7 Easy Ways to Finance for your Cosmetic Surgery

Last Updated on November 9th, 2018

Who doesn’t want to look her best? People adopt diverse ways to glorify their appearances. Some maintain a strict diet plan and exercise frequently. While some prefer gaining a help from cosmetic surgery to achieve precise and faster results. Opting for a plastic surgery can be a startling change and an effective way to get that appealing look you have always desired.

According to the American Society of Plastic Surgeons (ASPS), there is a constant growth in cosmetic procedures over the last one year. American plastic surgeons performed more than 17.5 million surgical and cosmetic procedures in 2017, which was a 2 percent increase from 2016. Subsequently, the rate at which cosmetic procedures have been performed since 2000 has grown over 200 percent, it can be said that women are forthcoming with unique and groundbreaking ideas to get the desired body shape.

Highest type of Cosmetic surgeries and Procedures done in 2018

Out of nearly 17.5 million plastic surgery procedures last year, the top five are as follows:

  • Breast augmentation (300,378 procedures)
  • Liposuction (246,354 procedures)
  • Nose reshaping (218,924 procedures)
  • Eyelid surgery (209,571 procedures)
  • Tummy tuck (129,753 procedures)

Why do you need help paying for plastic surgery?

In 2016 alone, Americans spent over $15.44 billion on cosmetic procedures. Breaking it further, you will find the figures are extremely steep. In fact, just check out the average surgeon’s fee per person and average annual expenditure for the top five procedures. They are massive.

Data source: plasticsurgery.org

Cosmetic surgery is indeed an exciting change in your life, but they cost a good amount of your savings. As cosmetic surgery is an elective procedure, your medical insurance usually does not cover the charges. You need to pay through any of the three ways to undergo a cosmetic procedure: Cash, Credit, or Financing.

Unless you are having a substantial amount in your pocket, paying through cash is out of the league. Nevertheless, you should not be disheartened as there are various possible ways of getting help to pay for your plastic surgery. Here are a seven financing options to fulfill your plastic surgery needs:

7 ways to pay for your plastic surgery

1. Taking out a personal loan

The easiest way to get a help to pay your bills for cosmetic surgery is taking a personal loan from a financial institution. An unsecured loan from a bank or credit union can provide an immediate solution to secure finance for your surgical procedure. These loans have a fixed interest rate and repayment is shared in equal EMIs for your convenience.

Pros:

  • Getting an unsecured personal loan is a faster process.
  • The interest rates are cheaper than personal credit cards.
  • You can pay in EMIs over a specific period.

Cons:

  • Even with low interest, interest rates still add quite a bit to the final cost.
  • While you shall get the body you desire, you will be paying more money for it over time.
  • If your credit score is not decent, you might not get the full funding that you seek.

2. Consider Home Equity Loan

A home equity loan considers the equity you have accumulated over time in your home and converts it to a corresponding cash value. It is also called as ‘loan against equity’ or secure loan.

Pros:

  • It is an affordable option for those who own a home.
  • Provides the benefit of lower interest payments on mortgage loans.
  • Best option for those who know they can repay the loan in time.

Cons:

  • You will use your home as collateral for the loan.
  • Failing to make the repayments on time can risk foreclosure on your home.
  • Suitable only for those who have other earning sources for paying back the loan.

3. Use your Personal Credit Card

You can pay by your existing credit card or request a loan on your credit card. Some banks ask for lower interest rates on loan against credit cards. You can also pay directly through the card, depending on your bank’s interest rate. In addition, do some research and find out the banks that offer credits cards with lower interest rates. You can apply for a new one once you find a cheaper option.

Pros:

  • Going through multiple options can land you on a card with a reasonable interest rate.
  • Loan on credit cards is relatively the fastest among all other options here.
  • This can be an affordable way to pay for the surgery while you maintain your credit score.

Cons:

  • You will need a high credit score to get a big purchase limit on your card.
  • Can destroy your credit score if failed to repay on time.

4. Apply for a Medical Credit Card

Some healthcare and medical credit cards are also available to finance your medical expenses with lower interest rates. You can use these cards for medical expenses only. Most of the surgeons accept these cards as an option for paying up your plastic surgery bills.

Pros:

  • They are easy to acquire.
  • Come with 0% promotional interest rates.
  • Prevent overspending, as you can pay only the medical bills through them.

Cons:

  • There have been conflicts between the cardholders and lending authorities in the past.
  • There have been cases when cards were marketed with no interest rates, but interest was applied at a later stage.
  • Missing out a single payment can cause you to lose 0% interest, forcing you to pay higher debts than you expected.

5. Consult your Doctor for easy Payment Plans

Some private doctors offer in-house finance options on the bills. You can contact your doctor to know if he or she offers any such schemes.

Pros:

  • You will not have to put your house as collateral as in bank loans.
  • As these finances are not reported to the credit bureau, your credit score will not be affected.
  • Some in-house payment plans do not charge interest on the finance.

Cons:

  • Some doctors avoid getting involved in the financial aspects, so simply do not provide an option.
  • Those who offer, generally rely on third-party financers to manage the economics for them.
  • Failing to pay your doctor could prevent you from availing his or her services in the future.

6. Spend from your Retirement Account

Your retirement or 401(k) account will allow you to utilize a decent amount up to 50 percent of the balance you have vested. The loan repayment is done through automatic deduction from your paycheck. You can repay your loan over a period of five years.

Pros:

  • It is quite an easy and quicker option to borrow from your retirement account.
  • The Interest rates are fairly lower amongst all other options.
  • No credit score required to avail the same.

Cons:

  • You already pay tax on your saving in 401(k) account. While repaying the loan, you will again pay tax on the borrowed amount.
  • Your tax benefits are dropped during the repayment period.
  • Failing to repay the loan on time will report the amount as taxable income, making you pay double taxes again.

7. Go for Crowdfunding

Crowdfunding has been a game-changer by giving nontraditional expenses access to different sources of capital. These days, crowdfunding platforms have become an easy destination to collect finance for an array of requests. There are various niche -based crowdfunding sites dedicated solely to raising money for cosmetic surgeries.

HerBodyBank is one such crowdfunding site dedicated to raising funds for receiving a cosmetic surgery. The contributors on the site make donations in exchange for contents like photos, videos, live chat or audio calls from the models (fundraiser). It offers a convenient platform to seek for a helping hand in raising money for out-of-control expenses like plastic surgery bills.

Pros:

  • Crowdfunding offers absolute finance, you do not have to pay your bills, the contributors will.
  • You just need to sign up for their corresponding campaigns.
  • Contributors make donations in exchange for content from the person raising the funds.
  • Allows women to raise funds for cosmetic surgery by just using their laptop or smartphone.
  • You will not have to sell your equities for financing your surgery.

Cons:

  • There is no formal guarantee that you will raise the entire sum needed for the cosmetic procedures.
  • Funding totally depends on your performance and contributors’ interest in your profile.
  • You may have to compete with other professional models on the same crowd-funding site.

It is not cheap to attain a perfect body shape with artificial methods. Especially when a perfect body in 2018 involves cosmetic surgeries and invasive procedures, one cannot expect them to be any less luxurious. Out of several ways to pay for cosmetic surgery, crowdfunding is the most recent. As every mode of payment has its own pros and cons, one should be advised that not all women can approach every method easily. It is critical to understand the methods that would suit you the best, as the terms of repayment are not easy in any of the methods. For instance, women who have successfully raised funds on the crowdfunding sites, this mode has worked like a charm to them.

 

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