Plastic Surgery Financing Information

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Frequent Questions About
Plastic Surgery Financing

Cosmetic plastic surgery financing can help you make your dream procedure a reality. But understanding the ins and outs of surgery financing isn't always easy. The list of questions below were submitted by men and women just like you. If your questions aren't answered by this page, please don't hesitate to e-mail us.

I don't think I will be approved for all the money I need. Can I apply for half of what I need at two different companies?

If you know your credit is poor, keep in mind that applying for loans actually will make it work. When you apply for the first loan your credit score will drop a bit so you are less likely to be approved on the next loan. This is to protect you from digging a hole too deep to get out of, and to protect the banks from helping you get over extended. So, while there's a chance you could pull this off, it's not likely to work.

Why don't all doctors accept financing?

When plastic surgery finance companies loan you money, they can't be sure that you will pay it all back. They share this risk with participating surgeons with something called the "doctor's discount".

It's called a discount, but really it is just the finance companies that see the savings. The doctor negotiates their "discount" with the finance company, usually between 4 and 10%, to be able to offer financing. If you are approved by a finance company, your doctor gets their money, less the discount. So if the doctor quotes you $5000 for a procedure, and he has a 5% discount from his finance company, he will only be paid $4750 if you choose to finance. Some surgeons don't wish, or cannot afford, to accept the discounted payment.

Do I have to borrow the full price of my procedure?

No. Most plastic surgery finance companies will loan you as little as $2000 or as much as $20,000, depending on your credit history. In general, however, the less you ask for the more likely you are to be approved. Many people choose to pay for part of their plastic surgery in cash or on a credit card and then borrow the rest.

Do I have to provide collateral for my plastic surgery financing?

Unlike home and auto loans, plastic surgery loans are unsecured personal loans (similar to a credit card). 'Unsecured' means that you do not have to offer collateral for the loan, and that there is nothing to repossess. That is actually not a good thing. Since there is nothing for the plastic surgery finance company or bank to repossess, they have no way to recover their loan if you stop paying. As a result, their risk is higher and the interest rates for unsecured loans are also usually higher.

Do I have to select a plastic surgeon before I apply for financing?

While it is not required, it is a good idea to select your surgeon before you apply. Either way you can chose a surgeon that accepts financing from our national directory.

What are the interest rates for plastic surgery financing?

While there are sometimes special programs with low rates, most plastic surgery finance companies offer interest rates range from 5.99% to 27.99%. Lower rates are awarded to borrowers with a strong credit history. The bank assigns a higher rate when the borrower is deemed a higher risk.

How does the bank determine risk?

Banks attempt to measure risk by carefully evaluating your application (factors like your occupation, length of employment, or whether you own a home) and your credit report to predict how likely it is that you will repay a loan.

Your credit report reveals you credit experience, including your bill-paying history, the number and type of accounts you have, late payments, collection actions, and outstanding debt. A credit scoring system awards points for each factor that helps predict who is most likely to repay a debt. Credit problems, such as late payments, collections or bankruptcy may affect your credit score for up to 8 years.

How do I know if I am approved?

When you apply online most plastic surgery finance applications are programmed to respond immediately with your approval status. The status page that appears after you submit your application will usually tell you if you are approved, denied, or if the bank needs more information to make the decision. In any case, you will almost always be provided with a reference number, a telephone number, and instructions on how to proceed.

The problem with this is that the decision is based on the computer looking at your credit score and maybe a few of your application factors, and following a formula to determine if you are worthy of a loan. Instant online approval means that no human actually looks at the application to determine if you can handle the loan. If you think the answers you provide on the loan application can help explain your credit history, you may be better off using a paper application and sending it to a real person for consideration. Most surgeon's who offer financing will have paper applications in their office. They are used to people needing some help to pay for their procedures, so don't be scared to walk into an office when you know you will need financing.

Do I have to spend every penny of my loan?

People with great credit are often approved with a credit limit that exceeds the cost of their surgery. Most plastic surgery finance companies will allow you to borrow just what you need, even if you get approved for more.

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