6 Plastic Surgery Financing Options for Bad Credit

You can get medical financing (either a loan or line of credit) for cosmetic surgeries and other procedures through a number of direct lenders and peer-to-peer lending companies. When seeking a loan, you’ll be offered the best rates and terms if you have a good credit score. If you have bad or no credit, you can increase your chances of approval by applying with a cosigner. Below, we have the details about surgery loans and how to apply for them.

What to Know About Medical Loans

Medical loans are a financing alternative to standard credit cards and personal loans when you need to pay for a procedure. Sometimes they come in the form of a credit card, and other times the funds are disbursed directly to you or your medical provider. Medical loans are a better option than using your regular credit card because medical loans have higher credit limits and longer repayment schedules — some up to seven years.

Many medical loan providers also offer promotional repayment terms in which they defer the interest on the loan for a set amount of time. If you pay off the loan within this period, you won’t ever pay interest. Be sure to read the terms of the loan carefully; lenders often state “no interest if paid within 12 months,” but what they actually mean is that you will be accruing interest during that time, but it won’t be charged until after the end of the 12-month period. If you don’t pay in full within 12 months, you will be responsible for the interest that accrued during that time, and your interest rate on your monthly payments may increase to the maximum possible rate — which is typically between 26% and 29%.

Most medical lenders prefer borrowers to have at least fair credit scores (580 to 699, according to FICO). If you are looking to finance a medical procedure but have bad credit, you will face higher interest rates and may have fewer options. Those with poor credit can increase their chances of approval by co-applying with someone who is in better financial standing.

Keep in mind, you cannot always expect to get the total loan amount you request. Lenders will determine the amount they are willing to give you by considering several factors, including your job status and income, personal assets, credit score, and payment history.

Where to Get Financing for Plastic Surgery and Other Procedures

It can be difficult to find a medical lender if you have bad credit. However, many loan providers look at more than just your credit score — they will consider your job status, income, and payment history. Most loans require you to pay once a month, but you are allowed to make multiple or early payments — and even pay the loan in full ahead of time, reducing the overall cost of the loan. The amount of time you have to repay the loan will depend on how much you borrow and the terms of the loan.

Below, we list the lenders offering medical loans that you can use to pay for plastic surgery procedures, ordered starting with the best overall options. We gathered the information below by researching lenders’ websites and speaking with customer service representatives.

Credit Card and Loan Distributors

ALPHAEON CREDIT

• What you can use it for: Plastic surgery, bariatric surgery, dentistry, dermatology, and ophthalmology
• How it works: ALPHAEON CREDIT is a credit card offered through Comenity Bank that you can use to pay for medical procedures, treatments, products, and services offered by your physician.
• Credit requirement: While some people with credit scores in the 600s have been approved, according to the customer service hotline, there are other factors that may affect approval (e.g., job status, income). If you have bad credit and fear you may be declined, you can be added to someone else’s account as an “Authorized Buyer.” The applicant in better financial standing will be the owner of the account and held responsible for all payments, but both parties will be able to use the line of credit for purchases.
• Application process: You can apply for ALPHAEON CREDIT online or at your physician’s office if he/she is enrolled with ALPHAEON. You must be a U.S. citizen, at least 18 years old, and have a physical address, a valid government-issued ID, and a Social Security number. You will also be asked to provide a phone number and information about your annual income.
• Maximum funds available: 
  • Up to $25,000 for dermatology, ophthalmology, and plastic surgery
  • Between $1,000 and $40,000 for bariatric surgery and dentistry
• Payment plans: Payment plans vary and may even differ from what is on the ALPHAEON website, but ALPHAEON CREDIT offers the following financing options:
  • No interest if paid in full within six or 12 months
  • For dental or bariatric procedures, up to 84-month repayment plans — along with interest rates starting at around 9% and the potential for a fixed interest rate
• Fees: Up to $38 for late or returned payments
• Find out more or apply

