Plastic Surgery

What Is a Plastic Surgery Loan?

As the name suggests, it is a loan taken out for the purposes of undergoing plastic or cosmetic surgery, which is a costly procedure. While undergoing surgery may improve your wellbeing and self-esteem, it can adversely affect your bank balance too. You may require more money than you have saved up.

Plastic Surgery Loan Process

First, find out the total cost of your surgery, including all related fees.  Next, shop around for the loan with the lowest interest rate based on your credit score.

How to Apply

Once you have found the right loan, approach the lender, who will do a credit check, and complete the necessary documentation.

How Much Does Plastic Surgery Cost?

The estimated cost of cosmetic surgeries as reported by the American Society for Aesthetic Plastic Surgery in 2020 are as follows:

• Abdominoplasty (tummy tuck) - $6,100
• Rhinoplasty (nose job) - $5,400
• Gluteoplasty (buttocks augmentation) - between $4,000 to and $5,000
• Breast augmentation - $3,500 to $4,000
• Liposuction - $3,300
• Full body tuck - more than $10,000

These may or may not include anaesthesia and operating theatre costs, which can add thousands more to your bill.

Does Insurance Ever Cover Plastic Surgery?

Your insurance may cover surgery costs if the procedure is medically justified. For instance, women who suffer from back pain because of their breast size may qualify for a breast reduction job. Similarly, those who experience breathing difficulties may obtain insurance cover for nose surgery. However, if the surgery is done for aesthetic reasons, it is unlikely that your insurance company will pay for it. Always check with your health insurance provider beforehand to find out if the expensive medical procedure is covered.

How to Finance Plastic Surgery

There are several ways to pay for your surgery. As mentioned above, your insurance may cover the costs involved. In the event you cannot claim from your insurance policy, you may pay with money you've set aside for the purpose. If you have insufficient funds, you may use any of the following options:

1. Get a personal loan
2. Use a credit card
3. Use a medical card
4. Borrow from your 401(k)
5. Home Equity Loan (HELOC)

How to Finance Plastic Surgery With a Personal Loan

Use a Credit Card

Many cards offer an introductory 0% interest rate as well as reward programs. Make sure to pay off the debt within the introductory period before the interest rates soar. Ensure that the repayments are within your budget. Any default in payment can increase your debt and subsequently negatively affect your credit score.

Medical Credit Card

These cards are to be used only for medical care. As with regular credit cards, 0% financing is possible if you repay the debt within a set period. Some cards apply the interest retroactively if the balance is not paid in full during the period. Read the fine print and to be safe, pay off the debt in time.

Get a Personal Loan

A personal loan from a bank is another source of financing for your surgery. Depending on your credit score, you may qualify for attractive rates of interest. These fixed-rate loans mean that your interest rates will not fluctuate during the payment period. Repayment is in monthly instalments, and you have the option of paying in full before the term is up without incurring any penalty for prepayment.

Borrow from Your 401(k)

You may borrow from your 401(k) plan and repay it within five years. If you withdraw early, there will be a 10% penalty unless you qualify for medical reasons. The advantage of this option is that a credit check will not be done. The disadvantage is that if you fail to repay the amount you borrowed, the amount is treated as an early withdrawal. Then you will be taxed on it, as well as have to pay the 10% penalty.

Home Equity Loan (HELOC)

Taking a home equity loan or home equity line of credit (HELOC) is an option if you own your home and have accumulated equity. This is an attractive option as you will be charged a lower interest rate compared to a personal loan because the loan is secured by using your home as collateral. The downside to this is that you risk losing your home if, for any reason, you are unable to repay your debt on time.

Main Plastic Surgeries That Loans Cover

These are the major surgeries you can get a loan for:

Botox

Botox is used cosmetically as a treatment to reduce the appearance of facial wrinkles and fine lines. It is one of the most popular ways to erase the signs of aging, and can also be used medically to treat certain muscular conditions. The national average cost for Botox treatments is $550.

Saline Breast Implants

Saline breast implants are used to increase the size of breasts, for reconstruction treatments, and revision surgeries. The implants are made out of a silicone outer shell that are filled with sterile salt water (saline) solution. The cost of surgery, including implants, can range from $5,000 to $8.000. This excludes extra fees of additional surgeries to correct implant problems.

Silicone Breast Implants

Silicone breast implants are used for the same purposes as saline implants. The only difference between the two is that these implants have a silicone outer shell filled with silicone gel. The silicone implants cost about $1,000 more than saline implants and have the same complication risk, which will add further costs when the implants need to be fixed.

