How to Finance Plastic Surgery With a Personal Loan

Advertiser Disclosure

Student Loan Hero Advertiser Disclosure

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.

Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution.

measuring tape, glove, and surgery tool
Logo

We’ve got your back! Student Loan Hero is a completely free website 100% focused on helping student loan borrowers get the answers they need. Read more

How do we make money? It’s actually pretty simple. If you choose to check out and become a customer of any of the loan providers featured on our site, we get compensated for sending you their way. This helps pay for our amazing staff of writers (many of which are paying back student loans of their own!).

Bottom line: We’re here for you. So please learn all you can, email us with any questions, and feel free to visit or not visit any of the loan providers on our site. Read less


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
Breast augmentation 300,378
Liposuction 246,354
Nose reshaping (rhinoplasty) 218,924
Eyelid surgery (blepharoplasty) 218,924
Tummy tuck (abdominoplasty) 129,753
Face-lift (rhytidectomy) 125,697
Breast lift 105,219
Dermabrasion 84,276
Neck lift 53,028
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
Breast augmentation $3,718
Liposuction $3,374
Nose reshaping (rhinoplasty) $5,125
Eyelid surgery (blepharoplasty) $3,026
Tummy tuck (abdominoplasty) $5,992
Face-lift (rhytidectomy) $7,448
Breast lift $4,674
Dermabrasion $1,170
Neck lift $4,819
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

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

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

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

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.

FreedomPlus

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.

CareCredit

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.

401(k) 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!
LenderAPR RangeLoan Amount 
1 Includes AutoPay discount. Important Disclosures for SoFi.

SoFi Disclosures

  1. Fixed rates from 5.990% APR to 16.990% APR (with AutoPay). Variable rates from 5.74% APR to 14.70% APR (with AutoPay). SoFi rate ranges are current as of March 18, 2019 and are subject to change without notice. Not all rates and amounts available in all states. See Personal Loan eligibility details. Not all applicants qualify for the lowest rate. If approved for a loan, to qualify for the lowest rate, you must have a responsible financial history and meet other conditions. Your actual rate will be within the range of rates listed above and will depend on a variety of factors, including evaluation of your credit worthiness, years of professional experience, income and other factors. See APR examples and terms. Interest rates on variable rate loans are capped at 14.95%. Lowest variable rate of 5.72% APR assumes current 1-month LIBOR rate of 2.49% plus 4.28% margin minus 0.25% AutoPay discount. For the SoFi variable rate loan, the 1-month LIBOR index will adjust monthly and the loan payment will be re-amortized and may change monthly. APRs for variable rate loans may increase after origination if the LIBOR index increases. The SoFi 0.25% AutoPay interest rate reduction requires you to agree to make monthly principal and interest payments by an automatic monthly deduction from a savings or checking account. The benefit will discontinue and be lost for periods in which you do not pay by automatic deduction from a savings or checking account.
  2. To check the rates and terms you qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull.
    See Consumer Licenses.
  3. Minimum Credit Score: Not all applicants who meet SoFi’s minimum credit score requirements are approved for a personal loan. In addition to meeting SoFi’s minimum eligibility criteria, applicants must also meet other credit and underwriting requirements to qualify.
  4. SoFi Personal Loans are not available to residents of MS. Maximum interest rate on loans for residents of AK and WY is 9.99% APR, for residents of IL with loans over $40,000 is 8.99% APR, for residents of TX is 9.99% APR on terms greater than 5 years, for residents of CO, CT, HI, VA, SC is 11.99% APR, and for residents of ME is 12.24% APR. Personal loans not available to residents of MI who already have a student loan with SoFi. Personal Loans minimum loan amount is $5,000. Residents of AZ, MA, and NH have a minimum loan amount of $10,001. Residents of KY have a minimum loan amount of $15,001. Residents of PA have a minimum loan amount of $25,001. Variable rates not available to residents of AK, TX, VA, WY, or for residents of IL for loans greater than $40,000.
  5. Terms and Conditions Apply: SOFI RESERVES THE RIGHT TO MODIFY OR DISCONTINUE PRODUCTS AND BENEFITS AT ANY TIME WITHOUT NOTICE. To qualify, a borrower must be a U.S. citizen or permanent resident in an eligible state and meet SoFi’s underwriting requirements. Not all borrowers receive the lowest rate. To qualify for the lowest rate, you must have a responsible financial history and meet other conditions. If approved, your actual rate will be within the range of rates listed above and will depend on a variety of factors, including term of loan, a responsible financial history, years of experience, income and other factors. Rates and Terms are subject to change at anytime without notice and are subject to state restrictions. SoFi refinance loans are private loans and do not have the same repayment options that the federal loan program offers such as Income Based Repayment or Income Contingent Repayment or PAYE. Licensed by the Department of Business Oversight under the California Financing Law License No. 6054612. SoFi loans are originated by SoFi Lending Corp., NMLS # 1121636. (www.nmlsconsumeraccess.org)

2 Includes AutoPay discount. Important Disclosures for Payoff.

Payoff Disclosures

  1. All loans are subject to credit review and approval. Your actual rate depends upon credit score, loan amount, loan term, credit usage and history. Currently loans are not offered in: MA, MS, NE, NV, OH, and WV.

