10 Ways to Pay for Plastic Surgery

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Whether you’re looking at elective surgery to boost your confidence or Botox injections to help stop migraines, cosmetic procedures can be life-changing. They also can come with steep price tags.

Even if your health insurance foots part of the bill for nonaesthetic reasons, you may still owe hundreds or even thousands of dollars to your surgeon.

According to the American Society of Plastic Surgeons, consumers in the U.S. spent $16.7 billion on cosmetic procedures in 2017.

Unless you have a ton of money saved up, you’ll likely need some help covering the costs of the procedure and any incidental expenses you incur. That’s where personal loans and other health care financing options, such as health care credit cards, come in.

Getting a personal loan for plastic surgery

If you need surgery right away but aren’t sure how to finance it, a personal loan can help, especially if you’re not prepared to make a sudden large payment.

Seeking out a personal loan for additional debt, though, only makes sense if you’re sure that you can comfortably pay all of it off over time, says Jungwon Byun, head of growth at Upstart. Depending on the loan, you should at least have enough room in your budget to handle a couple hundred dollars or more in monthly payments.

You may qualify for a personal loan with lower rates than what you can find through a credit card. Or, depending on your budget, you may be able to avoid paying interest altogether by opting for a medical loan that offers zero interest financing.

10 options to pay for plastic surgery

To help you narrow your choices, we’ve rounded up 10 options on the market. Here’s what you should know before applying.

TABLE OF CONTENTS
Prosper Healthcare Financing
CareCredit
Alphaeon Credit
LightStream
SoFi
Upstart
Discover
Wells Fargo
LendingClub
OneMain Financial

Prosper Healthcare Financing

This installment loan provider caters specifically to consumers seeking health care financing. It partners with cosmetic surgeons and dentists around the country.

  • Patients have up to 60 months to repay their loans.
  • APRs range from 5.99% – 36.00% for a 60-month loan.
  • Depending on your credit, you could borrow up to $35,000.
  • You’ll be given a fixed monthly payment.
  • There’s no penalty for paying off your loan early.
  • You can check your APR without triggering a hard inquiry on your credit report.
  • All cosmetic procedures are eligible, including breast augmentation, reconstruction and reduction; scar resurfacing; implants and tummy tucks.
  • Loans are only available through participating providers. You can check if your local provider works with Prosper by searching for its name on the patient page. Many providers also list financing partners on their websites.

Carecredit

CareCredit offers health care credit cards that you can use to pay for a procedure with promotional financing, such as zero or reduced interest. However, this option comes with a notable drawback: deferred interest. If you fail to repay your procedure within a given timeframe, you could be charged interest retroactively.

  • The loans are revolving, so you can pay off your bill at your own pace.
  • The standard APR is 26.99%.
  • 0% interest options are available. You can avoid paying interest altogether by choosing a shorter-term repayment option (between 6 to 24 months) and paying a fixed minimum monthly payment, plus however much it takes you to repay the loan in full. But this is a deferred-interest credit card, so if you take longer to pay off your procedure, you’ll be charged retroactive interest starting from the first day you charged your CareCredit card.
  • Reduced interest options are also available. If you think you’ll need more time to pay your bill, you can opt for a reduced APR of 14.90% for loans that take 24-48 months to pay off or 16.90% for loans that take 60 months to pay off.
  • You can get an instant decision, including in the provider’s office.
  • A wide range of surgical and nonsurgical procedures are eligible, including breast augmentation, liposuction, rhinoplasty, tummy tucks, mini face-lifts, reconstructive surgery, plastic surgery, Botox and Juvederm treatments, chemical peels, microdermabrasion, tattoo removal, laser hair removal and more.
  • Loans are only available through participating providers and select retailers, such as Walmart and Rite Aid. You can check if your local provider works with CareCredit by searching for its name through CareCredit’s Find a Location tool. Many providers also list financing partners on their websites.

Alphaeon Credit

Similar to CareCredit, Alphaeon Credit offers revolving credit that you can use at a point of sale to pay for a procedure, and potentially finance it with a lower promotional APR.

  • The loans are revolving, so you can pay off your bill at your own pace.
  • The standard APR is 28.99%.
  • 0% interest options are available. You can avoid paying interest by paying off your charges in full within 6 to 12 months. But this is a deferred-interest credit card. If you don’t pay off your charges within the promotional period, you’ll be retroactively charged interest.
  • Reduced interest options are also available. You can receive an APR between 14.90% and 14.99% if you pay off your purchase in full within 24-60 months. If you fail to pay off your purchase in full, you’ll be charged a 28.99% interest rate on the remaining balance.
  • Depending on your credit, you could borrow up to $25,000.
  • You can use an Alphaeon loan for facial plastic surgery, plastic surgery and dermatology.
  • Loans are only available through participating providers. You can check if your local provider works with Alphaeon by using the site’s doctor locator tool. Many providers also list financing partners on their websites.

