If you’ve been researching your plastic surgery financing options, you’ve very likely come across the term “in house financing.” Not all plastic surgeons or providers offer it, but it is helpful to understand who offers it and why, and whether it is a better alternative to financing from CareCredit, Alphaeon, and similar providers.
“In-house” financing for plastic surgery has become more popular among providers, who wish to make their services more broadly available. But what is it, exactly? And what is the process behind it?
What Is “In-House” Financing For Plastic Surgery?
The term “in-house” financing may seem apparent to some, but it refers to a payment option that some plastic surgery clinics have in place to make it easier for patients to pay for, or finance, their procedures. In-house financing for plastic surgery means that no external parties are involved. The agreement to pay how much by what date and in what increments is established between the patient and the plastic surgeon (or their office).
At practices that offer an in-house payment plan, patients can submit an application for it while in the clinic, making the process as straightforward as possible for everyone involved. These same plastic surgeons may also have partnered with CareCredit or other companies that offer financing for medical procedures. As to which is better, the answer will lie in the details of either agreement.
Patients should consider the APR, out-of-pocket expense, due date, monthly payment amount, and potential impact on their credit score in all financing options.
How Does In-House Financing Work?
When it comes to cosmetic or aesthetic surgery funding, in-house financing is often the same as asking for a car loan or a mortgage. You will be required to provide personal information such as your name, address, birth date, and Social Security number, and a credit check may also be performed.
You should be accepted fairly instantly if you have strong credit. From rhinoplasty to Botox, all popular plastic surgery financing providers can assist you in paying for a variety of cosmetic and medical procedures with “in-house” financing.
They’ll pay for everything upfront so you may focus on getting ready for surgery and healing rather than stressing about writing a huge check before your visit. You’ll be offered many payment choices and may choose the one that makes the most sense for you, whether it’s a six-month payment plan or a multi-year payment plan.
The majority of healthcare finance firms include a payment calculator on their websites to assist you in determining which payment plan is best for you. The first six months on CareCredit and other credit cards are interest-free, but only if you pay off the treatment within those six months; if you don’t, you’ll be charged interest retroactively on the entire amount you borrowed.
While there are some organizations that provide no-interest or deferred-interest choices, like CareCredit, most require you to pay a charge in addition to your minimum monthly payment. Some lenders may additionally charge an origination fee, which is normally 0.5 percent to 1% of the loan amount and serves as a cost for completing your application.
It’s crucial to keep up with payments on this loan, just like any other loan or credit card, to prevent accruing interest or penalties. Furthermore, although it may seem prudent to pay off all or part of your debt early if you find yourself in a position to do so, certain lenders incur prepayment penalties. This implies that if you make a payment ahead of schedule, you may be charged a fee, so it’s vital to double-check your loan conditions ahead of time and to read the fine print to prevent unwelcome surprises.
Advantages Of In-House Financing For Plastic Surgery
If the plastic surgery practice you choose has an “in house” financing option, you can rest assured that you will be in good hands. This is because most cosmetic surgery clinics do extensive research before bringing on these finance businesses to guarantee that patients get generally acceptable rates.
Not only are you in good hands, but using these payment alternatives means you won’t have to pay the whole cost of your surgery up front, allowing you to relax and enjoy your procedure. You’ll be making those installments over the next several months, depending on the sort of plan you pick, to pay off the cost of your procedure.
Even if you have bad credit and fear you won’t get approved for a personal loan, you could be surprised. To find out if the plastic surgery clinic has “in house” financing options you can usually find it directly on their website or once you meet with them in person. Don’t let the cost of cosmetic surgery intimidate you; financing alternatives are more flexible than ever, and you may be able to commit to the cosmetic surgery of your dreams with the help of these “in-house” financing installments.