In 2017, 1.8 million cosmetic surgery procedures were performed in the U.S., according to the American Society of Plastic Surgeons (ASPS). This was a 1% increase from the previous year, meaning more and more Americans are opting to have elective plastic surgeries done each year.
Perhaps you’ve been thinking of having a particular cosmetic surgery done for years, and feel like it’s finally time. The only problem? You don’t have a ton of money in savings. Luckily, there are still ways you can pay for the procedure. One popular method for financing plastic surgery is through a medical loan, which is a personal loan that can be used to cover medical expenses.
Below, we’ve broken down the costs associated with the most common plastic surgeries, with information on how you can use a personal loan and other methods to finance your surgery.
Top plastic surgery procedures and costs
From breast augmentation and liposuction to tummy tucks and nose jobs, there are countless surgeries that can be done to help someone feel more confident about their appearance. Many of these procedures are incredibly common, with hundreds of thousands being done in the U.S. each year.
Below, you’ll find more detail on the 10 most common cosmetic surgery procedures in the U.S., according to data from the 2017 Plastic Surgery Statistic Report from the ASPS.
|Procedure||Total Procedures Done in the U.S. in 2017|
|Nose reshaping (rhinoplasty)||218,924|
|Eyelid surgery (blepharoplasty)||218,924|
|Tummy tuck (abdominoplasty)||129,753|
|Breast reduction (for aesthetic reasons)||43,635|
Regardless of the procedure you’re considering, the cost will likely be significant, and it’s something that will take foresight to effectively finance.
You might be wondering how much your potential cosmetic surgery will cost you when it’s all said and done. Below, you’ll find information from the ASPS on the average surgeon/physician fee for the most common cosmetic surgery procedures.
|Procedure||National Average Surgeon/Physician Fee|
|Nose reshaping (rhinoplasty)||$5,125|
|Eyelid surgery (blepharoplasty)||$3,026|
|Tummy tuck (abdominoplasty)||$5,992|
|Breast reduction (for aesthetic reasons)||$5,482|
How you can pay for plastic surgery with a personal loan
If you’re opting to have an elective plastic surgery performed, your insurance will not cover the costs. This means you’ll be spending several thousand dollars out of pocket to have the procedure done.
If your savings are minimal but your mind is set on having a particular surgery, there are a handful of ways you can finance your surgery. One common way is through medical loans, which are personal loans that can be used for medical expenses. These loans are unsecured, meaning nothing is used as collateral. They also typically come with fixed interest rates and can improve your credit score if you pay them back on time.
Below, we’ve provided additional detail on five lenders that offer medical loans.
LightStream is a division of SunTrust Bank that offers medical financing. Loans range from $5,000 and $100,000, with terms between 24 to 144 months.
The APR on the loans varies, depending largely on the total loan amount and repayment term. For example, a loan between $5,000 and $9,999 with a repayment term of 61 to 72 months will have an APR between 10.79% and 15.44%. But a loan between $10,000 and $24,999 with a repayment term of just 24 to 36 months will have an APR between 5.74% and 11.49%.
LightStream’s fixed-rate loans have no fees or prepayment penalties, and can be used to finance any medical expense. Excellent credit is required to secure the best rates.
SoFi is another company that offers medical loans. These fixed- and variable-rate loans also come with no fees, and can be used for medical or dental procedures. Loan terms range from two to seven years, with total loan amounts between $5,000 and $50,000. SoFi requires a minimum credit score of 680 to get one of its loans.
If you opt for a fixed-rate loan, the APR will vary from 5.99% and 16.99%. SoFi’s process is fairly quick, and most loans are approved in an average of seven days.
Avant offers a personal loan that can be used for medical expenses. APRs vary depending on the state in which you live, the total loan amount and the repayment term. For example, a loan between $2,000 and $35,000 with a repayment term between 24 to 60 months would have an APR between 9.95% and 35.99%. The minimum credit score required Varies, so it’s best to check with Avant on its requirements. Late fees are possible with Avant loans.
Upstart offers personal loans that can be used for medical expenses. Loans range from $1,000 and $50,000 with repayment terms of either 36 & 60 months. A minimum credit score of 620 is required to qualify for one of these loans, which have APRs between 7.54% and 35.99%. There are no prepayment penalties, though there are late fees that are either 5% or $15, depending on which amount is higher.
Another lender, FreedomPlus, offers personal loans that can be used to finance medical expenses. Loans range from $7,500 and $40,000 and come with 24 to 60 month terms.
There are no prepayment penalties. FreedomPlus loan decisions can be made quickly, and funds can be available in your account within 48 hours.
Interested in figuring out if your credit score is good enough to qualify for a good medical loan? Use My LendingTree to check your credit score for free. (Disclosure: Student Loan Hero is owned by LendingTree.)
Alternative options to pay for plastic surgery
Personal loans aren’t the only way to pay for cosmetic surgery. There are a handful of other financing methods you can consider. Below, we’ve explored other ways many people pay for plastic surgery.
One way some people finance plastic surgery and other costly medical procedures is through a medical credit card called CareCredit. This credit card differs from traditional credit cards in that it offers 0% introductory rate financing specials that can run anywhere from six months to two years.
