How To Pay for Plastic Surgery: Loans, Payment Plans and Other Options

Most insurance companies consider plastic surgery an elective procedure, meaning cosmetic treatments usually must be paid for out of pocket. Fortunately, several financing options can help spread out the cost — from personal loans to medical financing plans — allowing you to manage the expense without overwhelming your budget. Read on to learn the most common options.

Quick Take

• Small procedure → 0% card or buy now, pay later (BNPL) service

• Medium procedure → Personal loan or savings

• Large procedure → Personal loan or home equity

• Your credit score and loan terms will affect your total cost, including interest and fees.

How Much Does Plastic Surgery Cost?

Plastic surgery costs can vary depending on the procedure, the surgeon’s experience and where you live. Some common cosmetic procedure prices include:

• Rhinoplasty: Costs an average of $7,637

• Liposuction: Costs roughly $4,711 per treatment area

• Laser hair removal: Costs an average of $697

Average costs, like the above, offer a starting point, but anesthesia and facility fees can add thousands of dollars to the final total.

Should You Finance Plastic Surgery?

When deciding whether to finance plastic surgery, it can help to examine the pros and cons.

Here's a quick example of a $25,000 procedure:

Personal Loan

• Rate and length: 12.27% over 60 months

• Monthly payment: $559

• Total interest paid: $8,540

• Total price: $33,540

0% Annual Percentage Rate (APR) Credit Card

• Rate and length: 0% if paid in 18 months

• Monthly payment: $1,389

• Total interest paid: $0

• Total price: $25,000

6 Ways To Pay for Plastic Surgery

Here are six common ways people pay for plastic surgery procedures.

Personal Loans

• Risk level: Moderate due to fixed rates and predictable terms

• Best for: Borrowers with good credit

Personal loans are a type of unsecured loan that grants you a lump sum of money that can be used for almost any personal purpose. They can be a good option for costly medical procedures, especially if you have good credit.

The best interest rates and terms go to those with credit scores of 670 or above. That said, some lenders will still work with you if your credit score is under 580, but it will be harder to qualify.

Just pay attention to interest rates. Some lenders may offer rates as low as 6.25%, which makes them a less expensive alternative to credit cards. But other lenders could charge as much as 36% interest, which can significantly add to the cost of your cosmetic procedure.

0% APR Credit Cards

• Risk level: Moderate to high, depending on when balance is paid off

• Best for: Borrowers with good to excellent credit

For smaller procedures, such as laser hair removal, a 0% APR credit card may provide a convenient option. To qualify for a zero-interest credit card, you’ll need a good to excellent credit score — between 670 and 850 — with a higher credit score giving you the best chance for a higher limit.

You can spend up to your credit limit and simply repay the balance over time. If you can pay off your procedure within the promotional period, you’ll avoid owing interest.

MoneyLion can help you explore a wide variety of credit card options tailored to different needs and preferences.

Medical Credit Cards

• Risk level: Moderate to high due to deferred interest and high APRs

• Best for: People who can pay off the balance before the promotional period ends

Some medical credit cards offer 0% promotional interest offers. However, once the promotional period ends, the interest rates can increase significantly, sometimes becoming higher than typical credit card rates of around 22%.

For example, while Care Credit and Alphaeon offer promotional rates, their regular financing rate is 32.99% APR.

Qualifying for a medical credit card may be easier than qualifying for a zero-interest credit card. You’ll typically need at least a fair score of 650 or higher.

In-House Financing

• Risk level: Moderate to high due to varying terms and possibly high interest

• Best for: Those who aren’t eligible for lower-cost financing

Your provider may offer in-house financing, which can be a flexible option for cosmetic surgery patients. There’s usually a credit check required, but individual practices can set their own interest rates, loan terms and eligibility requirements to assist their patients.

Some medical loans may include deferred interest and require a down payment or nonrefundable fee. Deferred interest plans should be paid off before the promotional period ends to avoid retroactive interest.

Savings — The Cheapest Option

• Risk level: Low

• Best for: Those with available cash

When cosmetic surgery is a priority, you could always tap into your personal savings account. Going this route eliminates the need for third-party lenders, credit checks or repayment plans.

While this option will deplete your savings a bit, it can, depending on the nature of the procedure, help you avoid any interest charges or other fees in the long run.

