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LASIK Financing

More and more people are considering LASIK eye surgery but it can be expensive. This surgery can cost as much as $2,100 per eye. LASIK financing can be a helpful way to pay for this procedure and repay your loan with predictable payments that fall within your budget.

LASIK Financing
Choncé Maddox
Written by:Choncé Maddox
Certified Financial Education Instructor (CFEI) and personal finance freelance writer

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.

Our Top Picks for LASIK Financing

fiona_logo
  • Marketplace lender
  • Does not impact your credit score
  • Highly flexible term lengths and loan limits
Min. Credit Score
Min. Credit Score Varies
Loan Amounts
Loan Amount $5K-$250K
Est. APR
Loan Repayment Varies
oportun_logo
  • Fast funding with direct deposit
  • Accepts borrowers with newer credit profiles or lower credit scores
  • Flexible approved uses for the loan money
Min. Credit Score
Min. Credit Score 580+
Loan Amounts
Loan Amount $300-$10K
Est. APR
Loan Repayment 24 - 60 months
discover_logo
  • No origination fees
  • Nine month deferment period
  • Direct payments to creditors with debt consolidation loans
Min. Credit Score
Min. Credit Score 660+
Loan Amounts
Loan Amount $2.5K-$35K
Est. APR
Loan Repayment 36-84 months

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.

Best LASIK Financing Loans for 2022 - 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.

1. Fiona: Best For Comparison Shopping

Fiona helps people find LASIK financing through a network of trusted lenders. The entire online pre-screen and application process is streamlined to give you a comprehensive view of the best lenders for your personal loan needs. Fiona itself is a not a lender, but has a relationship with quality lenders. This means Fiona doesn’t have any additional fees on their end and almost acts as a broker to help you narrow down your options for a LASIK surgery loan.
Pros
See loan offers from multiple lenders
No hidden fees
Accepts different credit scores depending on lender
Secured loan and line of credit options
Cons
Not a lender
Partner lenders may have loan fees
Still need to apply directly with the lender after reviewing offer
Fewer options with low credit score


Fiona also offers secured loan options or a line of credit if this is more convenient for your needs. Submitting an initial application with Fiona won’t impact your credit score since it will only result in a soft credit pull.

Features

Fiona partners with more than 100 different lenders, so borrowers will find a variety of loan terms, rates, and options. For the most part, Fiona works with lenders that allow you to borrow around $5,000 on average for LASIK eye surgery expenses. Rates range from 8% to 16.99% depending on your credit and repayment terms typically go up to 60 months. Fiona does have lender options for borrowers with low or subprime credit. Just be prepared to pay more interest around 25% to 35%.

The Bottom Line

If you’re adamant about shopping around for LASIK financing, Fiona will help you save time and resources while gathering the best quotes. Just keep in mind you’ll still need to apply directly with any lender you choose and adhere to their loan requirements and terms.

Try Fiona

2. Oportun: Best For Fast Approval

Oportun is a lender that offers LASIK personal loans ranging from $300 to $10,000. In states such as Arizona, California, Florida, New Jersey, and Texas, both secured and unsecured personal loans are offered. You can borrow up to $10,000 with an unsecured loan and up to $20,000 with a secured title loan. You can prequalify for LASIK financing with Oportun and since it’s a soft credit pull it won’t impact your score.
Pros
Fast funding if approved
Works with borrowers with lower credit scores
Allows cosigners
Customer service available daily
Cons
Higher loan APR
Charges an origination fee
Secured loans not available in every state
Need to get a title loan to borrow more than $10,000

Features

With Oportun, more than just your credit score is considered. The company can accept borrowers with a lower credit score and the loan’s APR will never be more than 35.99%. Oportun doesn’t charge application or prepayment fees. They do have an origination fee which is calculated based on your state and loan amount.

When you complete an application for a LASIK surgery loan, the process will take about 10 minutes online. Most approved applicants receive their funding the same business day. Oportun’s customer service agents are available via chat or by phone 7 days per week.

The Bottom Line

Oportun is best for borrowers with average or subprime credit since they focus on other factors to qualify you for a loan. The interest rates may be higher but as a direct lender, Oportun also has a fast approval and funding process.

Try Oportun

3. Discover: Best For No Fees and Flexible Terms

Discover offers LASIK personal loans for up to $35,000. This seems like a lot of money for the surgery, but it could come in handy for unexpected medical bills and other associated costs. Discover allows you to prequalify first with no impact to your credit score. There are also in-house loan specialists available to help you with your application 7 days per week.
Pros
Borrow up to $35,000
No origination or hidden fees
Lower APRs
Flexible repayment terms up to 84 months
Cons
No co applicants allowed
Lower credit scores not accepted

Features

Discover offer loans ranging from $2,000 to $35,000. There are no origination fees or hidden fees. Fixed interest rates range from 5.99% to 24.99%. Regardless of loan amount, you can choose from flexible repayment terms including: 36, 48, 60, 72, and 84 months. In some cases, approved applicants can receive loan funds the same business day. Discover also offers a 30-day return guarantee if your circumstances change and you wish to return the full loan amount within 30 days of receiving it.

The Bottom Line

Discover is a great LASIK loan option for borrowers with excellent credit looking for flexible repayment terms.

