6 Cosmetic Surgery Loans: Financing Plastic Surgery in 2020

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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.

» MORE: Calculate your monthly loan payments

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.

» MORE: Compare financing options for dental work

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.

» MORE: Medical loans for health care expenses

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.

» MORE: Putting plastic surgery on plastic? Avoid these complications