CareCredit

• What you can use it for: Cosmetic, chiropractic, day spa, dentistry, dermatology, hearing, Lasik and vision, weight loss, primary and urgent care, health care specialists, and veterinary costs
• How it works: CareCredit is a credit card through Synchrony Bank that can be used to pay for medical procedures and treatments, as well as veterinary costs.
• Credit requirement: If you have bad credit, it is still possible to be approved. CareCredit will review your income, payment history, and run a credit check to determine your eligibility. If you co-apply with someone who is in good financial standing, you will have a better chance of being approved.
• Application process: You can apply online or over the phone. You must be at least 18 years old to apply online, and at least 21 to apply over the phone. You will need to provide your name, address, date of birth, Social Security number, net income, housing information, and doctor’s name. You will also be asked what you plan to use your CareCredit card for.
• Maximum funds available: There is a $200 procedure minimum, but no maximum limit on a CareCredit account. You can ask for as much as you want; CareCredit will determine your limit based on information such as your credit score, income, and payment history.
  
• Payment plans: Interest may vary based on your loan amount and payment plan, but here are a few CareCredit options:
  • Promotional financing: No interest if paid in full within six, 12, 18, or 24 months on purchases of $200 or more when you make the minimum monthly payments and pay the full amount due by the end of the payment period
• Fees: Up to $37 for late payments
• Find out more or apply

To learn more about some of these options, see our article: ALPHAEON CREDIT vs CareCredit vs United Medical Credit.

Peer-to-Peer Lenders

A peer-to-peer lending platform typically collects information from the applicant and submits it to several different lenders who will then contact the potential borrower with their offers.

Peer-to-peer lending platforms were originally created to offer an alternative to receiving loans through banks. By taking banks out of the equation, consumers have come to expect lower interest rates and more options, even if they have bad credit. The amount of competition created by these platforms means that even big banks have to offer fair or lowered interest rates to be considered by potential borrowers.

Something to note about peer-to-peer lending is that you may get a lot of calls or emails from lenders, which can be annoying. If you do choose to use a peer-to-peer site, make sure you consider each offer before accepting one. We list the reputable peer-to-peer lending sites below, ordered starting with the best overall options.

LendingTree

• What you can use it for: You can find a loan for almost anything, including cosmetic procedures, dentistry, bariatric surgeries, and more.
• How it works: LendingTree gives consumers “multiple offers from several lenders in a matter of minutes.”
• Credit requirement: Varies by lender
• Application process: When you apply online, LendingTree will ask what type of loan you are looking for, how much you want to receive, your estimated credit rating, your employment status, your annual pre-tax income (which will need to be verified), whether or not you want to add a co-borrower, housing information, your name, address, date of birth, phone number, and the last four digits of your Social Security number. With all this information, LendingTree will try to match you with potential lenders. These lenders will then get in touch with you about their terms.
• Maximum funds available: For medical expenses (including cosmetic procedures), loans range from $1,000 to $35,000
• Payment plans: Payment plans will vary depending on the loan provider. Those with poor credit usually face higher interest rates and have fewer options; applying with a co-borrower can help with this.
• Fees: LendingTree does not charge any fees. Once you choose a loan provider, carefully read the terms of the loan for potential fees.
• Find out more or apply

Our related article has more information about LendingTree’s lending practices.