Try Discover

4. Lightstream: Best For Great Credit

Lightstream has personal loans for LASIK surgery with lower fixed rates and benefits for customers with great credit. You can calculate your minimum monthly payment amount and estimated interest rate on the website without filling out any forms or entering your social security number. All you need is your desired borrowing amount. There are few loan use limitations with Lightstream and you just need to have a personal banking account to receive the funds and make payments on your loan.
Pros
No fees or prepayment penalties
Borrow up to $100,000
Interest rate reduction when you set up auto-pay
Cons
May not accept credit scores under 660
Requires several years of credit history
No option to pre-qualify online

Features

With Lightstream, there are no loan fees or pre-payment penalties. Interest rates range from 3.99% to 19.99%. When you set up auto-pay for your LASIK payment, you can receive a 0.50% interest rate decrease. Repayment terms range from 36 to 72 months and you can borrow anywhere from $5,000 to $100,000.

The Bottom Line

Lightstream probably offers more than you need in terms of loan payment plans for LASIK eye surgery. But if you have great or excellent credit, you can lock in better benefits and a lower APR.

5. NetCredit: Best For Subprime Credit

NetCredit offers personal loans and lines of credit for your LASIK eye surgery finance needs. You can borrow up to $10,000 and prequalify online first. NetCredit works with lending partner banks to provide LASIK financing in some states. If you’re approved for a loan, you could receive your funds in one business day or sooner.
Pros
Prequalify online
Works with subprime credit borrowers
Fast funding
Cons
Higher interest rates
Lower maximum borrowing limit

NetCredit has more lenient loan requirements and works with borrowers who have a lower credit score. They do this by considering your income and other factors to help you qualify for a loan.

Features

You can typically borrow anywhere from $500 to $10,000. Loan interest rates are higher than other lenders starting at 34.99%. Some APRs get as high as 99%+. NetCredit gives you anywhere from 6 to 60 months to repay your loan. NetCredit’s website doesn’t mention a loan origination fee or prepayment fee, but this doesn’t mean they might not have one.

The Bottom Line

NetCredit is worth considering if you have a lower credit score or not enough credit history to qualify for other LASIK financing options. Their interest rates are high, but you can still get the money you need for your LASIK surgery quickly.

Try NetCredit

6. Rocket Loans: Best For Quick Prequalification

Rocket Loans provides a quick and easy online loan application process for LASIK eye surgery financing along with simple payment options via autopay. There are no loan prepayment penalty fees but there is an origination fee ranging from 1% to 6% of the total loan amount.
Pros
Entire process can be completed online
Lower APRs
Transparent fees
Same-day funding
Cons
Has an origination fee
Shorter repayment terms

If your credit score is great, you have a good chance of locking in a lower interest rate compared to what other lenders offer. You can prequalify for a loan online and if you’re approved after completing the full application process, you could receive same-day funding.

Features

With Rocket Loans, you can borrow anywhere from $2,000 to $45,000 and interest rates range from 6.723% to 29.99%. There is an origination fee and $15 late fee, but you won’t have any fees for paying your loan off early. Rocket Loans can get you prequalified in seconds and the application and loan funding process is streamlined so you can receive funds quickly.

The Bottom Line

If you’re looking for a completely online and streamlined personal loan process, Rocket Loans is worth considering.

Best Loans for LASIK financing - Main Features

Company Name Est. APR Min. credit score Loan Amount Loan term
Fiona 8% - 16.99% Not disclosed Varies Up to 60 months
Oportun Up to 35.99% Not disclosed $300 - $10,000 12 - 48 months
Discover 5.99% - 24.99% 700 $2,500 - $35,000 36 - 84 months
Lightstream 3.99% - 19.99% 660 $5,000 - $100,000 36 to 72 months
NetCredit 34.99%+ None $500 - $10,000 6 to 60 months
Rocket Loans 6.7% - 29.99% Not disclosed $2,000 - $45,000 36 - 60 months

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.

Frequently Asked Questions (FAQ)

How much does LASIK surgery cost?

LASIK surgery can cost around $2,100 per eye on average. Depending on the person and typo f surgeon, the cost could be higher.

Does health insurance cover LASIK procedures?

Most health insurance companies won’t cover LASIK procedures since it’s considered an elective surgery. However, your insurance company may offer discounts on LASIK as part of a member rewards program. If you have vision insurance, you may be able to get some coverage.

Can you pay monthly for LASIK eye surgery?

Yes, you can pay monthly with a LASIK surgery loan or payment plan offered by the medical office. If you charge the procedure costs to a credit card, you can also pay monthly on your balance.

Can I get LASIK financing if I have bad credit?

Yes, there are some LASIK surgery loans that welcome customers with bad or subprime credit. Just know that you interest raste might be higher and you could be subject to more fees.

What are the penalties for not paying your LASIK loan on time?

Yes, the penalties are the same as with any personal loan. You could incur a late fee or receive a negative mark on your credit report. If you have a secured loan, the collateral you used could be seized as well.

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Choncé Maddox

Choncé Maddox

Certified Financial Education Instructor (CFEI)

Choncé Maddox is a Certified Financial Education Instructor (CFEI) and personal finance freelance writer.

More about me