Plastic Surgery Financing Information

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An Introduction to
Plastic Surgery Financing

Unlike home and auto loans, plastic surgery financing is an unsecured personal loan. 'Unsecured' means that there is no collateral for the loan and nothing to repossess in the event that a patient stops payment. Banks attempt to manage this risk by carefully evaluating the application and credit report to predict how likely it is that you will repay a loan.

Your credit report discloses your credit experiences, such as your bill-paying history, the number and type of accounts you have, late payments, collection actions, outstanding debt, and the age of your accounts. 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. Some companies make loan decisions on credit score alone.

Fair, Isaac, the leading scoring agency, issues scores that range from 365 to 870; higher scores are thought to have a higher probability of payment. If we convert the scores to a 100-point scale, a 700 converts to an 80.5, a 660 converts to a 76, a 600 to a 69, etc. These scores are often assigned letter grades on a 90-80-70-60 scale; for example, someone with A-credit will score 90% of 870 or higher.

Scoring models may also consider information from the application; factors like your job or occupation, length of employment, or whether you own a home. In general, someone with "good, established credit" will:
  • Be a citizen of the U.S. and a legal resident of they state where they apply;
  • Meet any age requirements for personal loans in their state;
  • Have two years of established credit, with NO deragatory credit entries (credit accounts in collection, tax liens or civil judgments, delinquencies);
  • Have a debt to income ratio, with the new loan, that will not exceed 50%;
  • Have total unsecured debt, including the loan amount requested, less than 50% of their gross annual income; and,
  • Have less than $15,000 in credit card debt.
Given that so many of these factors are derived from your application, the way you treat the application will help or hurt the applicant. Click here for some tips on how to complete your plastic surgery financing application.
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