LightStream

Ideal for consumers with great credit, this installment loan lender offers some of the best interest rates — and lengthiest payment periods — you can get on a personal loan.

  • You’ll be given anywhere from 24 to 144 months to repay your loan, which is more than double the maximum amount of time many lenders give.
  • APRs range from 3.99% to 16.99%
  • No origination fees.
  • Loans range from $5,000 – $100,000.
  • You’ll be given a fixed monthly payment.
  • There’s no penalty for paying off your loan early.
  • You could get your funds the same day you apply.
  • If you can find another lender offering lower rates, LightStream will beat the offer by .10 percentage points.

SoFi

This online lender offers low interest rates, holistic underwriting and unique perks, such as free career coaching for members.

  • You’ll be given 24 to 84 months to pay your loan.
  • APRs range from 5.99% – 16.99%.
  • There is No origination fee.
  • Loans range from $5,000 – $50,000.
  • You’ll be given a fixed monthly payment.
  • There’s no penalty for paying off your loan early.
  • As a SoFi member, you’ll have free access to personally tailored career coaching, including help with your resume as well as LinkedIn and personal brand training.
  • SoFi considers a wider range of factors than traditional lenders when evaluating applicants, including your job history and monthly spending. You could qualify for a lower rate loan than what you can get from another lender.
  • You can check your APR without triggering a hard inquiry.

Upstart

A solid choice for up-and-coming millennials and other borrowers with impressive resumes, this online lender considers a wide range of factors, including your education and career history, when deciding what rate to offer you.

  • You’ll be given 36 & 60 months to repay your loan.
  • APRs range from 7.54% – 35.99%.
  • Origination fees range from 0.00% - 8.00%.
  • Loans range from $1,000 – $50,000.
  • You’ll be given a fixed monthly payment.
  • There’s no penalty for paying off your loan early.
  • You could get cash as soon as the day after you apply.
  • Upstart looks at other factors besides just your income and credit score, such as your education, college major and job history. So you could qualify for a lower rate than what you can get through a traditional lender.
  • You can check your APR without triggering a hard inquiry.

Discover Personal Loans

This traditional lender offers competitive rates, consumer-friendly terms and substantially longer payment periods than many lenders offer.

  • You’ll be given 36 to 84 months to repay your loan, which is significantly longer than some competitors.
  • APRs on Discover personal loans range from 6.99% to 24.99%.
  • No origination fees.
  • You’ll be given a fixed monthly payment.
  • There’s no penalty for paying off your loan early.
  • You can check your rate without triggering a hard inquiry.
  • You could get approved the same day you apply.
  • You’ll receive free access to your FICO Score so that you can continue to monitor your credit health.

Wells Fargo Bank

If you’re looking for a basic loan with low rates and consumer-friendly terms, Wells Fargo personal loans could be worth a closer look.

  • You’ll be given 12 to 60 months  to repay your debt.
  • APRs range from 6.99% – 23.99%.
  • There are No origination fees.
  • Loans range from $3,000$3,000
  • You’ll be given a fixed monthly payment.
  • There’s no penalty for paying off your loan early.
  • You could qualify for a relationship discount if you sign up for automated payments.
  • You could get your funds within a day of applying for a loan.

LendingClub

It may take longer to get approved by this peer-to-peer lender than with other loans, but if you don’t mind waiting, you could get a pretty good rate from LendingClub. Be careful, though, as its maximum rates are high, potentially up to 35.89%.

  • You’ll be given 36 or 60 months to repay your loan.
  • APRs range from 6.95% – 35.89%.
  • Origination fees range from 1.00% - 6.00%.
  • You could borrow up to $40,000.
  • You’ll be given a fixed monthly payment.
  • There’s no penalty for paying off your loan early.
  • You can check your rate without triggering a hard inquiry.
  • You could get your funds within a few days or within a week of sending in your application.

OneMain Financial

OneMain Financial charges higher rates than many personal loan lenders. But you may have a better chance getting approved by OneMain Financial than other lenders if your credit score is less than 600.

  • You’ll be given 24 to 60 months to pay your loan in full.
  • APRs range from 16.05% – 35.99%.
  • Loans range from $1,500 – $30,000.
  • You’ll be given a fixed monthly payment.
  • There’s no penalty for paying off your loan early.
  • You could receive your funds within a day.

Bottom line

Terms vary widely between lenders, so it’s a good idea to shop around and compare charges before committing to a lender. Think carefully about the full impact of each loan you consider, including the total amount of interest you’ll have to pay and any fees you may incur. Don’t forget to look at other potential charges, too, such as retroactive interest and penalties.

Before you go forward, take the time to weigh how much of a difference elective surgery will make in your life and whether it’s really worth the big expense, said Alison Norris, a certified financial planner and advice strategist for SoFi.

“Getting a personal loan is not the same as receiving free money,” she said. “There are costs to a personal loan.” If you decide to pursue additional financing, make sure the reasons underlying your decision are going to improve your quality of life, Norris added.

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.

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