000. Determine the amount you need to borrow for LASIK eye surgery before applying for a loan.

Loan term. This is the amount of time you have to repay the loan, usually two to seven years. A shorter repayment term means a lower interest cost but a larger monthly payment. Use NerdWallet’s personal loan calculator to see estimated payments with various repayment terms.

Time to fund. Once a loan application is approved, some lenders can disburse loan funds as quickly as the same day, but some may take up to a week. When you need LASIK financing, time to fund could be a key factor to consider.

» MORE: How long does it take to get a personal loan?

Pre-qualify for a LASIK eye surgery loan

Most online lenders allow you to pre-qualify to see a loan’s terms, interest rate and monthly payments before you commit. This typically involves a soft credit check, which doesn’t hurt your credit and allows you to shop around and compare loan offers from multiple lenders.

Pre-qualify with NerdWallet to compare lenders and receive personalized rates.

Alternative LASIK financing options

Consider these other financing options and ways to save before taking a loan.

• Finance through the provider. LASIK surgeons may offer in-house financing, sometimes with no interest. Ask the provider for details, including repayment terms and fees.

• Check for discounts with your health insurance provider. Even if they don’t cover the cost of the procedure, some health insurance companies will negotiate with LASIK providers to offer discounts to members that lower the procedure’s cost.

• Specialty credit cards. Some LASIK providers may accept CareCredit, a specialty credit card for medical expenses. The standard APR for CareCredit is 29.99%, but it also offers short-term financing options at 0% interest for charges of $200 or more if paid in full by the end of the term (6, 12, 18 or 24 months).

• 0% interest card. If you have good or excellent credit (a score of 690 and above), you may qualify for a 0% interest credit card. These cards have an introductory period — typically 15 to 21 months — when you won’t incur interest on purchases. However, you must pay off the balance before the period ends, or you’ll be on the hook for the interest charges.