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January 1, 2024

What Is the Best Plastic Surgery Financing?

Written by: Dr. Dahlia Rice. Posted in: Blog

What Is the Best Plastic Surgery Financing

If you are considering undergoing surgical cosmetic procedures, you might want to read this. In today’s world you can finance just about anything, so why not finance plastic surgery in Chicago? Whether it is reconstructive or cosmetic surgery what is the Best Plastic Surgery Financing?

According to the American Society for Aesthetic Plastic Surgery, Americans spent upwards of $9 billion on elective plastic surgery procedures, including both surgical cosmetic procedures and nonsurgical cosmetic procedures.

The expenses associated with cosmetic procedures can fluctuate significantly based on the specific treatments chosen, and in many cases, they may not be covered by health insurance. Some elective procedures like fillers or laser hair removal might be relatively affordable, costing less than $1,000.

The more extensive treatments such as liposuction, tummy tucks, breast reduction, breast augmentation, mommy makeover, and face-lifts have medical expenses that can run into the thousands. If you’re contemplating any of these plastic surgery procedures or a simple a cosmetic procedure, you may be exploring financial assistance options, such as medical credit cards, personal loans, medical loans, or even different payment plans.

In this overview, we highlight some of the top plastic surgery financing options (maybe a personal loan, not plastic surgery loans). These include a medical credit card, a payment plan, and a personal loan from multiple lenders and the distinctive features that set each type of cosmetic surgery financing apart. It is also recommended to consult with certified medical providers.

Excellent Credit: LightStream

LightStream offers personal loans without fees and with competitive rates.  You can compare multiple loan offers for personal loan options that incentivize borrowers with above-average credit on their credit report. To qualify for the best rates for your cosmetic surgery, LightStream requires excellent credit scores.

Good credit is defined as having a stable income, bank account, savings, and a minimum of five years of outstanding credit history with an excellent payment record, according to the general criteria they outline. Loan features include:

  • Loans up to $100,000: LightStream loans range from $5,000 to $100,000. They are a great option if you need to borrow a large sum.
  • Extended loan terms: LightStream has terms of up to 84 months.
  • No fees: LightStream doesn’t charge more money for origination or prepayment penalty fees.
  • Rate guarantees: Have a lower quote? LightStream may offer to beat that rate through its “Rate Beat” program, but conditions apply.
  • No way to prequalify: LightStream doesn’t offer prequalification, a hard credit pull is necessary to check your rates with the lender.

*This is a personal loan, so plastic surgery, cosmetic surgery, or reconstructive surgery, does not matter.

Flexible Terms, Monthly Payments and Loan Amount: Upgrade

Upgrade provides borrowers with a variety of payment plans to select from. If you require a small loan, Upgrade also offers loans starting at just $1,000. You can check rates with a soft credit check. It’s important to recognize that prequalification does not ensure approval, and your ultimate terms might differ.

  • Multiple loan term options: Upgrade loan terms range from 24 to 84 months.
  • Quick funding: Upgrade has funds in your account 24-48 hours after approval.
  • Origination fee: Upgrade charges an origination fee that’s taken from your loan before it’s deposited into your account. (on a 10k loan, approximately $9,200 goes in your account)
  • Upgrade has no prepayment penalty fee, feel free to pay the loan off early.

Best Member Benefits: SoFi

SoFi provides loans accompanied by member benefits. Including guidance from financial advisors, referral bonuses, and the possibility of adjusting payments in case of job loss. The loan durations span from 24 to 84 months. This is a personal loan, which can be applied to any plastic surgery.

  • Large loan amounts: SoFi offers loans of $5,000 to $100,000.
  • Fees: SoFi has no prepayment or late fees, but the loan will have an origination fee of 0% to 6%.
  • Low rates: You will have to pay interest chargesSoFi offers low interest rates for qualified borrowers (there is a hard credit inquiry), and there’s a 0.25% discount when you sign up for autopay.
  • Unemployment protection: If you find yourself unemployed through circumstances beyond your control while repaying a personal loan from SoFi, they have an option to modify your monthly payments. You may be able to create a payment plan. Additionally, you can use career assistance while getting back on track.

