I decided it was time to take care of something that’s always bugged me about my body. I thought plastic surgery was the only way I was going to resolve it and it was not going to be cheap. My logic was “I shouldn’t let money stand in my way,” but that’s not always the best personal fiscal policy. So I had to figure out how to balance getting the surgery and getting the money to pay for the surgery.
After all, it’s my body, I have to live with this. And I’m tired of dealing with this issue. Getting into debt for a cosmetic procedure seems a bit foolish, but I reasoned that I’m planning on living a long life and I’m not going to be paying off that debt forever.
Medical Loans for Plastic Surgery – Need to Know
I’m now on the other side of the surgery and the problem that drove me nuts is now gone. I’m glad I took action and got plastic surgery for the issue, but I did have medical finance debt to take care of afterward. Here’s what I learned from my experience:
Know Your Credit Score
I’m going to start out by saying that I don’t have the greatest credit rating. I had to take out emergency cash loans a couple of times and I didn’t do a good job of repaying them. The same is true for some other debts I have. There wasn’t much I could do about the debts at the time because my job shorted my pay.
Lenders don’t care if you don’t get paid, and even if they do, they still punish you for situations that are out of your control. I’m doing better with paying my bills, but those dings on my credit rating are still haunting me.
I thought there was no way someone was going to lend me money for plastic surgery. And the surgeon’s office didn’t have much in the way of credit offers that I was eligible for. Sure, there’s medical credit card providers, but they have higher lending standards, and I was practically guaranteed to get rejected.
I mentioned this to one of the office staff. She told me to go online to look for medical loans for bad credit. What she couldn’t do was recommend a particular lender to me since that would break office rules, but she did tell me what to look for.
Finding a Lender for Plastic Surgery
The first thing I noticed is that there are a lot of lenders that offer medical loans. It was awesome to see a large selection of lenders that offer a plastic surgery loan for medical bills, but I needed to figure out which lender was going to be the best fit for me. I only needed one loan for the procedure because I could cover the rest of the medical debt on my own.
That meant I needed enough money to cover the cost of the procedure, plus a little extra to take care of an unexpected event. Having some cash set aside for some of the costs meant that I didn’t have to borrow as much.
Whatever the amount you want to borrow, you should find a reputable lender. As I said, there are a lot of them, so you need to do your research. Or you can use Loanry. Loanry is a website that helps you find the best lender for your situation, connect with them, and possibly get a loan you need within 24 hours of contacting the lender. This is great if you need the money fast, but it’s also great because it leaves you time to explore options.
Bad Credit Medical Loans for Plastic Surgery
I started looking into lenders and found out that my being fiscally responsible didn’t make a difference in how much I could borrow. Lenders who offer plastic surgery medical loans for bad credit appreciated the fact that I set money aside to pay for the procedure, but it didn’t ultimately matter. Medical finance loans don’t work the same as a car loan or home mortgage where a down payment makes it easier to get financing. What mattered most to the lender was my ability to repay the loan under the terms that were being offered.
The lenders are up-front on their webpages that their interest rates are going to be higher than a traditional lender. I knew going in that my not-so-great credit rating was going to be an issue, but ultimately, it didn’t stop a lender from funding a loan for my procedure.
The lender was up front and told me that my credit score was a factor in the interest rate and repayment terms, but they would still loan me the money. I won’t lie, I did have to think about the terms. But I wanted the procedure and I knew about the consequences of my mistakes in the past. I wanted my procedure, so I signed for the loan.
Some medical finance providers have a stipulation that you use the money only for the procedure. The lender may or may not require that you return the portion od the loan you don’t use. But you have to find that out prior to taking out the loan. And when it comes down to it, you shouldn’t be using the money for personal expenses anyway. The loan is for personal enhancements and improvements, not buying stuff. So stick to your plan!
Borrowing Extra is a Good Idea
The surgeon gives a quote for the procedure at the time of the evaluation, but you can’t rely on it being written in stone. Things can go wrong, complications can arise, or the surgeon might encounter an issue during the procedure that makes it harder to complete the surgery as planned.
What that means for you is that there’s a potential for the cost to increase because sometimes you’re on the hook to pay for these issues. This happens even though you have no clue that the condition existed in the first place.
Talk to the lender about borrowing extra money to cover contingencies. A medical finance lender is familiar with these issues and can discuss with you how to handle overages. I was lucky in that I didn’t have extra charges from my surgery, but I was aware that it could happen. I didn’t talk to the lender beforehand and I should have. Don’t do what I did and assume that the amount you’re quoted by the surgeon is what you’ll pay. It’s better to be safe than sorry.
Avoid Using Credit Cards
A lot of people talk about using their credit cards to pay for plastic surgery. It’s not a good idea for a lot of reasons. I know there’s always the advantage of getting a lot of airline miles, bonus points, or cash back to use on the card statement, but it’s not as good of a deal as it sounds on the surface. Ask yourself if you want to lock up your lines of credit in pursuit of paying down debt for years to come and not know when it will be paid off. Doesn’t sound great to you? It shouldn’t.
Credit cards charge a lot of interest on purchases. Every month that interest goes on your balance and keeps it growing. You wind up not being able to use your credit card for emergencies because you have no money available to you.
Another issue is that your minimum payment goes up and you have to find more money to service the debt. If you use that card while you’ve got that surgical balance on it, you’ll wind up paying a lot in interest and not a lot on the principal balance. It means you’re trapped in an endless debt trap that can take years to pay off.
