Best Cosmetic Surgery Loans: Financing Plastic Surgery

If you have been considering cosmetic surgery, you may be worried about financing it. Plastic surgery doesn’t come cheap. According to the American Society of Plastic Surgeons, over $16 billion was spent on surgeon and physician fees in 2019. 

If your health insurance doesn’t cover cosmetic procedures, you will have to finance it yourself. Cosmetic surgery loans are a popular way to pay for plastic surgery if you are looking for financing options. 

Unsecured plastic surgery loans and credit cards are options but they can end up expensive. That’s why it’s so important to shop around for the best rates, particularly if you have bad credit or need a large loan. 

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    In this article

      The best plastic surgery loans of 2020

      The best plastic surgery loans at a glance

      LenderSimpleScoreAPRLoan AmountTerms
      LightStream4.82.49%–19.99%$5,000–$100,00024–84 months
      Upgrade3.56.99%–29.99%$1,000–$35,00036–60 months
      TD Bank4.66.99%–21.99%$2,000–$50,00036–60 months
      LendingClub3.210.68%–35.89%$1,000–$40,00036–60 months
      PersonalLoans.com3.755.99%–35.99%$500–$35,00090 days–72 months

      *Rates accurate as of October 2020 and exclude autopay discounts.

      Best for High Loan Amounts – LightStream

      LightStream can help finance your cosmetic surgery so you can finally shine on the outside and the inside.

      Fixed APR
      N/A
      Variable APR
      N/A
      Term
      24–84 months
      SimpleScore
      4.8 / 5.0
      close
      SimpleScore LightStream 4.8
      Rates 5
      Loan Size 5
      Customer Satisfaction 4
      Support 5
      Fees 5

      LightStream is part of the SunTrustBank, also known as Truist. It offers personal loans for different needs, whether you need a loan for home improvements, debt consolidation or cosmetic surgery, LightStream can provide large loan amounts; offering up to $100,000 depending on your financial profile.

      These loans typically come with low interest rates, but it ultimately depends on your credit score. A credit score of 660 or above is usually required. Additionally, LightStream promises to beat any competitor’s interest rate by 0.10% with approval evidence so you can save some money each month.

      If you are unhappy with LightStream’s service, you can get a $100 money-back guarantee within the first 30 days.

      LightStream Disclosure

      Disclaimer: Your loan terms, including APR, may differ based on loan purpose, amount, term length, and your credit profile. Excellent credit is required to qualify for lowest rates. Rate is quoted with AutoPay discount. AutoPay discount is only available prior to loan funding. Rates without AutoPay may be higher. Subject to credit approval. Conditions and limitations apply. Advertised rates and terms are subject to change without notice.

      Payment example: Monthly payments for a $10,000 loan at 4.99% APR with a term of 3 years would result in 36 monthly payments of $299.66

      © 2020 Truist Financial Corporation. SunTrust, Truist, LightStream, the LightStream logo, and the SunTrust logo are service marks of Truist Financial Corporation. All other trademarks are the property of their respective owners. Lending services provided by Truist Bank.

      Best for Average Credit – Upgrade

      Upgrade lets you not only upgrade your life with medical procedure financing, but also your finances with credit health tools.

      Fixed APR
      6.99%–29.99%
      Variable APR
      N/A
      Term
      36–60 months
      SimpleScore
      3.5 / 5.0
      close
      SimpleScore Upgrade 3.5
      Rates 2
      Loan Size 5
      Customer Satisfaction N/A
      Support 4
      Fees 3

      While you must have a credit score of at least 620 to qualify for a loan, Upgrade is one of the few lenders that takes cash flow into account over credit score. If you are struggling to get approved for a loan, Upgrade also considers co-signers who meet the minimum credit score requirements. Furthermore, borrowers have access to a bevy of credit health tools so you can bring your average credit to great credit with a personal loan.

      Upgrade also provides help for those who lose their job with hardship plans to help you keep on top of repayments — perfect for people who are recovering from a serious surgery. This includes a temporary reduction in your monthly repayments or even loan modifications.

      Upgrade Disclosure

      Personal loans made through Upgrade feature APRs of 7.99%-35.97%. All personal loans have a 1.5% to 6% origination fee, which is deducted from the loan proceeds. Lowest rates require Autopay and paying off a portion of existing debt directly. For example, if you receive a $10,000 loan with a 36-month term and a 17.98% APR (which includes a 14.32% yearly interest rate and a 5% one-time origination fee), you would receive $9,500 in your account and would have a required monthly payment of $343.33. Over the life of the loan, your payments would total $12,359.97. The APR on your loan may be higher or lower and your loan offers may not have multiple term lengths available. Actual rate depends on credit score, credit usage history, loan term, and other factors. Late payments or subsequent charges and fees may increase the cost of your fixed rate loan. There is no fee or penalty for repaying a loan early. Personal loans issued by WebBank, Member FDIC.

