Cosmetic Surgery Financing with Bad Credit

WealthHow Staff Oct 7, 2018
Contrary to what one might think, it is possible to get cosmetic surgery financing with bad credit, and there are a number of available options for obtaining such finance even for those with a poor credit score.
Bad credit can make it difficult to obtain loans, and may make you think that there are no options left if you ever needed further financial assistance. Banks and other public institutions are not really interested in providing finance for bad credit customers, as they think it's too risky.
A bad credit history may make it difficult to obtain further loans, but getting a cosmetic surgery loan with a bad credit rating is not all that impossible.

How to Get Cosmetic Surgery Finance with Poor Credit

There are a number of ways to obtain finance for cosmetic surgery even for those with poor credit.

Plastic Surgery Financing Companies

There are a host of financing companies out there, that are willing to give cosmetic surgery financing and will be willing to give you credit loans, but the catch is that they give these loans at a higher interest rate. Thus, you will essentially be paying a lot more than you normally would have.

Installment Payment Options

Due to the popularity of plastic surgery, a lot of plastic surgeons have tied up with financial institutions, to offer you the option of paying your surgery bills in installments. They only require a down payment at first to begin with the surgery and the rest can be paid over time, obviously, with interest. The interest rates can be quite high here.

Secured Personal Loans

Though banks will not give you a loan on bad credit, you could get a secured personal loan from the banks, by providing some security on the payment that the banks make to you. This is a lot easier to get when compared to unsecured loans, which needs you to have a good credit rating.
It is the riskiest option though and if you are unable to pay the amount, then your house or assets that you have provided as security will be taken by the bank, in lieu of the loan. This should be your last option and be used only if you need some serious reconstructive surgery only.

Things to Remember While Applying for the Loan

If you have decided to apply to one of the many financing companies offering cosmetic surgery financing for bad credit, make sure you apply to only one. Compare and review their interest rates and repayment options before you do this, and pick only one that is best for you.
If you apply to more than one and your application gets rejected, your credit rating will just get worse. Give clear and transparent details, and don't leave out any information. Include all your income sources, and use it to help build up the strength of your application.
If you hold a joint account, you could apply for the loan with your spouse or family member, adding more weight to your application. Give proper address and contact details. Calculate how much the loan will cost you with interest, and plan on how you will save and repay it. Planning ensures you don't cause anymore damage to the already bad credit rating.