Breast Lift

A breast lift is a surgical procedure performed to change the shape of your breasts, during which excess skin is removed, and breast tissue is reshaped to raise the breasts. The average cost of the procedure is just under $5,000, not including anesthesia, operating room facilities, and other expenses.

Breast Reduction

Having large breasts can cause physical and psychological problems for women. Breast reduction surgery, also known as reduction mammaplasty, is carried out to decrease the size of the breasts. According to the American Society of Plastic Surgeons, breast reductions can cost about $6,000.

Cheek Implants

Cheek implants enhance the appearance of cheeks that lack definition by adding body and contour. Cheek augmentation benefits those who suffer from a weak cheek structure, or who have lost cheek definition because of the effects of aging.  Costs vary depending on the surgeon and related medical fees but can range from $2,400 to $5,000.

Chin Augmentation

Chin augmentation reshapes or changes the size of the chin by putting in an implant or by rearranging or reshaping bones. A complete procedure can cost between $3,000 and $5,000.

Facelift

A facelift is performed to create a younger appearance in your face by reducing the sagging or folds of skin on the cheeks and other changes in the shape of your face that occur with age. This cosmetic surgery can cost you more than $8,000.

Gastric Sleeve

During gastric sleeve surgery, surgeons remove 75-80% of the stomach and join the remaining portions together to make a "sleeve". The surgery also removes the part of your stomach that makes a hormone that boosts your appetite. This weight-loss surgery to treat severe obesity can cost between $17,000 and $26,000.

Nose Job

Rhinoplasty (nose job) is a procedure that improves the appearance and functionality of the nose. It can help people with breathing difficulties that affect their ability to sleep and function. The average cost of a nose job is $5,400.

Top 3 Plastic surgery loans

Upstart 

Plastic surgery isn’t just for the wealthy, despite what you might think. There are so many types of procedures on offer and plastic surgery popularity has come a long way since breast augmentations or bum implants. The reasons people go out and get plastic surgery aren’t always cosmetic; rhinoplasties can provide breathability and a breast reduction can relieve chronic back pain, for example. Whatever your reason for getting plastic surgery, Upstart is a great place to turn for financing. 

APR with an Upstart loan starts at just 6.18% and can be spread across three or five-year terms. Whatever type of plastic surgery you need, you can secure financing as soon as the next day, along with 99% of its other applicants. What’s more, since Upstart only conducts a soft credit check, your rating goes untouched, even if you’re unable to get approval. It’s why the lender has a 4.9 rating on Trustpilot with almost 6,000 customer reviews. 

Eloan 

For those of us that are always self-conscious or feel uncomfortable in their own skin, plastic surgery is a possibility worth pursuing. There are plenty of online lenders out there that can help you cover the costs of your much-needed procedure, meaning you can avoid the slow-moving, high-interest prospects from traditional options like personal loans from banks. Many online lenders will look to make a quick profit from your need for plastic surgery but not Eloan. 

With APR starting at just 8.99% and loan terms of up to five years, Eloan offers a flexible solution that even people with bad credit can get behind. You can borrow anywhere between $2,000 and $35,000 and there are no annual or prepayment fees. The online application is quick and all types of plastic surgery can be covered, so all you need to do is ensure you make your monthly payments on time. 

Prosper

Plastic surgery isn’t always used to enhance our appearance or give us the desired look we’ve always been after. In fact, many of us turn to these types of procedures in order to seek out the health benefits that come with it, whether that’s to provide respiratory relief, improve vision, or relieve chronic pain. Though it’s needed to improve quality of life, these procedures often aren’t covered by medical insurance and we’re left footing the full bill ourselves. That’s why it’s best to pick an online lender like Prosper that has favorable terms and low interest. 

The online application only takes a few minutes and you could have your much-needed cash straight to your account within days. All interest rates are fixed and payments can be spread between three and five years, giving you plenty of time to pay back what you borrowed without leaving you to pay off an impossible commitment. Prosper does charge an origination fee but its APR can be as low as 6.95%.

Bad Credit Plastic Surgery Loan

If you have a poor credit score, the online lending marketplace has lenders who offer bad credit personal loans. However, expect to pay higher origination fees and interest rates if you are a high-risk borrower. With no cosigner, you will have to demonstrate to the lender that you can meet the projected monthly repayments, and authorize automatic withdrawals from your checking account to ensure the lender gets paid on time every month.

My Conclusion

Plastic and cosmetic surgeries are expensive, but there are loans you can get if your insurance does not cover the costs and you don't have enough money of your own. The decision is on you to think about whether you need the surgery and choose the option that will not cost you additional expenses in the long run.