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The editorial content on this page is not provided or commissioned by any financial institution. Holly Johnson is an award-winning writer who is obsessed with frugality, budgeting, and travel. Due to the high costs of some types of plastic surgery, not everyone has the cash to pay for the look they want. The key to successfully financing plastic surgery, according to the experts, is making sure you choose the right loan and having a financial plan to pay it off.
This guide will highlight the different cosmetic surgery financing options available as well as their pros and cons. At the end of the day, the amount of money you need will depend on several factors — the procedure you hope to plan, where you live and the pricing of the doctor you choose to perform the procedure.
If you want averages, check out the ASPS report, which comes out annually and clocks national averages for certain procedures. But because geography plays such an important role in the cost of medical procedures, you may find prices are much different when you start weighing the costs of a procedure in your area.
The organization also offers some of the best information to help you the costs of the procedures you want. Obviously, paying less for a high-quality cosmetic procedure will let you take out a smaller loan, and that will make it easier to pay down your balance faster. A personal loan is a type of loan that is unsecured. To qualify for a personal loan with the best terms and rates How to get money for plastic surgery, you typically need good or excellent credit a FICO score overalthough some personal loan companies will approve you with a credit score as low as LendingTree is our parent company.
LendingTree is unique in that you may be able to compare up to five personal loan offers within minutes. Everything is done online and you may be pre-qualified by lenders without impacting your credit score. LendingTree is not a lender. According to Dan Matysik, vice president of Discover Personal Loans, some of the main advantages of personal loans are in the way they are set up. Can help or hurt your credit. So long as you make on-time payments, you could see your credit score improve.
Spending beyond your means. Only borrow what you need and are sure you can pay off. Medical credit cards like Care Credit offer financing options for regular health care procedures as well as cosmetic procedures. This option works similarly to a personal loan in that you can borrow for a set length of time of up to 60 months. To qualify for a medical credit card, requirements are similar to personal loans. You typically need good credit, proof of your ability to repay and a low debt-to-income ratio to qualify.
Pros and cons of using a medical credit card They can be a great deal so long as you can afford to pay them on time. You have to pay your balance in full before that promo period ends, or you could face deferred interest charges.
If you can only afford to make minimum payments, you may not be able to pay it off before that promo period ends. Credit cards are another plastic surgery financing option to consider.
Unlike personal loans, however, "How to get money for plastic surgery" cards come with variable interest rates and no fixed term, meaning your debt can be paid off quickly or slowly depending on how much you pay each month. A home equity loan lets you borrow a fixed amount of money against the equity you have in your home.
These fixed-rate installment loans let you pay fixed monthly payments for a set length of time — usually around 15 years. A home equity line of credit HELOCworks similarly in the fact it lets you borrow against the equity in your home. However, these lines of credit are revolving, meaning there is no set loan amount, payment or payoff date.
Because home equity loans and lines of credit are secured with your home, they usually feature lower interest rates and longer loan terms than personal loans.
If you fall into default, you could potentially lose your home — a concept that seems troubling for any surgery, but especially a voluntary cosmetic procedure. Also, as North Dakota financial advisor Benjamin Brandt points out, home equity loan interest How to get money for plastic surgery no longer tax-deductible due to the new tax laws in place in Further, you may not qualify for this type of loan unless you have considerable equity in your home.
If you qualify for a cash-out refinance, you could refinance into a larger mortgage and take the difference out in cash.
Pros and cons of using home cash out refinancing According to Haynes, this option could be advantageous since a new mortgage might offer the lowest interest rate provided you have good credit.
Also, keep in mind that refinancing your home typically involves paying closing costs. Since plastic surgery is typically voluntary and not emergent, taking the time to save up for your procedure is a smart idea. Matysik notes that it may be possible to work out a payment plan or partial payment plan with your doctor. Since other financing options like personal loans and credit cards will report your monthly payments to the three credit reporting agencies — Equifax, Experian and TransUnion — they can help you build credit or improve your credit score over time if you use them responsibly.
It may be possible to borrow against your own k to cover the costs of plastic surgery. A k loan
How to get money for plastic surgery taken directly out of your retirement plan balance, and you typically pay it back via automatic payroll deduction within five How to get money for plastic surgery or less.
Because of this, there is typically no credit check required to get a k loan. But, there are notable disadvantages that come with using a k loan, including the fact that your spouse often has to sign for you to use them.
Also, if you leave your job for any reason, the remaining balance is typically due within 60 days. Last but not least, taking money out of your retirement account will likely set your retirement goals back, says Haynes. Jon Luskin, a financial planner with Define Financial is adamantly against borrowing against your retirement. If none of these other financing options work, you could always borrow money from your family and friends if they are willing and able.
Obviously, the details of this setup monthly payments, interest rate, payoff date will depend on what you negotiate on your own. Pros and cons of borrowing from family and friends While borrowing the money from someone you know might sound ideal, one big disadvantage that comes with this option is plain old guilt, says Haynes.
Knowing that you actually borrowed money from a friend or family member for plastic surgery is a big downside, he says. Borrow what you can afford to repay. As with any type of loan, the key to borrowing responsibly is only borrowing what you know you can afford to pay back. Before you borrow, make sure you will have an affordable monthly payment you can easily cover along with a plan to cover your loan payments in both good times and bad.
If you are putting your ability to pay other bills or save for important goals on the line to cover a cosmetic procedure, then you should consider other options — or at least wait a while to think it through before you move forward. Get quotes from doctors. Get quotes from lenders, too. How to get money for plastic surgery a lower interest rate and having the lowest fees possible attached can cost you a lot less in the long run, he says. This is why, in addition to getting multiple quotes for plastic surgery, you should also get more than one loan quote.
Read the fine print. In addition to your loan amount, you can save by reading the fine print for fees, interest rates and other costs. The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site including, for example, the order in which they appear.
MagnifyMoney does not include all financial institutions or all products offered available in the marketplace. Holly Johnson is a writer at MagnifyMoney. You can email Holly here. Variable rates from 6. SoFi rate ranges are current as of November 15, and are subject to change without notice. Not all rates and amounts available in all states. Not all applicants qualify for the lowest rate.
If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income How to get money for plastic surgery other factors.
Interest rates on variable rate loans are capped at Lowest variable rate of 6. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly.
The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
Maximum interest rate on loans for residents of AK and WY is 9. Personal loans not available to residents of MI who already have a student loan with SoFi.
To qualify, a borrower must be a U. Not all borrowers receive the lowest rate.
To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. Your loan terms are not guaranteed and are subject to our verification of your identity and credit information.
To obtain a loan, you must submit additional documentation including an application that may affect your credit score. Rates will vary based on many factors, such as your creditworthiness for example, credit score and credit history and the length of your loan for example, rates for 36 month loans are generally lower than rates for 72 month loans.