      Best for Express Loans – TD Bank

      Being able to access funding within 48 hours makes TD Bank a great option for plastic surgery loans.

      Fixed APR
      N/A
      Variable APR
      N/A
      Term
      36–60 months
      SimpleScore
      4.8 / 5.0
      close
      SimpleScore TD Bank 4.8
      Minimum APR 4
      Max APR 5
      Fees 5
      Support 5
      Terms 5

      TD Bank offers express personal loans for borrowers who need quick funding — most of the time, funds are available within 48 hours after approval. If your cosmetic or plastic surgery is an emergency, this is a boon for patients looking to get the funds to pay for their procedures quickly.

      The great thing about TD Bank loans is that there are no hidden fees. You can even save a bit of money on your APR with a 0.25% discount if you are a current TD Bank customer and set up automatic repayments.

      Best peer-to-peer lender – LendingClub

      LendingClub offers flexible loan terms and up to $40K loans which makes it a great option for those needing cosmetic surgery loans.

      Fixed APR
      N/A
      Variable APR
      N/A
      Term
      36–60 months
      SimpleScore
      3.2 / 5.0
      close
      SimpleScore LendingClub 3.2
      Rates 2
      Loan Size 5
      Customer Satisfaction 3
      Support 3
      Fees 3

      LendingClub provides personal loans through a peer-to-peer lending service. This acts as an online marketplace which connects borrowers to lenders and investors. You can use these loans to cover things like cosmetic surgery or other expensive medical procedures.

      LendingClub offers up to $40,000 with fairly low interest rates if you have a good credit score. The minimum credit score you will need is 600. However, many lenders on the platform prefer you to have closer to a 700 score.

      LendingClub Disclosure

      All loans made by WebBank, Member FDIC. Your actual rate depends upon credit score, loan amount, loan term, and credit usage and history. The APR ranges from 10.68% to 35.89%. For example, you could receive a loan of $5,700 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 time of application. *The origination fee ranges from 1% to 6%; the average origination fee is 5.2% (as of 12/5/18 YTD).* 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 or longer.

      Best for Bad Credit – PersonalLoans.com

      Bad credit won’t hold you back if you want cosmetic surgery loans from PersonalLoans.com.

      Fixed APR
      N/A
      Variable APR
      N/A
      Term
      90 days–72 months
      SimpleScore
      3.8 / 5.0
      close
      SimpleScore PersonalLoans.com 3.8
      Rates 2
      Loan Size 5
      Customer Satisfaction N/A
      Support 3
      Fees 5

      PersonalLoans.com provides peer-to-peer lending options with flexible qualifying criteria. This means they are often the best option for those looking for bad credit loans. All you need is a credit score of 580 to apply. However, this will affect the interest rates you are offered if your credit score is on the lower side.

      PersonalLoans.com aims to provide finance quickly, often within just one business day of approval. Their loans have the benefits of fixed interest rates and repayment schedules to help you budget your money better.

      What is a plastic surgery loan? 

      Plastic surgery loans are a type of personal loan you can take out if you are looking for a way to finance your cosmetic surgery. Cosmetic surgery can cost thousands of dollars so low-interest finance is crucial to making it more affordable. 

      Each loan provider will have different criteria, loan terms, interest rates and repayment schedules. The interest rates will depend on your credit score so those with good credit can access lower interest rates and save money.

      How do plastic surgery loans work? 

      Plastic surgery loans work much like ordinary personal loans. You can get them from many personal loan providers or you can try specialist medical loans. 

      The first step is to decide how much you need to borrow and then search for a provider. This requires a bit of research to find the best loan rates. Once you have found a loan provider, it’s time to make your application. 

      After you are approved, you can usually receive your loan quickly. Online lenders now aim to get your money to you within just a few days.

      Alternatives to plastic surgery loans 

      Taking out a loan to fund cosmetic surgery may not be an option for everyone. There are some alternatives to look into before you try to find a loan.

      The first thing to check is your insurance. Some things you think of as cosmetic may be covered, at least partly, if deemed medically necessary. 

      Other options include payment plans. Some medical practitioners offer payment plans that work around your budget. This could be more convenient than taking out a loan. 

      A medical credit card is another option to look at. These credit cards can provide no-interest options for cosmetics procedures. 0% credit cards are also an alternative to help you save money. 

      Repaying a plastic surgery loan

      Repaying your plastic surgery loan will depend on your lender’s agreement. Each lender could have slightly different repayment schedules and terms. Some lenders are best for short-term borrowing and offer terms of one or two years. Other lenders can stretch these repayments out to as long as seven years. 

      Some lenders will allow you to repay your loan early without penalizing you which could be beneficial. Whether this affects your interest rate will depend on the lender so it’s worth checking first. 

