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Cosmetic surgery loans are available for qualified applicants in the form of bank loans, credit cards, and specialized credit designed for medical procedures. Interest rates on these loans may be higher compared to a traditional line of credit. The amount of money a borrower can obtain depends on their credit history.
Improvements in appearance may be desired for a number of reasons and can be achieved with plastic surgery. Health care providers generally do not cover the cost of these procedures unless there is an underlying medical condition that prompts the change. Cosmetic surgery loans are available for qualified applicants in the form of bank loans, credit cards, and specialized credit designed for medical procedures. Interest rates on these loans may be higher compared to a traditional line of credit.
Finance companies that specialize in providing financing for plastic surgery procedures, including liposuction, breast augmentation, and angioplasty, can be found on the Internet. Providers can also extend loans for lip surgery, waxing, and facelifts. Lenders can partner with a surgeon’s office, and a doctor can only accept financing from certain finance companies. Marketing material about these providers can often be found in the doctor’s office. It is recommended to first identify a surgeon before seeking financing.
Loans for cosmetic surgery are usually unsecured lines of credit. In the event the borrower defaults on a loan, the finance company has little recourse with no assets to recover. Borrowers can expect to pay higher interest rates as a result since the lender inherits the risk of the loan.
Delayed interest financing can be an attribute of cosmetic surgery loans. Financing for these types of loans may waive interest for the first few months or years of the agreement. In the event that the borrower can repay the loan in full before interest payments begin, high interest payments can be avoided entirely. Lenders identify the types of plastic surgery that are covered with these types of cosmetic surgery loans.
Extended payment plans may also be offered in which borrowers repay a specified amount to the lender each month for a predetermined period of time. Lenders may apply a finance charge to the total balance. Loan applications must describe the fee schedule. Providers can add hefty penalties for late payments of even a day or for extending a balance over your credit limit.
The amount of money a borrower can obtain through cosmetic surgery loans depends largely on the credit history of the patient. A percentage of plastic surgery procedures may be financed, or the full amount may be allowed. Loans for bad credit have higher interest rates than loans for people with good credit.
Smart Asset.
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