Body/Face & Neck

Plastic Surgery Financing: How to Pay for Your Cosmetic Procedure

Financing plastic surgery is a common concern. Here are our most-asked questions and answers about your cosmetic surgery financing options.

For many people, the desire to invest in a cosmetic or elective treatment isn't the most difficult part of the process—it's paying for it. In 2019 alone, Americans spent more than $8 million on surgical and nonsurgical procedures, according to the American Society for Aesthetic Plastic Surgery (ASAPS). And although these procedures can be life-changing, they undoubtedly come with a significant price tag. Fortunately, there are many ways to finance plastic surgery in a manner that will fit your timeline and budget.

How much will financing your procedure cost?

Researching a surgery—learning about the procedure, healing times, and more—is really important when picking a doctor. One of the most important things to know? A ballpark figure of what it's going to cost you. As most surgeons will tell you, this is not the place to go bargain hunting. The cost of any cosmetic or elective procedure is impacted by several factors, including geographic region, the complexity of your treatment, and your medical professional. Some medical practices list prices or will give you an average cost on the phone. Some won't. But it's always important to ask to avoid sticker shock or wasting time.

RealSelf has aggregated price information for the most popular procedures, on both a local and national level, to help give you an idea of what yours might cost. Here are a few of our most popular procedures and national average costs, as reported by RealSelf members, to date. Click on prices to see averages near you.

  • Breast augmentation (97% Worth It Rating): $6,525
  • Brazilian butt lift (86% Worth It Rating): $6,575
  • Facelift (95% Worth It Rating): $12,225
  • Tummy Tuck (96% Worth It Rating): $8,250
  • Rhinoplasty (90% Worth It Rating): $7,625
  • Mommy makeover (96% Worth It Rating): $12,600
  • Juvéderm dermal filler (92% Worth It Rating): $750
  • Liposuction (87% Worth It Rating): $6,150
  • Invisalign (91% Worth It Rating): $4,975
  • CoolSculpting (82% Worth It Rating): $2,450
  • Botox (95% Worth It Rating): $550

Many practices require payment in full before your surgery, but with such high costs, most patients cannot afford to pay so much up front, so that's where financing can come in.

How does financing plastic surgery work?

Applying for cosmetic or elective procedure financing is similar to applying for a car loan or mortgage. The financing company will ask for personal information, including your name, address, birthdate, and Social Security number, and will then run a credit check.

If you have good credit, you should be approved almost immediately. Most reputable financing companies can help you pay for several cosmetic and medical procedures, from rhinoplasty to Botox. They'll cover the costs up front so you can spend your time preparing for surgery and recovering, without worrying about writing a big check before your appointment. You'll be given several payment options and can select the payment plan that makes the most sense for you, whether it's repayment over the course of six months or spread across several years. Most healthcare financing companies have a payment calculator on their sites, to help you determine what payment plan will work for you. CareCredit and others offer the first six months interest-free—but that's only if you pay off your procedure in those six months; if you don't, you'll be charged interest retroactively on that initial period.

While it's possible to find companies with no-interest and deferred-interest options, including medical credit cards like CareCredit, most will expect you to pay a fee on top of your minimum monthly payment. Some lenders may also employ an origination fee, which essentially functions as a charge for processing your application and is typically 0.5% to 1% of the loan amount.

As with any other loan or credit card, it's important to keep up on payments, to avoid having interest or penalty fees rack up. Additionally, while it may seem wise to pay off all or part of your financing early if you find yourself suddenly able to, some lenders actually charge prepayment penalties. This means that if you make repayment ahead of schedule, you may actually incur a fee for doing so, so it's important to check your loan terms ahead of time in order to avoid any unexpected charges.

What does plastic surgery financing cover?

Every company has different parameters for what it will finance. Generally, you can expect standard cosmetic, elective, and dermatological treatments to be covered. Most companies pay for the following procedures, among others.

  • Dermal fillers
  • Weight loss surgery
  • Cosmetic dentistry
  • Laser hair removal
  • Rhinoplasty
  • Breast augmentation
  • Liposuction
  • Facelift
  • Botox
  • Microdermabrasion

What are the pros and cons of financing a procedure?

If you are committed to getting the procedure and the payments fit your budget, there can be many advantages. When you make payments on time, financing offers a manageable way to achieve the cosmetic or medical improvements that you otherwise couldn't afford.

There are also, of course, some drawbacks to financing plastic surgery procedures though. Any lifestyle changes that you don't anticipate, like job loss or other unexpected expenses, can put a serious dent in your monthly budget and keep you from paying off your surgery. If you are unable to pay your minimum monthly balance, you could rack up fees and easily get in over your head.

When financing a procedure, it's important to remember that, as with credit cards and home loans, failed payments can also negatively impact your credit score, making it harder to get loans in the future.

"The biggest downside is choosing the wrong surgeon and [getting] a really poor loan that will take many years to pay off," says Dr. Moises Salama, a board-certified plastic surgeon in Miami. "Have you found the most reputable surgeon for the desired procedure? And have you explored all the financing alternatives?"

Can I finance my cosmetic surgery with bad credit?

Unfortunately, having bad credit is far from ideal when it comes to getting financing for your cosmetic procedure. Companies look at your credit history in order to gauge whether you'll be able to make payments and will judge your ability to do so based on your credit score, so if your credit isn't great, they will likely turn you down.

What qualifies as bad credit? It depends on which company you're dealing with, but "fair credit" is usually considered 620 and above.

Some companies might still offer financing, if you have bad credit. However, you might also be saddled with a higher interest rate, therefore making your payments more costly. Additionally, some people may contact two separate companies to finance a procedure. While it's possible that this strategy might work, it will impact your credit score to make multiple inquiries.

With bad credit, you also may have the option to get a cosigner, a family member or friend with good credit who is willing to help take on the risk and responsibilities of the loan.

Check out where you land on our credit score chart below.

Which companies should I consider?

When it comes to finding the right financing company for your cosmetic or elective procedure, it's best to take your time and do thorough research.

Ask friends and family for referrals, read other patients' reviews online, and pick a company that won't take you to the cleaners with interest. It might sound great to pay only $350 per month for a $10,000 surgery, but you don't want to come out the other side having actually paid close to $20,000, thanks to excessive interest rates.

You might even want to consider using more traditional means already at your disposal, like tapping an existing credit card or even getting a personal loan from your bank.

For those looking to finance their treatments, there are plenty of great options, but you should always speak to your doctor or provider first. Some offices do not accept financing, while others will work only with certain lending firms or have a preferred financing company. Additionally, some medical offices offer their own in-house financing for plastic surgery, which may be a better route for you. People on RealSelf, both patients and providers, have reported good experiences with the following companies.

  • CareCredit
  • MedLoanFinance
  • SurgeryLoans
  • Alphaeon Credit

How RealSelf can help you finance your procedure

To help simplify the process of finding a financing option that suits your circumstances, RealSelf has partnered with an online loan marketplace.

Lendvious

Input your information on the site, and Lendvious will show you prequalified offers from several leading providers, detailing the rates and terms. From there, you simply select the plan that makes the most sense for you, and you will be redirected to the lender's website to finalize your online application.