3 Important Disclosures for FreedomPlus.

FreedomPlus Disclosures

  1. All loans available through FreedomPlus.com are made by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender. All loan and rate terms are subject to eligibility restrictions, application review, credit score, loan amount, loan term, lender approval, and credit usage and history. Eligibility for a loan is not guaranteed. Loans are not available to residents of all states – please call a FreedomPlus representative for further details. The following limitations, in addition to others, shall apply: FreedomPlus does not arrange loans in: (i) Arizona under $10,500; (ii) Massachusetts under $6,500, (iii) Ohio under $5,500, and (iv) Georgia under $3,500. Repayment periods range from 24 to 60 months. The range of APRs on loans made available through FreedomPlus is 5.99% to a maximum of 29.99%. APR. The APR calculation includes all applicable fees, including the loan origination fee. For Example, a four year $20,000 loan with an interest rate of 15.49% and corresponding APR of 18.34% would have an estimated monthly payment of $561.60 and a total cost payable of $7,948.13. To qualify for a 5.99% APR loan, a borrower will need excellent credit on a loan for an amount less than $12,000.00, and with a term equal to 24 months. Adding a co-borrower with sufficient income; using at least eighty-five percent (85%) of the loan proceeds to directly pay off qualifying existing debt; or showing proof of sufficient retirement savings, could help you also qualify for the lowest rate available.

4 Important Disclosures for Citizens Bank.

Citizens Bank Disclosures

  1. Personal Loan Rate DisclosureFixed interest rates from 6.79% – 20.89% (6.79% – 20.89% APR) based on applicable terms. Lowest rates range from 5.99%-18.99% (5.99%-18.99% APR), are for eligible applicants, require a 3-year repayment term, and include our Loyalty and Automatic Payment Discounts of 0.25 percentage points each, as outlined in the Loyalty Discount and Automatic Payment Discount disclosures. Subject to additional terms and conditions, and rates are subject to change at any time without notice. Such changes will only apply to applications taken after the effective date of change.
  2. Loyalty Discount: The borrower will be eligible for a 0.25 percentage point interest rate reduction on their loan if the borrower has a qualifying account in existence with us at the time the borrower has submitted a completed application authorizing us to review their credit request for the loan. The following are qualifying accounts: any checking account, savings account, money market account, certificate of deposit, automobile loan, home equity loan, home equity line of credit, mortgage, credit card account, student loans or other personal loans owned by Citizens Bank, N.A. Please note, our checking and savings account options are only available in the following states: CT, DE, MA, MI, NH, NJ, NY, OH, PA, RI and VT. This discount will be reflected in the interest rate and Annual Percentage Rate (APR) disclosed in the Truth-In-Lending Disclosure that will be provided to the borrower once the loan is approved. Limit of one Loyalty Discount per loan, and discount will not be applied to prior loans. The Loyalty Discount will remain in effect for the life of the loan.
  3. Automatic Payment Discount: Borrowers will be eligible to receive a 0.25 percentage point interest rate reduction on their Citizens Bank Personal Loan during such time as payments are required to be made and our loan servicer is authorized to automatically deduct payments each month from any bank account the borrower designates. If our loan servicer is unable to successfully withdraw the automatic deductions from the designated account two or more times within any 12-month period, the borrower will no longer be eligible for this discount.

5 Important Disclosures for LendingPoint.

LendingPoint Disclosures

  • Loan approval is not guaranteed. Actual loan offers and loan amounts, terms and annual percentage rates (“APR”) may vary based upon LendingPoint’s proprietary scoring and underwriting system’s review of your credit, financial condition, other factors, and supporting documents or information you provide. Origination or other fees from 0% to 6% may apply depending upon your state of residence. Upon LendingPoint’s final underwriting approval to fund a loan, said funds are often sent via ACH the next non-holiday business day. LendingPoint makes loan offers from $2,000 to $25,000, at rates ranging from a low of 9.99% APR to a high of 35.99% APR, with terms from 24 to 48 months. The loan offer(s) shown reflect a 28 day payment cycle which is being offered as a courtesy as many of our customers are paid on a biweekly schedule and thus this may better align the loan payment dates with your actual income receipt schedule.

6 Important Disclosures for LendingClub.

LendingClub Disclosures

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.

Earnest Disclosures

  1. Earnest does not lend in Alabama, Delaware, Kentucky, Nevada, or Rhode Island.

8 Important Disclosures for Avant.

Avant Disclosures

* 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

* Your loan terms are not guaranteed and are subject to our verification and review process. You may be asked to provide additional documents to enable us to verify your income and your identity. This rate includes an Autopay APR reduction of 0.5%. By enrolling in Autopay your payments will be automatically deducted from you bank account. Selecting Autopay is optional. Annual Percentage Rate is inclusive of a loan origination fee, which is deducted from the loan proceeds. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. All loans made by WebBank, member FDIC. Please refer to Upgrade’s Terms of Use and Borrower Agreement for all terms, conditions and requirements.

** 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

Visit SoFi

7.54% – 35.99%$1,000 - $50,000

Visit Upstart

7.99% – 35.89%*$1,000 - $50,000

Visit Upgrade

5.99% – 24.99%2$5,000 - $35,000

Visit Payoff

5.99% – 29.99%3$7,500 - $40,000

Visit FreedomPlus

6.79% – 20.89%4$5,000 - $50,000

Visit Citizens

9.99% – 35.99%5$2,000 - $25,000

Visit LendingPoint

6.95% – 35.89%6$1,000 - $40,000

Visit LendingClub

6.99% – 18.24%7$5,000 - $75,000

Visit Earnest

9.95% – 35.99%8$2,000 - $35,000

Visit Avant

Our team at Student Loan Hero works hard to find and recommend products and services that we believe are of high quality and will make a positive impact in your life. We sometimes earn a sales commission or advertising fee when recommending various products and services to you. Similar to when you are being sold any product or service, be sure to read the fine print understand what you are buying, and consult a licensed professional if you have any concerns. Student Loan Hero is not a lender or investment advisor. We are not involved in the loan approval or investment process, nor do we make credit or investment related decisions. The rates and terms listed on our website are estimates and are subject to change at any time. Please do your homework and let us know if you have any questions or concerns.