Lender | Est. APR | Min. Credit Tier | Loan Amount | Loan Term |
Rocket Loans | 6.723% to 35.89% | Fair | $2,000 to $45,000 | 36 or 60 months |
AmOne | 2.49% to 35.99% | Poor | Up to $50,000 | Up to 72 months |
Upstart | 5.35% to 35.99% | Poor (300 or no credit history) | $1,000 to $50,000 | 36 or 60 months |
SoFi | 6.99% to 22.98% | Good | $5,000 to $100,000 | 24 to 84 months |
Figure | 5.75% to 31.44% | Fair | $5,000 to $50,000 | 36 or 60 months |
Upgrade | 5.94% to 35.97% | Fair | $1,000 to $50,000 | 24 to 84 months |
Average Costs of Plastic Surgery Procedures
According to CareCredit, below are the average costs of the
most common plastic surgery procedures:
- Breast augmentation: $4,516
- Breast reconstruction: $15,225
- Breast implant removal: $3,059
- Breast lift: $5,012
- Breast reduction: $5,913
- Buttock augmentation: $4,807
- Buttock implants: $5,278
- Buttock lift: $5,482
- Cheek implant: $3,669
- Chin augmentation: $3,137
- Dermabrasion: $1,786
- Ear surgery: $3,736
- Eyelid surgery: $4,120
- Facelift: $8,005
- Forehead lift: $3,900
- Liposuction: $3,637
- Nose job: $5,483
- Tummy tuck: $6,514
- Hernia repair: $5,600
How to Get a Plastic Surgery Loan
While the process varies depending on the lender you choose,
you’ll generally follow these steps:
- Check your credit report at AnnualCreditReport.com to see
what you’re eligible for and dispute any errors
- Prequalify with a few different lenders you’re likely to be
eligible for. This will only result in a soft credit check, which will not hurt
your credit.
- Choose the lender with the lowest rate and the fewest fees
you can qualify for, and proceed to the formal application. You’ll need to
provide your social security number and proof of income, and this step will
result in a hard credit check, which will cause a slight drop in your score.
- Once approved, read the fine print and sign and accept your
loan documents.
- Wait for the funds to appear in your bank account, which
typically happens within just a few days.
Where to Get Plastic Surgery Loans
- Banks: Banks provide in-person service, but bank loans are
often more difficult to qualify for than online loans. They also require
paperwork and can take longer to fund. If you have a good relationship with
your bank, you may consider asking about a plastic surgery loan.
- Credit Unions: Credit unions often offer low rates, but they
have membership requirements. If you’re already a member of a credit union,
this might be a good place to start looking for a cosmetic surgery loan.
- Online Lenders: Online lenders review a greater variety of
information than just your credit score when making an approval decision. They
can also fund your cosmetic surgery loan quickly, sometimes even in the same
day. And they offer a digital process that many borrowers prefer.
Alternative Financing Options for Cosmetic Surgery
- Credit Card: You might consider a medical credit card, which
typically have lower APRs and are designed for medical expenses, or a 0%
introductory APR credit card, if you can pay off the balance within about 18 months.
- Home Equity or Auto Equity Loan: These are secured loans
that allow you to borrow against the equity you’ve built in your home or
vehicle. They typically come with lower rates than personal loans, but can take
longer to get.
- HELOC: An HELOC is a revolving line of credit that allows
you to draw from the equity in your home as needed. It’s a great option for
borrowers who can’t afford to repay a loan right away, since the draw period
typically lasts five or ten years before repayment of principal and interest
begins.
- 401(k) Loan: You should only use this option if your
cosmetic surgery is necessary, since raiding your 401(k) will deplete your
retirement savings. You also shouldn’t borrow from your retirement account if
you plan to leave your job. But this is a no credit check option you can use to
pay for plastic surgery, and you can avoid tax penalties if you repay the loan
with interest.
- Payment Plan: Talk to your doctor about payment plans
offered by your healthcare institution. You may be able to pay for the
procedure in fixed installments.
- Health Savings Account or Flexible Spending Account: If your
procedure is medically necessary and you have an HSA or FSA account, you can
use your savings in these accounts to cover the cost.
- Crowdfunding: If you think your social network will be
sympathetic to your cause, start a crowdfunding campaign to raise money for
your procedure.
Conclusion
If you can’t afford to pay for your cosmetic surgery all at
once, an unsecured personal loan from an online lender is a great option. It’s
fast and easy to get the money you need, and if you have good credit, you’ll
likely beat the APR on your credit cards. There are also loan options for poor
credit borrowers who may have difficulty getting a credit card. What’s more,
the lenders we chose don’t have any restrictions on using the funds for medical
procedures. You can’t go wrong with the lenders on our list, but be sure to
prequalify with a few of them to compare rates before you decide.