LASIK Financing: Best Personal Loans to Consider in 2024

LASIK surgery is usually considered an elective procedure which means insurance may not cover it. Without any assistance with paying medical bills, laser vision correction may seem unaffordable. An unsecured personal loan can can help you receive the funding you need for LASIK surgery quickly. You may be able to lock in a lower interest rate and choose the length of your repayment term. That way, you can make payments over time while enjoying the benefits of improved vision.

If you’re wondering where to start looking for LASIK eye surgery financing, our team of financial experts reviewed and ranked more than 30 online lenders to help you get funded. Here’s what you need to know about securing LASIK financing along with the best loan companies to consider.

Because personal loans can have a big impact on your finances, it’s important to spend a little time reviewing your options to make sure you’re not overpaying. Also, it’s usually worth comparing your rates across multiple lenders to ensure you’re getting the best deal for your credit history and financial situation.

Our team of financial experts ranked lenders based on our ratings methodology for personal loans and found the best overall personal loans for LASIK financing. This ratings methodology evaluates lenders based on loan length, APR, repayment terms, user experience, customer service, credit score history, banking and credit union use, and additional features.

Best LASIK Financing Loans for 2024 - Full Overview

If you’re looking to narrow down your options for LASIK financing, here are 6 of the top lending options to start exploring.

How to Choose the Best LASIK financing?

There are many LASIK financing options available so you can shop around. Be sure to consider the following factors and keep these best practices in mind.

When developing our best lender list, our experts also considered these factors and features.

• Loan Features: Loan features can make LASIK financing options either attractive or unatractive. Pay close attention to terms such as how much you can borrow, repayment term lengths, and loan use limitations. If the lender has strict limits on the use of the loan, you may want to look at another option. Additionally, you’ll want to make sure the loan term is not too short as this could result in a higher monthly payment and cause financial strain.
• Interest rates and fees: Look for LASIK surgery loans that have lower interest rates and few fees. Check the loan fee list to see if there’s an origination fee or any pre-payment penalties. Understanding the fees upfront can save you a lot of frustration and money later on.
• Application process: Is the application process difficult or easy? Are you able to apply or get pre-qualified online? Also, check to see which documents may be required for verification and how long it takes an application to process.
• Qualification process: Consider the minimum credit score and income requirements the lender has. Find out if they allow co-signer/joint applications as an option or have membership requirements.
• Customer support: Customer support is also important to consider. How can you reach someone from the company if you need help? What hours can you call? Are chat or email support options available?
• Online user reviews: Customer reviews are still a powerful tool when choosing a lender. Check credible review sites to see what people are saying about the lender.
• Perks and Bonuses: Consider specified service offerings like payment flexibility, advertising transparency, and advanced technology. Some lenders offer an interest reduction if you set up automatic payments or other perks and bonuses.

What is LASIK Financing?

LASIK financing is a personal loan taken out to pay for a LASIK eye procedure. Personal loans can be used for a wide variety of expenses including elective procedures like LASIK. LASIK eye surgery can cost a few thousand dollars so if you just need help paying for the procedure, you may only want to take out a loan for around $5,000.

LASIK personal loans may have an interest rate ranging from 8% to 30% depending on your credit score and repayment terms range from 12 months to 84 months.

How to Apply for LASIK Financing Online

Applying for LASIK financing online is similar to applying for any personal loan.

• You’ll want to get prequalified first or use a lender network such as Fiona to help you shop around for the best rates and terms. It helps to check your credit on your own beforehand to know where you stand.
• Also, you want to know how much you wish to borrow.
• Most lenders allow you to pre-qualify by filling out a form online to see your loan offers.
• Once you find loan terms you like, you can submit a formal application and include your personal details, income and employment information, purpose of the loan, and your social security number. At this time, the lender will run your credit resulting in a hard credit pull and inquiry on your report.
• The lender may also request additional documentation like pay stubs, a copy of your driver’s license, and bank account information.
• Processing your loan application may take a few days depending on the lender. Once the application is processed and if you’re approved, you can review the loan terms and accept them.
• Upon accepting your loan terms, you’ll be able to receive your loan funds in 1 to 3 business days on average depending on your lender.

Alternatives to Online LASIK Financing

While LASIK financing can be a solid option to helppay for your LASIK eye procedure, there are still other alternatives to taking out a personal loan. Let’s explore some of these below.

Payment Plans Offered by LASIK Surgeons

Some LASIK surgeons and medical offices offer LASIK payment plans to help you manage costs for the surgery. These plans are often 0% interest so you could save money and pay monthly installments based on your budget. In some cases though, the payment plan might involve applying for a medical credit card where you could incur some interest or even fees in addition to the cost of the procedure. Be sure to specify how the payment plan works and ask if there are any fees or additional requirements involved.

Flexible Spending Accounts (FSAs)

A Flexible Spending Account (FSA) is an account you can add money to for out-of-pocket medical costs. You don’t have to pay taxes on this money and make contributions through your employer. Currently, you are able to contribute up to $2,850 per year per employer. You’ll need to use the money in your FSA during the plan year as you can only carry over a small amount to the following year.

Health Savings Accounts (HSAs)

A Health Savings Account or HSA is another account that’s available through your employer so long as you have a high deductible health insurance plan. You can contribute up to $3,650 as an individual and $7,300 as a family. You can also invest some of your HSA contributions and receive tax-free growth and withdrawals any time so long as you’re using the money for qualified medical expenses. HSA money can even be used to reimburse yourself for qualifying medical expenses that you’ve already paid for our of pocket.

Medical Credit Cards

Medical credit cards like CareCredit can serve as a line of credit to charge as you incur LASIK surgery expenses. You can estimate your monthly payments or even pay extra when you can to get rid of your balance faster. With medical credit cards, you’ll need to have good or excellent credit to qualify in most cases.

Traditional Credit Cards

Traditional credit cards can be just as effective as medical credit cards. Just keep in mind that the interest rates could be higher than some personal loans. So try to get a card that has a 0% APR promotion for several months so you can pay your expenses off interest-free. Also, be mindful of annual fees and other hidden credit card fees.

Tax Refunds

If you know a tax refund is coming your way, this could be an excellent way to pay for your LASIK surgery without dealing with any extra bills. Tax refunds can be unpredictable each year in terms of amounts and when the money will actually arrive so make sure you have a back up option.

Personal Saving Account

If you know you want to get LASIK eye surgery in the next year or so, start planning ahead by opening a savings account. Contribute money regularly and set a goal based on the estimated cost of the procedure. Also, be sure to allow a buffer for unplanned costs. Even if you can’t save enough to cover the entire surgery, having some money stashed away will be helpful.

Ways to Get Discounted LASIK Services

Don’t count out discounts for LASIK services that can help lower your out-of-pocket costs or reduce the loan amount you need. Sometimes you can get a discount by paying for the procedure in full. Or, your insurance may even cover a portion of the surgery and give you a copay even if it’s considered an elective procedure.

In addition, you may also be able to deduct some of your LASIK surgery expenses. The IRS allows you to claim a deduction on your taxes for the amount of your surgery that exceeds 7.5% of your adjusted gross income (AGI).

Conclusion

LASIK financing can help relieve the financial burden of paying for vision correction surgery. With a LASIK surgery loan from a top recomended lender, you’ll be able to secure funding quickly and obtain manageable monthly payments. Get pre-qualified to shop around for the best loan terms first. Also, consider some alternatives to LASIK financing and how you can potentially use these options as back-up financial support.