Cosmetic Surgery Loans: Financing Plastic Surgery in 2023

» MORE: Medical loans for health care expenses

How to compare cosmetic surgery loans

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. One of the first things to know about a loan is its annual percentage rate, 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 three 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 late payment fees.

Loan features. Depending on the lender you choose, your loan may include special features, like financial education tools, free credit monitoring and an option to defer a payment.

» MORE: How to get a personal loan

Pre-qualify for a cosmetic surgery loan

Pre-qualifying will 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 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

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.

» 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 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, 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.

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 can be high 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. These cards typically require good to excellent credit to qualify.