Cosmetic Surgery Loans and Other Financing Options

Many insurance companies consider plastic surgery to be an elective procedure and require you to pay for cosmetic procedures out of your own pocket. Fortunately, you can tap into cosmetic surgery loans and other financing options to help cover your procedure. 

Explore your options below to make the best decision about your body and budget.

​​In the meantime, MoneyLion offers a service to help you find personal loan offers. Based on the information you provide, you can get matched with offers for up to $50,000 from our top providers. You can compare rates, terms, and fees from different lenders and choose the best offer for you.

How much does it cost to get cosmetic surgery?

Plastic surgery costs can vary widely, depending on the type of surgery being performed, the surgeon’s experience, and your geographic area. Some common cosmetic procedure prices include:

• Rhinoplasty: Costs an average of $6,324 before anesthesia and other fees
• Liposuction: Costs roughly $3,600 per treatment area and up to $20,000 overall 
• Simple laser hair removal: Costs an average of $582

Your insurance provider may cover some forms of reconstructive surgery if they are deemed medically necessary. However, all other procedures are regarded as elective, which means you’ll need to pay out of pocket, seek cosmetic surgery loans or consider other options.

Personal loans: your option for cosmetic surgery

Personal loans are a type of unsecured loan granting you a lump sum of money that can be used for almost any personal purpose. This makes personal loans an option for costly medical procedures, especially if you have good credit. 

The best interest rates and terms go to those with credit scores of 690 or above. That said, some lenders will still work with you if your credit score is in the 500s. 

Just pay attention to interest rates. Some lenders may offer rates as low as 4%, which makes personal loans a less expensive alternative to credit cards or different loan types. But other lenders could charge as much as 36% interest, which can add to the cost of your cosmetic procedure.

Pros

Why are personal loans the best option for plastic surgery?

• Large, lump-sum payments
• No collateral required
• Potential for low-interest rates

Cons

Despite these advantages, personal loans may have drawbacks such as:

• Monthly debt increases
• Additional fees charged by lenders
• Damaged credit score if you miss loan payments

5 Alternative financing options for cosmetic surgery

While personal loans can work for cosmetic surgery loans, there are several additional options you might consider. Here are five alternative financing options for cosmetic surgery.

1. In-house financing

Plastic surgery centers are well aware that insurance providers don’t cover elective procedures. However, your provider may offer in-house financing, which can be a flexible option for cosmetic surgery patients. There’s usually a credit check required, but individual practices can set their own interest rates, loan terms, and eligibility requirements to assist their patients.

Pros

Positively, in-house financing offers possible benefits of:

• Simplicity, since you’re going through the doctor
• Flexible payment options and loan terms may be available
• Fast, straightforward approval 

Cons

However, in-house financing can bring disadvantages such as:

• Requiring a credit check
• Late payments affecting your credit score
• You may feel pressured to go forward with a procedure, or multiple procedures, that your budget doesn’t allow for.

2. Credit cards

For smaller procedures, such as laser hair removal, a credit card may provide a convenient option. To qualify for a credit card, you must undergo a credit check, but a score of 700 or above will likely qualify you for any major consumer card. 

You can spend up to your credit limit and simply repay the balance over time. Some card issuers offer 0% APR for new card owners. If you can pay off your procedure within the 0% APR period of time, you’ll avoid any additional interest. Medical credit cards are also available. These typically offer low interest rates for medical expenses like cosmetic surgery.

Pros

Credit cards offer advantages that include:

• Convenient way to pay
• Introductory interest rates, possibly including 0% APR
• Reward points that accrue with purchases

Cons

On the other hand, credit cards come with drawbacks such as:

• Credit limits that are prohibitive for costly cosmetic procedures
• Interest rates that rise dramatically following the introductory period
• The temptation to overspend

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3. Instant cash apps

Consumers can take advantage of a growing number of instant cash apps that offer favorable rates and loan amounts. 

Pros

Cash apps make great choices for plastic surgery for the following reasons:

• Fast, easy approval
• No credit check or high-interest rates
• Won’t add to your total debt

Cons

However, cash apps offer drawbacks like these when it comes to medical bills:

• May not offer high dollar amounts
• Make money available without increasing your spending power
• Sometimes charge interest rates for non-payment

4. Insurance

Medical insurance can be an ideal choice for those pursuing reconstructive surgeries or other procedures that are deemed medically necessary. For example, if your cosmetic procedure is designed to restore your normal appearance after a car accident or cancer, your provider may cover it. 

To get medical insurance, you’ll have to undergo an application process, after which you’ll likely pay for monthly premiums and an annual deductible before your insurance kicks in. But for expensive procedures, this may save you in the long run, since your insurance provider will probably pay the lion’s share of high-cost medical procedures if it’s covered.

Pros

Using health insurance for plastic surgery can be ideal for the following reasons:

• Covers the majority of expensive procedures usually
• Provides coverage for other medical costs
• Often offers discounts when sharing with a spouse or other family member

Cons

However, health insurance has drawbacks as well, such as:

• Only covers medically-necessary procedures, and providers may disagree on what you consider is medically necessary
• Potentially high health insurance premiums
• Can strain your finances with high deductibles

5. Personal savings

When cosmetic surgery is a priority, you could always tap into your personal savings account. Going this route eliminates the need for third-party lenders, credit checks, or repayment plans. While this option will deplete your savings a bit, it can, depending on the nature of the procedure, help you avoid any interest charges or other fees in the long run.

Pros

Paying for cosmetic surgery with your personal savings can provide benefits such as:

• No need for applications and eligibility requirements
• Fast access to your own cash
• Cost savings since you won’t pay any interest

Cons

However, paying out of your savings comes with drawbacks that include:

• Potentially not having enough savings to cover the expense
• Depleting your savings, which can make it challenging for other purchases, like potential future emergencies 
• No opportunity to build your credit score

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Maintaining your appearance and your budget

Remember that health insurance providers won’t cover elective procedures, which is why finding the right loan or financing option is key. Personal loans may offer flexible financing options, but it’s also best to explore other avenues for your plastic surgery. 

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