How to Finance Elective Cosmetic Surgery Procedures

Because cosmetic surgery is typically elective (meaning it is option and not necessary for your continued health) it is generally not covered by your health insurance (although it never hurts to ask!). This leaves the burden of paying for this medical procedure squarely on the recipient's shoulders, and there are three common methods that patients undertake to pay for their surgeries: savings, credit cards, and loans made specifically for cosmetic surgery.

Saving up for your procedure (as with most things in life) is the recommended way to pay for your procedure. Not only does this ensure that you have the money to pay for your procedure immediately without the burden of bills later in life, but it also gives you time to consider your surgery and make the decision if it is really the right choice for you.

Credit cards are another option for paying for your surgery, but obviously you will need to have a credit limit high enough to afford the cost of the procedure. In addition you should be sure you are able to pay off the balance in full as soon as possible.

When you take a loan out to finance the purchase of home or car the thing you are purchasing is the 'collateral' of the loan; that is, if you stop paying on the loan the lending company can take the object back and sell it to cover their loss. However, when you're talking about plastic surgery, a bank or other loan company can't very well repossess parts of your body for resale. Loans without collateral are known as "unsecured" or "signature" loans.

When you apply for a cosmetic surgery loan all of the usual ins, outs and caveats apply: income, expenses, own vs. rent, credit rating and FICO score.

The most common reason someone is turned down for a cosmetic surgery loan is because their credit score is not high enough. Because signature loans do not require collateral, they do require fairly good credit (usually a FICO of 700 or higher). Typically people seeking cosmetic surgery may not have enough credit history to achieve a score like this, or may have some credit problems that prevent them from qualifying.

As with any other type of loan, always make sure you will be able to afford the monthly payments that come along with your loan. And if you don't qualify immediately for a signature loan, there are an increasing number of firms specializing in bad credit or no credit loans for cosmetic procedures.