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How to compare cosmetic surgery loans

Personal loans for cosmetic or plastic surgery are offered from online lenders, banks and credit unions, and each type of lender has different approval requirements and loan features. It's best to compare multiple loan offers and consider the following:

Borrower requirements. Compare different lenders to see what they require from a borrower. Some have a minimum credit score, debt-to-income ratio or income requirements.

APR. The annual percentage rate represents the entire cost of a loan, including any fees, and should be clearly disclosed by the lender. The APR is also a good way to do an apples-to-apples comparison when deciding between lenders. The loan with the lowest APR is typically the cheapest.

Monthly payment: A loan's monthly payment typically starts 30 days after receiving the loan funds. The fixed payment is based on the loan amount, APR and loan term. Look for a loan with payments that fit comfortably into your monthly budget.

At a 15% APR, a $7,655 loan paid back over three years would require monthly payments of about $265 and a total interest cost of $1,898.

» 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 late payment fees.

Loan features. Depending on the lender you choose, your loan may include special features like financial planning help, free credit monitoring and unemployment protection.

» MORE: How to get a personal loan

Pre-qualify for a plastic surgery loan

Taking the steps to pre-qualify will give you an idea of the rate and term you can get on a personal loan. Most online lenders perform a soft credit check during pre-qualification, which won’t hurt your credit score. You can prequalify and check your rate with multiple lenders online to find the best offer.

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

Alternative ways to finance cosmetic or plastic surgery

Insurance. Some procedures 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 or breast reconstruction after a mastectomy due to cancer.

» MORE: Financing options to pay for dental work

Savings. Like most other discretionary expenses, NerdWallet recommends saving up for elective surgery. If you build up enough savings to fund the procedure yourself, you won’t incur any debt or pay 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, doesn't include interest.

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 is a popular financing option that you can use to pay for medical bills. If approved, you can get zero-interest promotional financing terms to pay for procedures that cost $200 or more. However, make sure to pay the full balance by the end of the term or you’ll be charged interest retroactively on the entire amount.

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. These cards typically require good to excellent credit (scores above 689) to qualify.