Insurance

• Risk level: Low

• Best for: Medically necessary procedures

Medical insurance can be an ideal choice for those pursuing reconstructive surgeries or other procedures that are deemed medically necessary. For example, if your cosmetic procedure is designed to restore your normal appearance after a car accident or cancer, your provider may cover it.

To get medical insurance, you’ll have to undergo an application process, after which you’ll likely pay for monthly premiums and an annual deductible before your insurance kicks in.

BNPL

• Risk level: High

• Best for: Short-term costs

BNPL services are a good option for those who want to split up the costs of their medical procedure. You won’t have to pay an exorbitant amount of interest if you’re able to make your payments on time. However, if you miss payments, the loan becomes more expensive.

HSA or FSA

• Risk level: Low

• Best for: Qualified medical expenses

If you have money saved in your HSA or FSA, you can use it for qualified medical expenses. It’s a reasonable way to spend your medical funds as long as your plastic surgery procedure qualifies.

How To Choose the Best Way To Pay

Here’s how to decide which payment method for your plastic surgery procedure:

• Get a total cost estimate: Find out how much your procedure costs, including surgeon, operating room, anesthesia and other expenses related to the surgery.

• Check insurance coverage: What will be covered by insurance and what will you have to fund out of pocket?

• Take a look at your savings: Do you have enough to cover the expenses and also have some funds left over in case you may need additional money for an emergency?

• Review your HSA and FSA accounts: If you have these accounts, find out what will be covered as a qualified medical expense.

• Consider a 0% credit card: If you can qualify for a 0% credit card, you can pay for your procedure without incurring any interest during the intro period.

• Compare personal loan options: Find out if you qualify for a decent rate and if you can pay off the loan amount within a reasonable time period.

• Assess medical credit cards: Can you pay off the credit card without getting hit with deferred interest?

4 Financing Mistakes To Avoid

Even good financing options can become costly if you overlook these common mistakes.

• Focusing only on promotional rates instead of when they expire

• Draining your emergency savings

• Financing plastic surgery while carrying high-interest debt

• Not understanding the difference between 0% APR and deferred interest

PRO TIP! MoneyLion offers a convenient marketplace to compare high-yield savings accounts from our trusted partners that could help grow your money.

Key Takeaways

• Most plastic surgeries are considered elective and must be paid out of pocket.

• Using savings is typically the cheapest option because it avoids interest and fees.

• The best interest rates and terms for personal loans require a credit score of 670 or higher.

• 0% APR and deferred interest options are not the same.

• Deferred interest options only make sense if you can pay off the balance within the specified time.

Plastic Surgery Financing FAQs

Before choosing a payment method, review these common questions about plastic surgery costs and financing.

What credit score do I need?

Different types of financing require different credit scores. However, the best rates and terms will be offered to people with good to excellent credit scores of 670 or higher.

Is financing plastic surgery a bad idea?

It depends. If you get a low rate and pay off the balance before any promotional APR or deferred interest expires, financing plastic surgery is not a bad idea. However, if you are already carrying a large amount of high-interest debt, taking on more debt may not be a wise idea.

Can I get a loan with bad credit?

Yes, you can still get a loan with bad credit. However, bad credit dramatically reduces your options for loans. Be prepared for lower loan limits, higher APRs and stricter terms.

Does plastic surgery financing affect credit?

Yes, it may impact your credit. Lenders often do a hard inquiry, which can knock up to five points off your score for up to 12 months. Additionally, if the lender or credit card company reports to the credit bureaus, your score can also change based on your payment history.

Is CareCredit worth it?

Yes, CareCredit is worth it if you can pay off the balance before the promo period ends. CareCredit offers interest-free financing for short periods, such as six, 12, 18 or 24 months.

Can I use a personal loan?

Yes. A personal loan can be used to pay for plastic surgery. Look for one with a lower rate, minimal fees and repayment terms that fit your budget.

Sarah Edwards and Rudri Patel contributed to the reporting for this article.

Sources

• American Society of Plastic Surgeons. "How much does rhinoplasty cost?"

• American Society of Plastic Surgeons. "How much does laser hair removal cost?"

• American Society of Plastic Surgeons. "How much does liposuction cost?"