Unless you are quite wealthy, chances are that you don’t have a few thousand pounds/dollars going spare for cosmetic surgery. This leaves many people the question of how to raise money for surgery. Should you consider remortgaging your home or take out a loan, either with family/friends or with a finance company? Or is it better to wait and save up the money for plastic surgery?
This is obviously a serious question. You should give financing the same level of consideration as you did when deciding to invest in aesthetic surgery. The common-sense answer would probably be to wait until you have saved the money, rather than go for plastic surgery financing.
However, answers are rarely that simple.
It may be that the surgery you want help financing is of the bariatric (weight loss surgery) variety. If you require gastric bypass surgery or lap band surgery, for instance, then waiting may not be realistic. If the surgery can increase your health and wellness, then there is an argument that every minute counts.
With the purely aesthetic surgery procedures, again, if it is possible that the surgery would make a huge difference to your quality of life, there’s no reason to dismiss the idea of getting a loan, out of hand.
One thing you must do is consider how able you will realistically be able to afford the repayments on your financing agreement.
It is essential that you consider the worst-case scenario. If the worst happened, and your plastic surgery had complications that resulted in you being unable to work for an extended period, how would you repay your plastic surgery financing? It is definitely advisable to take out a payment protection plan of some kind. It will naturally involve a little more cost, but if the worst happened, worrying about money would at least not be an issue!
DO read the small print. It is so easy to get sucked in by hearing about 0% interest-free periods that we often neglect to consider what the rate of interest will be after a year. It is sometimes the case that finance companies offer 0% for a year, and then after that, the rate will be 25% APR, which spread over a period of 4 years can mean you are actually paying double the price.
Once the interest-free period is over, it is sometimes the case that you will have to pay an early settlement fee. In short, it can be a better idea to take out the plastic surgery financing agreement without the 0% interest, and instead get an agreement that has a lower rate of interest overall, unless you can definitely pay off the loan before the interest kicks in.
Many plastic surgeries do in-house financing, and these schemes can be quite reasonable. Their main concern, after all, is with the surgery, and enabling you to afford it, as this is their real source of income.
There are also quite a few “bad credit” and “no credit” financing companies, which can be an option for tenants or people with a bad credit history, who wish to get plastic surgery. It goes without saying that the terms of the financing agreement will be a lot less favorable if you have a poor credit-rating. So if you are thinking of going down this road, be sure to understand exactly what you are getting into.
If you are looking for bad credit financing, it is also important to be aware that there are a number of companies that on the surface appear to be a loan company, but who are in fact a broker. In effect, what they do is, for a fee of around $80, search around for a loan for your plastic surgery. The fee still applies regardless of whether they manage to arrange the loan for you, and each time they apply on your behalf it is likely that your credit rating will be reduced further.
I have no real interest in providing a guide to the many plastic surgery financing companies, but I am aware that a great number of our visitors do search for this information, so I will offer a link to one of the more reputable surgery financing and medical loan companies:
If you are based in the US, My Medical Loan is a good option for plastic surgery financing. Unfortunately, they are unable to help with your surgery financing if you are not a US resident, but if you are, they can lend you the money whether you plan to get surgery at home or abroad.
Other nationalities will find there are similar schemes in their country, but please do shop around for the best deal!