BEST OF
6 Cosmetic Surgery Loans: Financing Plastic Surgery in 2021
Plastic surgery loans are one way — but not the only way — to pay for plastic surgery. Here's where to find loans for cosmetic work, as well as other options for financing your procedure.
If your health insurance doesn’t cover elective cosmetic procedures, you may have to finance your plastic surgery. Unsecured personal loans are one way to pay for cosmetic surgery, but they can be expensive, so it’s best to consider other options, too.
More than 17.7 million cosmetic surgeries were performed in 2018, according to a report from the American Society of Plastic Surgeons. The average surgeon fee for a facelift that year was $7,655, according to the report, and that number doesn’t include anesthesia, hospital fees or other expenses associated with the surgery.
Plastic surgery loans, like other unsecured personal loans, typically come in loan amounts from $1,000 to $50,000 — though they can vary — with annual percentage rates ranging from about 6% to 36%. The lower APRs are reserved for those with good and excellent credit scores (690 FICO or higher).
The best personal loan is one that pays for the procedure you want without adding unmanageable debt to your budget, so compare a loan with other options for financing an elective procedure.
Here are six lenders that offer loans you can use for plastic surgery.
If your health insurance doesn’t cover elective cosmetic procedures, you may have to finance your plastic surgery. Unsecured personal loans are one way to pay for cosmetic surgery, but they can be expensive, so it’s best to consider other options, too.
More than 17.7 million cosmetic surgeries were performed in 2018, according to a report from the American Society of Plastic Surgeons. The average surgeon fee for a facelift that year was $7,655, according to the report, and that number doesn’t include anesthesia, hospital fees or other expenses associated with the surgery.
Plastic surgery loans, like other unsecured personal loans, typically come in loan amounts from $1,000 to $50,000 — though they can vary — with annual percentage rates ranging from about 6% to 36%. The lower APRs are reserved for those with good and excellent credit scores (690 FICO or higher).
The best personal loan is one that pays for the procedure you want without adding unmanageable debt to your budget, so compare a loan with other options for financing an elective procedure.
Here are six lenders that offer loans you can use for plastic surgery.
Summary of Cosmetic Surgery Loans: Financing Plastic Surgery in 2021
Lender | NerdWallet Rating | Est. APR | Min. Credit Score | Learn More |
---|---|---|---|---|
Best for Cosmetic surgery loans | 6.94 - 35.97% | 580 | on Upgrade's website | |
Best for Cosmetic surgery loans | 4.49 - 20.49% | 660 | on LightStream's website | |
Best for Cosmetic surgery loans | 9.95 - 35.99% | 550 | on Avant's website | |
Best for Cosmetic surgery loans | 18.00 - 35.99% | None | on OneMain Financial's website | |
Best for Cosmetic surgery loans | 6.16 - 35.99% | 580 | on Upstart's website | |
Best for Cosmetic surgery loans | 10.68 - 35.89% | 600 | on LendingClub's website |
Our picks for
Cosmetic surgery loans
on Upgrade's website
Upgrade
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on Upgrade's website
on LightStream's website
LightStream
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on LightStream's website
on Avant's website
Avant
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on Avant's website
on OneMain Financial's website
OneMain Financial
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on OneMain Financial's website
on Upstart's website
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on Upstart's website
on LendingClub's website
LendingClub
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on LendingClub's website
» MORE: Find an unsecured loan
Things to compare among cosmetic surgery loans
Annual percentage rate. One of the first things to know about a loan is its APR, which represents the entire cost — including any fees — and should be clearly disclosed by the lender.
At a 10% APR, a $7,655 loan paid back over 3 years would require monthly payments of about $247 and a total interest cost of $1,237.
Fees. Be sure you know whether your loan comes with any fees, like an origination fee, which could reduce the actual loan amount you receive, or a prepayment fee for paying back the loan before its term ends.
Loan features. Depending on the lender you choose, you could get access to special features, like financial education tools, free credit monitoring and a one-time option to defer a payment.
Borrower requirements. Compare different lenders to see what they require from a borrower. Some have minimum credit score, debt-to-income ratio and income requirements.
Pre-qualify for a cosmetic surgery loan
Pre-qualifying will often help you get an understanding of the rate and term you can get on a personal loan, and most online lenders perform a soft credit check during pre-qualification, which won’t hurt your credit score.
You can pre-qualify with multiple online lenders through NerdWallet to see which loans are available to you and which offer the lowest APR. Your credit score is not affected when you pre-qualify with NerdWallet.
Alternative ways to finance plastic surgery
When you’re looking for an estimate to finance your surgery, make sure to shop around to see which surgeon in your area offers the procedure at the lowest cost. Remember to ask about the surgeon’s fee, but also get an estimate on the whole cost of the surgery.
Insurance. Your first step when considering cosmetic surgery should be a call to your health insurance.
Some procedures that you might think of as cosmetic may be covered, at least in part, by your insurance if they’re medically necessary. For example, your insurer may cover reconstructive surgery after an accident.
Savings. Like most other discretionary expenses, NerdWallet recommends saving up for an elective surgery. If you build up enough savings to fund the procedure yourself, you won’t incur any debt or pay any interest, making it among your least expensive options.
Payment plans. Your doctor’s office may allow you to set up a scheduled repayment plan that works with your budget and, in some cases, you could avoid paying interest.
A medical credit card. Medical credit cards offered through some medical providers can be a no-interest option for funding a procedure if you pay it back on time.
CareCredit, one popular medical credit card, allows you to use the card to pay for a procedure that costs $200 or more. You won’t be charged interest on your repayment if you pay it back in full by the end of the term, which can be 6, 12, 18 or 24 months.
Be cautious when considering this type of card, though. According to the company’s website, if you don’t pay back a CareCredit purchase in full by the end of the term, you’ll be retroactively charged all of the interest, which is 26.99% for new accounts.
0% credit card. Like a medical credit card, a 0% interest credit card requires that you pay the loan back before the promotional period expires to avoid high interest charges.
Some of these cards offer low ongoing interest rates that allow you to carry a balance, but those interest rates can be comparable to a personal loan.
These cards typically require good to excellent credit to qualify.
Last updated on January 4, 2021
Methodology
NerdWallet's ratings for personal loans award points to lenders that offer consumer-friendly features, including soft credit checks, no fees, transparency of loan rates and terms, flexible payment options, accessible customer service, reporting of payments to credit bureaus and financial education. We also consider the number of complaints filed with agencies like the Consumer Financial Protection Bureau. This methodology applies only to lenders that cap interest rates at 36%, the maximum rate financial experts and consumer advocates agree is the acceptable limit for a loan to be affordable. NerdWallet does not receive compensation of any sort for our reviews.
To recap our selections...
NerdWallet's Cosmetic Surgery Loans: Financing Plastic Surgery in 2021
- Upgrade: Best for Cosmetic surgery loans
- LightStream: Best for Cosmetic surgery loans
- Avant: Best for Cosmetic surgery loans
- OneMain Financial : Best for Cosmetic surgery loans
- Upstart: Best for Cosmetic surgery loans
- LendingClub: Best for Cosmetic surgery loans