Coming up with the money to cover the cost of elective cosmetic surgery can be daunting. The average cosmetic surgery ranges anywhere from a few thousand to tens of thousands of dollars. Some choose to seek out ‘budget surgeries’ in order to evade these costs. Though it may seem like a reasonable option, such operations are likely to result in complications and botched results. You may end up having to pay even more to have the initial surgery revised.
Unfortunately, cosmetic surgeries are not covered by insurance plans. That money is allocated only to patients that are in need of correcting a health-related problem (which is why some rhinoplasty operations are covered). Thus, those in search of purely cosmetic operations are burdened with the task of footing the bill entirely by themselves.
Luckily, there are now more options available to median income earners. Agencies such as CareCredit, Alphaeon, Lending USA, Prosper, and United Medical Credit help finance cosmetic surgeries, offering extended loans or credit cards that help stagger costs over time. In this article, we’ll take a more in-depth look.
1. Alphaeon Credit
Another agency for those in favor of flexible payment options is Alphaeon Credit. Prospective applicants need only wait a few minutes after filling out their online form to receive approval.
Those approved will be mailed a credit card (provided by Comenity Capital Bank) and receive access to an online account. The card covers all procedures over $250 and has credit lines up to $35,000. New members can get started on the procedures they’ve been dreaming of almost immediately.
The financial plans offered by Alphaeon help members pay for their procedures with little to no interest. Purchases of over $250 for 6 months and $500 for 12 months do not incur any interest. For purchases above $1,000, however, a 14.99% APR will be incurred for 24, 36, 48, or 60 months. This still puts Alphaeon ahead of most other credit cards that offer miles or points.
Here are the payment options for a $10,000 credit line:
- If the balance is paid within twelve months, no interest will be charged
- To avoid interest, monthly payments will range $834 (for 12 months) to $1,667 (for 6 months)
- Exceeding the allotted time period may result in an incurred interest amount ranging from $1,832 (for 24 months) to $4,580 (for 60 months)
- The 14.99% APR remains fixed throughout the allotted time period
- Once the promotional period is up, the APR goes up to 28.99%
CareCredit is one of the most popular financing options available today. The company provides you with a credit card that gives you flexibility in terms of accessibility to operations. Those that choose CareCredit have the ability to pay for all the surgeries they like without having to constantly attain approval. Aside from the credit limit, patients have unlimited access to procedures and are only required to make monthly payments. CareCredit is a great option for those who want the freedom to access surgical services at their leisure.
The application process is quick and simple. After completing the online application on their website, patients receive an immediate notification letting them know whether they have been approved or not. Those that prefer to apply by phone can reach them at (800)-607-0718. According to testimonies, applicants usually have no problem getting approved and can get started on their cosmetic goals right away.
Those that choose CareCredit can forgo interest payments altogether if they are able to clear all of their payments in the allotted time period. This promotional period is typically 6 to 12 months after the first charge made on the card. Failure to pay off the balance in time will result in the full credit line accumulating interest. Fortunately, CareCredit has a calculator that can help with determining monthly payment amounts to cover the full cost of the operation.
Here are the payment options for a $10,000 credit line:
- No interest will be charged if the balance is paid within two years
- Monthly payments ranging from $417 (for 24 months) or $1,667 (for 6 months) will keep all credit interest-free
- Failing to pay the balance within the promotional period will result in an interest amount ranging from $1,626 (for 24 months) to $5,204 (for 60 months)
- The APR ranges from 14.90% APR (for 24 months) to 17.90% APR (for 60 months)
3. Lending USA
Those in search of loans for cosmetic procedures can rely on Lending USA. They offer loans ranging from $1,000 to $12,000 and add no interest, provided that the principal is paid within 6 months. They are also known to approve most credit scores, giving more people the ability to achieve their cosmetic goals.
Lending USA differs from the aforementioned options in that they provide specific amounts for specific treatments. Each cosmetic procedure requires a new application for a new loan. This definitely isn’t the best option for those who enjoy the flexibility of being able to make decisions on a whim. Some may prefer this option, however, if they are worried about overspending.
The application process is also quite easy. Prospective clients fill out the online form, speak to a representative, get pre-approved, and then pay for the desired treatment with the loan. The benefits include low monthly payments, no interest in the first 6 months, and easy credit approval.
4. Prosper Healthcare Lending
Another option for those in favor of loans is Prosper Healthcare Lending. They finance procedures of up to $35,000 and allow loan terms of up to 60 months to reduce monthly payments. On top of that, there are no prepayment penalties and no retroactive interest.
Like the other options, the application process is quick. Once approved, a simple installment loan is provided for the applicant’s procedure. The APRs for a full (60 month) loan period range from 7.95% to 35.99%. APRs are determined based on factors such as income, credit score, and credit history. Those interested can request information about loans and interest rates from their website. It should be noted, however, that only applicants going through an enrolled provider can receive financing information.
5. United Medical Credit
United Medical Credit is another option that can help patients with financing for a variety of operations. Like Prosper, UMC offers loans of up to $35,000 with affordable monthly payments and low interest rates. They cover everything from facelifts to liposuction.
Unlike the other agencies mentioned, the UMC application process can take a bit longer. All applications are sent to a third-party lending partner to determine eligibility, which can take anywhere from a few seconds to a whole day. If approved, the loan amount is sent directly to the doctor in question.
The loan amount granted depends on the surgery being sought out. This amount can only be put towards one operation. Interest rates also depend on multiple factors, including credit health and income level. As with Prosper, all information can only be received through an enrolled provider.
Overall, there are many options available to those seeking out financing for cosmetic surgeries. Those looking for flexibility and freedom will likely be satisfied with CareCredit, while those looking for loans might be most interested in Prosper Healthcare Lending. Having a good understanding of one’s financial situation will help determine exactly how much can be allocated towards monthly payments. A strong credit score also goes a long way, but it isn’t necessarily a prerequisite for getting the financing one requires.