Upstart

• What you can use it for: You can find a loan for almost anything, including medical bills.
• How it works: Upstart originates loans through Cross River Bank. The reason it is still considered a peer-to-peer platform is that investors can essentially buy ownership of loans; even though Upstart issues loans through Cross River Bank, it isn’t really funding them or profiting from interest rates. Upstart claims “you are more than your credit score,” and will take into account your job history, education, area of study, and years of credit.
• Credit requirement: Upstart prefers applicants who have a minimum credit score of 620, but it does accept applicants with insufficient history to produce a credit score.
• Application process: When you apply online, Upstart will collect the following information: the amount requested, your name, address, date of birth, phone number, education, source of income, savings, and loan history within the past three months. To fully qualify for a loan, you need to be at least 18 years old (19 in Alabama and Nebraska), have a verifiable Social Security number, and a source of income.
• Maximum funds available: $1,000 to $50,000
• Payment plans: Upstart offers 36-, 60-, and 80-month repayment plans; repayment begins approximately one month after the funds are disbursed. Rates will depend on the amount and terms of the loan.
• Fees: There is a one-time origination fee of up to 8% of the loan amount. Late fees will be $15 or 5% of the overdue payment, whichever is greater. Return payments will result in a $15 charge.
• Find out more or apply

LendingClub

• What you can use it for: You can find a loan for just about anything. On LendingClub’s patient solutions page for healthcare professionals, it says it specifically offers financing solutions for dental, fertility, hair restoration, and weight-loss surgery.
• How it works: LendingClub “connects borrowers with investors” through an online marketplace.
• Credit requirement: Varies by lender. If you have poor credit, you may choose to co-apply with someone else. Both applicants will be equally responsible for the loan.
• Application process: Apply online and receive offers “in just minutes.” You must be at least 18 years old, a U.S. citizen or permanent resident, and have a bank account to qualify. LendingClub will also ask you how much money you need and what you need it for. You will also need to provide your name, address, date of birth, annual income (must be verifiable), and email address.
• Maximum funds available: $1,000 to $40,000
• Payment plans: Payment plans depend on the terms of the loan; however, all loans through LendingClub have a 36-month repayment term or longer.
• Fees: LendingClub has an “origination” fee. This is a one-time fee of 1% to 6% that is deducted from your loan amount when the loan is issued. Late fees are 5% of the unpaid amount or $15, whichever is greater. If you wish to pay monthly by check, you will be charged a $7 check processing fee. However, if you pay off the entirety of the loan early with a check, there is no added fee. Once you choose a loan provider, carefully read the terms of the loan for other potential fees.
• Find out more or apply

United Medical Credit

• What you can use it for: Cosmetic, dental, bariatric, fertility, and most other health care procedures
• How it works: United Medical Credit helps applicants “secure financing for their healthcare procedures through our wide network of healthcare-focused lenders.”
• Credit requirement: Varies by lender. If you have poor credit, United Medical Credit suggests you apply with a cosigner to increase your likelihood of approval.
• Application process: Apply online and you may even be notified immediately of approval. Sometimes, however, it can take up to one day to receive word of approval or denial. You will need to provide information about the type of procedure you want to have done, the scheduled date of service, the amount requested, your name, date of birth, phone number, Social Security number, address, housing information, a personal reference, and income information.
• Maximum funds available: 
  • Up to $35,000 for cosmetic surgery, bariatric procedures, dentistry, vision care, hearing devices, general health care, and veterinary procedures
  • Up to $65,000 for fertility procedures
• Payment plans: Interest rates and payment plans will vary by lender, but United Medical Credit offers the following general information about payment plans:
  • Six- to 24-month same-as-cash options available, during which your interest is deferred and will not be collected if you pay within the payment period.
  • 60-month repayment plans available
• Fees: United Medical Credit charges a one-time processing fee of $18.95. This fee is refunded if your loan is funded. Once you choose a loan provider, carefully read the terms of the loan for other potential fees.
• Find out more or apply

In Summary

When you need to finance plastic surgery or another medical procedure, both ALPHAEON CREDIT and CareCredit offer lines of credit with interest-free promotional payment periods for a wide variety of procedures, and you can typically get approved with less-than-perfect credit or with a co-applicant. As an alternative, you can also apply for a personal loan from a peer-to-peer lending company like LendingTree or Upstart — you can use these loans for virtually anything, but exact credit requirements and repayment terms can vary by lender. For information about other types of medical financing, see our article about dental financing options (some with no credit check).