When it comes down to it, don’t use your credit cards to pay for plastic surgery, even if it is a good idea. And if you wind up doing that? Make sure you can arrange for a personal loan to consolidate the debt so you can eventually eliminate it.
Why It’s Better to Get Medical Loans for Plastic Surgery
A medical finance loan is kind of like getting a credit card. But instead of having a revolving line of credit with a limit, you get a certain amount that you eventually pay off. It also looks good on the credit report to show that you’re repaying the loan and eventually you’ll have a loan that shows as paid. My own experience with going this route was beneficial to my credit rating.
Even though I had blemishes in the past, I showed that I can be responsible with a loan and the credit reporting agencies rewarded me. My credit rating improved, and I was able to find other forms of financing instead of resorting to emergency cash loans when I needed fast money.
The biggest difference between a medical loan and a credit card is the fact it’s a fixed amount with fixed interest. A medical loan is also caled a personal installment loan. It has a fixed interest rate instead of variable. What that means is that they calculate the interest on the current loan balance and you pay that first. Any remaining money goes towards the principal of the loan.
Every time I made a payment, the interest amount went down a little because the principal was a little lower. And because the loan has fixed interest, I could rely on the payment being the same every month. It made it much easier to budget for the loan and not fall behind on payments. I most definitely would not have that security if I used a credit card to pay for the surgery.
Keep an Eye on the Fees and Charges
One of the things I noticed when I looked at medical loan that fees and charges are common, but not avoidable. I realize that these extra costs are part of doing business with someone who has bad credit. But I don’t need to feel like they’re constantly punishing for my mistakes. Fortunately, I did find a lender that had reasonable fees and charges which didn’t impact my ability to pay the loan back.
Another thing I noticed when looking at medical finance options is early repayment penalties. What that said to me is the lender wants to punish me for trying to be fiscally responsible and close out the loan sooner than later. I didn’t particularly care for that idea and passed on lenders who insisted on making it harder on me to pay them back.
Going Short-Term Over a Long-Term Loan
I noticed that lenders offered a wide range of loan repayment terms. Some were as little as 12 months while others lasted almost eight years. I looked into why lenders did this and discovered a few things.
One of the reasons why lenders offer longer terms, especially on larger loans, is to make the monthly payments more affordable for the borrower. That means I’m paying off the debt for a longer period of time, but it keeps the payment reasonable.
I considered this option mainly because I had plans to pay extra towards the loan when I had the means to do so. I could keep the monthly payments low and predictable while paying it off sooner. Another advantage of taking a long-term loan is the lender typically offers more money because there’s a longer time period with which to pay off the balance.
Ultimately I decided against a long-term loan and went with a short-term one instead. My procedure wasn’t that costly and I had cash on hand to cover a contingency. I felt it was better that I pay off the loan balance sooner than later and that I could do it within a couple of years. However, that’s just me.
You might find that you need to for a long-term loan because you’re getting multiple procedures and it’s better to do them all at once. Everyone’s needs for a plastic surgery medical loan are different and you should make the decision that’s best for yourself.
Don’t Rely on Health Insurance to Cover an Elective Procedure
Health insurance is not going to cover a surgery that’s not medically necessary. I found this out when I was doing my research to find funding for my procedure. I knew that health insurance companies sometimes covered plastic surgery, but only when necessary.
While I did my procedure because I wasn’t happy with a part of my body, you might have an issue that you can resolve only through plastic surgery and health insurance will cover it. It never hurts to make the phone call to find out, but don’t expect the insurer to help you with something like liposuction because you want to get rid of a belly bump.
Make Sure Your Surgeon Knows You’re Financing Your Procedure
You might be wondering why your surgeon cares about how he’s getting his money since he’s going to get it regardless of the source of funding. It’s just a good idea to talk about how you’re getting your money for the procedure with the surgeon. The main reason being is the surgeon has to reserve a surgery suite if they don’t have one in their practice.
If you don’t have money to pay for the procedure before the date, the surgeon isn’t going to go ahead with the work, but still has to pay for the suite. And that’s just the tip of the iceberg of what the surgeon has to do to prepare.
Talk to the surgeon about your plans. Don’t assume that the surgeon is going to accept your word that the money is going to be there before the day of the surgery. Plastic surgery is still surgery and there is lot of equipment one needs to protect you from a bad outcome while you’re under anesthesia. The surgeon has to make sure everything is in place before the operation.
Final Thoughts – Medical Loans for Plastic Surgery
When the surgeon knows you’re getting a loan for the operation, he can plan accordingly and so can you. A little communication goes a long way when it comes to getting the look you want.
I realize that getting a loan for plastic surgery seems like a bit much. After all, who cares what I look like, right? I care, and I care a lot. I want to present the best physical appearance that I can to the world. And it’s not about vanity, it’s about feeling good in my own skin. I found a surgeon, got a consultation about what we can do, and decided that it’s worth paying for in the form of a loan.
The effects of the plastic surgery are still visible long after you pay off the loan. I consider that the best return on investment that I could possibly get.
Michele has wide-ranging experience with personal and small business finance. She has a specific focus on Taxes. She can explain how to itemize deductions on a Schedule A and how important Schedule C is for the self-employed. Michele is also knowledgeable in the areas where the legal field and taxes overlap.
She is very aware of the importance of interpreting tax rules correctly, and goes straight to the source (IRS) to read them firsthand. It is important to her that she have the correct grasp of the rule in question so as to provide her client with the most accurate information possible.