Cosmetic Surgery Financing

Plastic surgery financing options

Most cosmetic surgery procedures are costly, but few are covered by health insurance plans. This is because, by and large, most such surgeries are elective. In cases where the procedure is deemed medically necessary for the health of the patient, such as bariatric surgery, insurance companies may foot part (but rarely all) of the bill.

Thus, financing weight loss surgery and other cosmetic procedures is usually possible with the help of the clinic where the procedure will be performed. These clinics recognize that the costs involved are out of reach for average people and offer payment plans to make them more affordable.

Qualifying for Cosmetic Surgery Financing

Whether you're financing bariatric surgery, seeking obesity surgery financing to meet the costs of liposuction or want to pay for a nose job or tummy tuck, your credit rating plays a key role. However, it isn't the only factor involved. Clinics usually use internal applications to determine who is and is not a candidate for plastic surgery financing.

The clinic will collect information about your financial situation, including your employment situation and the length of your current employment. They will ask if you own a house, and they'll research your credit history. Some of the things they'll look for include:

  • Less than $15,000 in credit card debt
  • U.S. citizenship or legal residency
  • At least 2 years of established credit
  • No tax liens, accounts in collection or civil judgments against you
  • A debt-to-income ratio of less than 50 percent, including the cosmetic surgery loan
  • A total unsecured debt of less than 50 percent of your annual salary

Financing Plastic Surgery with Bad Credit

It is more difficult to obtain something like gastric bypass surgery financing with bad credit; surgical weight loss procedures are very expensive, yet the people who need them most generally can't afford them. If you have a bad credit score, you'll probably be limited to specialty lenders who may require that you get the surgery performed by a specified clinic. You should also expect to pay higher-than-normal interest rates for this type of cosmetic surgery loan, though these may be negotiable.

As a general piece of cosmetic surgery advice, it's best to improve your credit score before trying to secure a loan. You can improve your credit score by making regular, timely payments on outstanding debts and reducing the overall amount of money you owe. Given that the vast majority of these cosmetic procedures are elective, you'll rarely be in a situation where you can't spend 6 or 12 months improving your credit score before applying for financing for cosmetic surgery.