Fair Credit: Avant

If your credit score is fair, Avant could be a viable option. Personal loans like this, you can use for plastic surgery. The company states that its average borrower typically has a score between 600 and 700. Check eligibility on the Avant website without a hard inquiry. It’s important to note that the terms may vary after you submit an application.

  • Long and short loan terms: Avant offers loan terms ranging from 12 to 60 months (1-5 years).
  • Flexible loan amounts: Avant starts at $2,000 up to a $35,000 loan amount.
  • Quick application and funding: Per Avant: easy application. After the loan is approved, you can access cash as quick as tomorrow.
  • Origination fee: Avant charges for origination that’s taken from your loan balance before it’s deposited into your account (For example: 10k loan less 1k origination fee- you receive 9k deposited). Keep that in mind when deciding how much to borrow.

Promotional Financing Options: CareCredit

CareCredit functions as a medical expense credit card or what some call a healthcare credit card. CareCredit offers promotional financing periods for cosmetic surgery, ranging from six to 24 months with no interest. However, it’s crucial to note that if the entire balance is not paid off before the promotional period ends, the deferred interest charges will be applied to the principal cost of the plastic surgery.

Utilizing CareCredit responsibly by making timely monthly payments and settling the balance within the promotional financing duration can be a viable option for financing plastic surgery without incurring interest fees.

  • Apply at the doctor’s office or online: CareCredit is a medical credit card with a revolving credit line rather than one-time loan funds. Apply at participating surgeons’ office or online.
  • Prequalification available: You can check to see if you qualify for a CareCredit card online without a credit pull.
  • No activation fee or annual fee: Sign up for the CareCredit card, there’s no activation or annual fees.
  • Longer-term financing available: If you want to pay the balance off over more than 24 months, CareCredit offers 36-, 48- and 60-month fixed-payment options with reduced APR.
  • Interest may be deferred, not waivedIf you qualify for a zero-interest promotional period, keep in mind that interest is still calculated and added to your balance if you don’t pay off the card entirely by the end of the promotion period (Generally 24 months/2 years).
  • While special financing options can be a great deal for borrowers who are able to pay off the balance, it could be a debt trap for those who can’t since standard interest can be high.

What To Watch Out For With Plastic Surgery Financing

Best financing for plastic surgeryCarefully consider the decision to take out plastic surgery loans. If you qualify for a competitive interest rate and the loan offers manageable fixed monthly payments, financing the cosmetic procedures might enable you to get them done sooner.

However, there are downsides to financing plastic surgery. It adds another monthly payment to your budget, and there are associated financing costs, including interest and fees. Qualifying for a surgical loan may be more challenging with a poor credit history.

Opting to save up for the procedure could be a wiser and more economical choice, even if it means delaying the surgery for a few months. You could initiate an automatic monthly transfer from your bank account to a dedicated “savings for surgery” account.

Consistently saving small amounts can accumulate over time, potentially covering some or all of the procedure costs. If you do decide to borrow, thoroughly explore various options to find the most favorable loans for your situation.

Have bad credit? Need plastic surgery financing? Watch for high interest, short-term payday style loans.

Questions and Answers

How Do People Afford Brazilian Butt Lift?

Plan to cover the entire cost upfront. If you have the funds, paying in cash avoids interest. Some plastic surgeons mandate full pre-payment, but many provide financing options.

Can I use CareCredit for Plastic Surgery?

Get a CareCredit card quickly and effortlessly. Apply online, call (800-677-0718), or visit your doctor’s office. Receive an instant credit decision for prompt scheduling post-visit. Remember to always look at multiple loan offers.

Does Care Credit Cover Breast Augmentation?

Yes. You can easily finance your breast augmentation with the CareCredit credit card. Enhance your confidence by covering expenses not covered by insurance for a revitalized appearance. Care credit also allows loans for mommy makeover and tummy tucks.

Interested To Discuss Cosmetic Surgery Financing? Schedule A Consultation Today!

For details on the best cosmetic surgery financing options available feel free to reach out to our doctor’s office. Schedule a confidential consultation with the esteemed board-certified plastic surgeon, Dr. Rice.

During your appointment, Dr. Rice of DMR Aesthetics Chicago will look to understand exactly what results your desire. From there you can discuss the best cosmetic surgery procedures for your goals, and the best plastic surgery financing options available to you.


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