Plastic Surgery Loans for Bad Credit: Financing Options to Achieve Your Aesthetic Goals

For many people, plastic surgery can be a life-changing procedure that boosts confidence and self-esteem. However, the high costs often put these procedures out of reach, especially for those with less-than-perfect credit. The good news is that plastic surgery loans for bad credit do exist, giving more people access to the cosmetic procedures they desire.

In this comprehensive guide, we’ll explore everything you need to know about plastic surgery financing options for borrowers with bad credit, including:

How plastic surgery loans for bad credit work
Types of procedures you can finance
Top lenders offering bad credit plastic surgery loans
Pros and cons to consider
Tips for improving your chances of approval

How Plastic Surgery Loans for Bad Credit Work

Plastic surgery loans for bad credit are personal loans specifically designed to cover the costs of cosmetic procedures. These loans typically have the following features:

Unsecured – no collateral required
Fixed interest rates
Repayment terms of 2-7 years
Loan amounts from $1,000 to $50,000+
Less stringent credit requirements than traditional bank loans

While approval is not guaranteed, many lenders are willing to work with borrowers who have credit scores in the 500-600 range. Interest rates tend to be higher for bad credit borrowers to offset the increased risk.

Common Plastic Surgery Procedures You Can Finance

Plastic surgery loans can be used to pay for both surgical and non-surgical cosmetic procedures, including:

Surgical Procedures	Non-Surgical Procedures
Breast augmentation Liposuction Tummy tuck Facelift Rhinoplasty	Botox Dermal fillers Chemical peels Laser hair removal Microdermabrasion

According to the American Society of Plastic Surgeons, the average cost of popular procedures ranges from $3,000 to $7,000+. Plastic surgery loans allow you to break this cost into more manageable monthly payments.

Top Lenders Offering Plastic Surgery Loans for Bad Credit

Several online lenders specialize in personal loans for borrowers with less-than-perfect credit. Here are some top options to consider for plastic surgery financing:

1. Upstart

Credit score minimum: 580
Loan amounts: $1,000 – $50,000
APR range: 6.5% – 35.99%
Repayment terms: 3 or 5 years

2. OneMain Financial

Credit score minimum: None specified
Loan amounts: $1,500 – $20,000
APR range: 18% – 35.99%
Repayment terms: 2 to 5 years

3. Avant

Credit score minimum: 580
Loan amounts: $2,000 – $35,000
APR range: 9.95% – 35.99%
Repayment terms: 2 to 5 years

4. LendingPoint

Credit score minimum: 585
Loan amounts: $2,000 – $36,500
APR range: 7.99% – 35.99%
Repayment terms: 2 to 5 years

It’s important to compare offers from multiple lenders to find the best rates and terms for your situation. Many lenders offer pre-qualification with a soft credit check, allowing you to see potential offers without impacting your credit score.

Pros and Cons of Plastic Surgery Loans for Bad Credit

Before applying for a plastic surgery loan with bad credit, it’s crucial to weigh the advantages and disadvantages:

Pros:

Access to procedures you may not otherwise be able to afford
Fixed monthly payments for easier budgeting
Potential to build credit with on-time payments
Faster funding compared to saving up cash
May offer lower interest rates than credit cards

Cons:

Higher interest rates compared to good credit borrowers
Risk of taking on debt for elective procedures
Potential for additional fees (origination, late payment, etc.)
May be tempted to borrow more than you can afford

Tips for Improving Your Chances of Approval

While bad credit plastic surgery loans are available, taking steps to improve your application can increase your chances of approval and potentially secure better rates. Consider these strategies:

1. Check and improve your credit score

Obtain a free copy of your credit report and check for errors. Dispute any inaccuracies and take steps to improve your score, such as paying down existing debts and making all payments on time.

2. Save for a down payment

Having some cash to put towards your procedure can improve your loan terms and show lenders you’re financially responsible.

3. Consider a cosigner

If you have a friend or family member with good credit willing to cosign, this can significantly improve your chances of approval and help you secure better rates.

4. Demonstrate stable income

Lenders want to see that you have the ability to repay the loan. Providing proof of steady employment and income can strengthen your application.

5. Shop around and compare offers

Don’t settle for the first offer you receive. Compare rates and terms from multiple lenders to find the best deal for your situation.

Alternatives to Plastic Surgery Loans for Bad Credit

If you’re unable to qualify for a plastic surgery loan or want to explore other options, consider these alternatives:

1. Medical credit cards

Some credit cards, like CareCredit, specialize in financing healthcare procedures, including cosmetic surgery. They may offer promotional 0% interest periods, but be cautious of high interest rates if not paid in full.

2. In-house financing

Some plastic surgery practices offer their own financing options or payment plans. These may be more flexible for those with bad credit, but be sure to understand all terms and fees.

3. Secured loans

If you have assets like a car or home equity, securing the loan against these can help improve your chances of approval and secure lower interest rates.

Making an Informed Decision About Financing

Financing plastic surgery requires careful consideration. Take time to research all options available to you and understand the long-term financial commitment involved. Speak openly with a trusted lender about your credit situation, income, and ability to repay.

Ultimately, only proceed if you feel confident in your decision and can manage the loan payments without undue stress or risk to your financial stability. Remember, cosmetic procedures are elective – they should enhance your life, not cause anxiety over debt repayment.

Taking the Next Step

Once you’ve done your due diligence and feel ready to move forward, apply for a plastic surgery loan through one or more lenders. Be prepared to provide personal and financial information as part of the application process.

If you’re not approved initially, don’t get discouraged. There are still financing options available that may be a better fit for your specific situation. Keep exploring all alternatives until you find an option that works for you.