Almost 3.5 million cosmetic surgeries are performed each year.
Nearly 3.5 million cosmetic surgery procedures are performed each year. One of the most frequently asked questions is about the costs involved. If you decide to have a little bit of work done to help turn back the hands of time or to correct a feature you feel needs improvement, there are several financing options available to help pay for your procedure.
Payment Plans
Many cosmetic surgeons offer what is called "in-house financing." This means the doctor's office will allow you to finance your procedure without the need to secure a special loan from a bank or lender. To be approved for this sort of financing, you are asked to undergo a credit check. Once you are approved, the office will allow you to make payments until the balance is paid in full. Patients are required to submit a down payment before the surgery occurs. The amount required is based upon factors such as credit score and the type of procedure you are having. If you do not meet the credit guidelines for in-house financing, you will need to find alternative methods to pay for your procedure. Not all doctors offer this sort of financing, so it is best to ask ahead of time if this is possible in your case.
Personal Loan
Securing a personal loan through a bank, finance company or credit union is another possibility. Banks, finance companies or credit unions offer unsecured loans to help pay for elective procedures. Unsecured loans are loans that are made without the benefit of collateral to guarantee the loan. To qualify for an unsecured personal loan, the borrower must meet criteria based on credit score and payment history. Banks with which you already have an established relationship, such as a checking or savings account, will typically be more flexible in regard to personal loans.
Health-Care Loans
Various health-care finance companies specialize in funding cosmetic surgery. These companies typically grant loans to consumers to help finance surgeries and procedures that are not normally covered by most health insurance policies. Rates for these sorts of loans vary greatly based upon the company, what type of procedure you are having and your individual credit analysis. Most plastic surgery offices will be happy to refer you to the companies with which they work.
