Cosmetic surgery loans are available for procedures such as liposuction, breast augmentation, and face lifts. These loans are typically unsecured lines of credit with higher interest rates. Late interest financing and extended payment plans may be offered, but borrowers should be aware of penalties for late payments. The amount of money granted depends on the patient’s credit history.
Improvements to one’s appearance can be desired for a variety of reasons and can be accomplished with plastic surgery. Healthcare providers typically do not cover the cost of these procedures, unless there are underlying medical conditions causing the change. Cosmetic surgery loans can be obtained for suitable candidates in the form of bank loans, credit cards and specialized credit designed for medical procedures. The interest rates on these loans can be higher than on a traditional line of credit.
Finance companies can be found on the Internet that specialize in providing finance for plastic surgery procedures, including liposuction, breast augmentation, and angioplasty. Providers can also make loans for lip surgery, hair removal and face lifts. Lenders can partner with a surgeon’s office and a doctor can only accept financing from certain financing companies. Often, marketing materials about these providers can be found in the doctor’s office. It is recommended that you identify a surgeon before seeking funding.
Cosmetic surgery loans are typically unsecured lines of credit. In the event that the borrower defaults on a loan, the finance company has little recourse with no assets to recover. As a result, borrowers can expect to pay higher interest rates as the lender inherits the risk to the loan.
Late 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 contract. In the event that the borrower is able to repay the loan in full before the interest payments begin, high interest payments can be avoided altogether. Lenders identify the types of plastic surgery that are covered with these types of cosmetic surgery loans.
Extended payment plans may also be offered where borrowers repay a specific amount to the lender each month for a pre-determined amount of time. Lenders may apply a finance charge to the total balance. Loan applications should outline the rate schedule. Vendors can apply hefty penalties for payments that are even one day late or for extending the balance beyond the credit limit.
The amount of money a borrower can get through cosmetic surgery loans largely depends on the patient’s credit history. A percentage of a plastic surgery procedure may be financed or the entire amount may be granted. The interest rates on loans for people with bad credit are higher than for loans given to people with good credit.
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