      Another way to save money is to look for lenders who offer interest rate discounts for setting up automatic payments. For example, TD Bank will offer a 0.25% APR discount for automatic payments. 

      When to use a plastic surgery loan

      Getting a plastic surgery loan is one of several options. If you don’t have savings and can’t get your insurance to cover any of the costs, then your next options include finance. 

      A plastic surgery loan may be your only option if you have bad credit. Many 0% interest rate credit cards or medical credit cards require good credit scores or approval. While credit scores are important for personal loans too, some providers are more flexible in who’s approved. In this case, a personal plastic surgery loan may be your only option. 

      How to choose the best plastic surgery loan for you

      When you are looking for the best cosmetic surgery loans, there are several things to consider.

      1. Credit score requirements. Lenders will look at your credit score to determine your interest rate and decide whether to approve you for a loan. It’s a good idea to look at your credit score and check the credit requirements of each lender before you apply.

      2. Loan amounts. Ideally, you will have a set figure in mind that you want to borrow. Different lenders will offer different loan amounts so the amount you want to borrow could help you narrow down your search of lenders. Be sure to check maximum and minimum loan amounts of each lender before applying. 

      3. Loan terms and repayments. Some lenders have flexible loan terms and repayment schedules. Others are only suitable for short-term borrowing. Check the loan terms of each lender to see if it’s suitable for you. For example, if you want to stretch your repayments over five years, make sure you are only looking at lenders who offer this. 

      4. Watch out for hidden fees . Some lenders will have hidden fees to look out for too. Others will be upfront and promise no hidden fees which can help you save some money. Always check whether there will be hidden fees by checking out online reviews and doing your research. 

      Plastic surgery loan FAQs

      Applying for a personal loan online is a fairly simple process and is designed to be quick and easy. However, different lenders will have different requirements for applying. You will need proof of income, your Social Security number, your rental or homeownership situation and employment details.

      A good credit score is important to get the best interest rates as you appear less of a financial risk to the lender. Bad credit scores are seen as higher risk, so lenders will typically apply higher interest rates or stricter loan terms in this case. Some lenders do offer flexible arrangements for those with a bad credit score but higher interest rates are standard in this case.

      Before you apply for a loan, you should definitely look into your credit rate first. If your credit is poor, then it may be worth only looking at certain lenders.

      Keeping up with repayments can sometimes be difficult. Unforeseen circumstances such as illness or job loss can make a manageable loan suddenly unmanageable. If you are struggling with repayments, the main options you have are to reduce expenses, increase your income or do both.

      If you are worried about unforeseen circumstances, it’s worth looking at lenders who offer protection in these events. Some lenders will provide help in the case of emergencies such as job loss. This usually takes the form of a repayment pause or new loan terms.

      We welcome your feedback on this article and would love to hear about your experience with the plastic surgery loans we recommend. Contact us at inquiries@thesimpledollar.com with comments or questions.

      Methodology

      SimpleScore

      The SimpleScore is a proprietary scoring metric we use to objectively compare products and services at The Simple Dollar.

      For every review, our editorial team:

      • Identifies five measurable aspects to compare across each brand
      • Determines the rating criteria for each aspect score
      • Averages the five aspect scores to produce a single SimpleScore

      Here’s a breakdown of the five aspect scores and their rating criteria for our review of the best personal loans of 2020.

      Why do some brands have different SimpleScores on different pages?

      To ensure the SimpleScore is as helpful and accurate as possible, we developed unique criteria for every category we compare at The Simple Dollar. Since most brands offer a variety of financial solutions, their products and services will score differently depending on what we’re scoring on a given page.

      However, it’s also possible for the same product from the same brand to have multiple SimpleScores. For instance, if we compare NetCredit’s personal loans according to our criteria for the best personal loans, it scores a 2.3 out of 5. But when we compare NetCredit according to the criteria for the best bad credit personal loans, it scores considerably higher, since the criteria for the latter review are more lenient (lenders who serve borrowers with bad credit will always offer higher rates, so we needed to adjust our category methodology to account for different industry standards).

      Questions about our methodology?

      Email Hayley Armstrong at hayley@thesimpledollar.com.

      Rates

      We looked at the maximum APR for each lender — the lower their maximum rate, the higher their score.

      Loan Size

      We awarded higher scores to lenders with more generous loan sizes.

      Customer Satisfaction

      We leveraged the J.D. Power 2019 Personal Loan Satisfaction Study℠ to see how customers rated their experience with each lender. (If a lender wasn’t included in J.D. Power’s study, we skipped this aspect and averaged the four remaining aspect scores.)

      Support

      We awarded higher scores to lenders with the most channels for customer support.

      Fees

      We looked at the three most common fees — origination, late payment, and pre-payment — and penalized lenders for each fee charged.

      Kara Copple

      Contributing writer

      Kara Copple is a writer who specializes in business, finance and marketing industries.