Financing Plastic Surgery

As plastic surgery becomes more popular, the need to find affordable financing solutions has come to the forefront. There are many reputable companies offering lending solutions to a wide range of credit scenarios. Here are some questions worth exploring prior to committing to a loan for plastic surgery.

• What if I don't have perfect credit? Most of the credit companies offering financing for plastic surgery offer programs for a wide range of credit situations. Patients with excellent credit can expect to pay a lower rate, while others with less-than-perfect credit should still see rates comparable to standard credit card rates.
• Do I need a down payment? In most instances a down payment is not required. Based on past credit history, financing approval may be limited to a dollar amount. Some doctors may require a deposit or down payment in their office to demonstrate your commitment for the procedure.
• Is there a pre-payment penalty? Most companies do not charge a fee for paying off the loan early. Payments larger than the minimum amount will be accepted.
• Do I have to be locked into a physician? Most financing companies will work with any board-certified doctor to finance a procedure. Check to see if your medical professional has a lender that works with his practice.
• If I am approved, do I have to commit to financing? There is no obligation for applying for a loan. If you choose not to have the surgery there is no pressure to proceed with the loan.
• What kind of information do I need for the application? Basic income information will be required. Marital status and spousal income may also be requested. The finance company will pull a current credit report.
• What are the loan terms? Most institutions have a minimum of $1,000 and a maximum of $25,000 with a term of up to 60 months.
• What if I don't qualify for financing? Discuss options with your doctor's office. Some clinics will offer a lay-away option to prepay for services before the procedure is performed.
• Will my insurance cover any of the costs? Some plastic surgery procedures are covered all or in part by major insurance plans. Consult with your surgeon and your plan administrator to see what benefits are available to offset costs.

Most plastic surgery offices have a financial aid consultant to help determine the best payment plan for each patient's financial situation. Whether they offer in-house financing or work with an outsourced financial provider, they will work to find affordable options with manageable payments.