Just know that CareCredit comes with a deferred interest rate, meaning that depending on your situation, you could be required to pay retroactive interest of up to 26.99% if you don’t pay off the procedure in the introductory rate period. This means you should only consider CareCredit if you know you have enough money (and financial willpower) to pay off your bill within the introductory rate time frame.
You can either apply for CareCredit at your medical provider’s office or online. (If you apply online, make sure your health care provider is in network.)
Personal credit card
You can always finance a medical procedure with a personal credit card that has a 0% introductory rate. If you know you can pay off the procedure quickly — and before the variable interest rate hits — this could be a path worth pursuing. Plus, you’ll have some added benefits if the credit card offers points or cash back.
But if you don’t pay off your balance before the introductory rate ends, you’ll likely be hit with high variable interest rates that exceed those of most personal loans.
Home equity loan or home equity line of credit
If you hold significant equity in your home, you could consider paying for plastic surgery with a “>home equity loan or a home equity line of credit (HELOC). Although this can be an effective way to finance something like a surgical procedure due to lower interest rates and longer terms than personal loans, it’s very risky since your home is on the line if you don’t repay the loan.
You can also consider financing plastic surgery through a 401(k) loan. This path is risky since your retirement savings are on the line. Plus, if you leave your job for any reason, you’ll likely be required to pay back the loan by October of the following year.
But if you have a significant amount of money in your retirement savings and know you’ll be diligent in paying off the procedure, this path could be worth considering. Interest rates will likely be low and it’s easy to qualify for the loan, since you’re borrowing against yourself.
The bottom line
In 2017, a whopping $16.7 billion was spent on cosmetic surgical procedures in the U.S. Many of these procedures were financed through some of the payment options explored above.
If you’re considering having a cosmetic surgery done but don’t have significant savings, don’t worry. There are multiple ways to finance a procedure without paying a significant amount in interest. Before you dive in, just make sure you have the financial diligence to pay your balance off quickly and efficiently.
The rates and fees mentioned in this article are accurate as of the date of publishing.
Interested in a personal loan?Here are the top personal loan lenders of 2019!
|Lender||APR Range||Loan Amount|
|1 Includes AutoPay discount. Important Disclosures for SoFi.
2 Includes AutoPay discount. Important Disclosures for Payoff.
3 Important Disclosures for FreedomPlus.
4 Important Disclosures for Citizens Bank.
Citizens Bank Disclosures
5 Important Disclosures for LendingPoint.
6 Important Disclosures for LendingClub.
All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage & history. The APR ranges from 6.95% to 35.89%*. The origination fee ranges from 1% to 6% of the original principal balance and is deducted from your loan proceeds. For example, you could receive a loan of $6,000 with an interest rate of 7.99% and a 5.00% origination fee of $300 for an APR of 11.51%. In this example, you will receive $5,700 and will make 36 monthly payments of $187.99. The total amount repayable will be $6,767.64. Your APR will be determined based on your credit at the time of application. The average origination fee is 5.49% as of Q1 2017. In Georgia, the minimum loan amount is $3,025. In Massachusetts, the minimum loan amount is $6,025 if your APR is greater than 12%. There is no down payment and there is never a prepayment penalty. Closing of your loan is contingent upon your agreement of all the required agreements and disclosures on the www.lendingclub.com website. All loans via LendingClub have a minimum repayment term of 36 months. Borrower must be a U.S. citizen, permanent resident or be in the United States on a valid long term visa and at least 18 years old. Valid bank account and Social Security number are required. Equal Housing Lender. All loans are subject to credit approval. LendingClub’s physical address is: LendingClub, 71 Stevenson Street, Suite 1000, San Francisco, CA 94105.
†Per reviews collected and authenticated by Bazaarvoice in compliance with the Bazaarvoice Authentication Requirements, supported by anti-fraud technology and human analysis. All reviews can be reviewed at reviews.lendingclub.com
**Based on approximately 60% of borrowers who received offers through LendingClub’s marketing partners between January 1, 2018 to July 20,2018. The time it will take to fund your loan may vary.
7 Important Disclosures for Earnest.
8 Important Disclosures for Avant.
* The actual rate and loan amount that a customer qualifies for may vary based on credit determination and other factors. Funds are generally deposited via ACH for delivery next business day if approved by 4:30pm CT Monday-Friday. Avant branded credit products are issued by WebBank, member FDIC.
** Example: A $5,700 loan with an administration fee of 4.75% and an amount financed of $5,429.25, repayable in 36 monthly installments, would have an APR of 29.95% and monthly payments of $230.33
* Important Disclosures for Upgrade Bank.
Upgrade Bank Disclosures
** Accept your loan offer and your funds will be sent to your bank via ACH within one (1) business day of clearing necessary verifications. Availability of the funds is dependent on how quickly your bank processes this transaction. From the time of approval, funds should be available within four (4) business days.
|5.74% – 16.99%1||$5,000 - $100,000|
|7.54% – 35.99%||$1,000 - $50,000|
|7.99% – 35.89%*||$1,000 - $50,000|
|5.99% – 24.99%2||$5,000 - $35,000|
|5.99% – 29.99%3||$7,500 - $40,000|
|6.79% – 20.89%4||$5,000 - $50,000|
|9.99% – 35.99%5||$2,000 - $25,000|
|6.95% – 35.89%6||$1,000 - $40,000|
|6.99% – 18.24%7||$5,000 - $75,000|
|9.95% – 35.99%8||$2,000 - $35,000|