The Most Popular Cosmetic Procedures and How to Finance Them

Cosmetic procedures can range from non-invasive laser procedures to operating-room surgeries but most of the time they generally cost a substantial amount. Not everyone can afford to outright pay for a cosmetic procedure. So you can’t help but wonder, how do I get the cosmetic procedures with bad credit?

What cosmetic surgery does insurance cover? Does it even cover any at all? Do banks give loans for cosmetic surgery ? In this article, we’ll discuss several popular cosmetic procedures and how to finance them.

Cosmetic Procedure #1: Minimally Invasive Facelifts

For years people have shunned others that have undergone cosmetic procedures because of the thinking that with age, their faces will begin to distort and ruin their natural beauty, requiring them to get more procedures.

However, the times have changed and plastic surgeons predict that the trend of minimally invasive facelift will continue to trend in 2021 because of its less invasive nature and the fact that it results in less “filler fatigue”. The Minimally Invasive Facelift, more commonly known as the Minimal Access Deep Plane Extended facelift procedure, uses a strategy that involves lifting the deep structures of the face so that the face can appear more smooth yet not tight under the skin. Hidden incisions are made by endoscopy technology so you won’t have any problem regarding.

Finance Tip #1: Cosmetic Surgery Loans

According to a report from the American Society of Plastic Surgeons, more than 17.7 million cosmetic surgeries were performed in 2018. According to other studies, an average plastic surgeon’s fee for a facelift was at about $7,655 without other miscellaneous fees like anesthesia, hospital fees, and even medications you take post-surgery.

Do banks give loans for cosmetic surgery? Yes. If we do the math, a whopping $135,493,500,000 is spent on facelift alone on average per year in the United States without the aforementioned miscellaneous fees. It’s big business so it’s expected that a lot of banks and other institutions that offer loans are going to jump right in and pitch their own offers.

Cosmetic Procedure #2: Injectables

Despite the longstanding stigma that surrounds Botulinum toxic type A injections (more commonly known as Botox) which are the most commonly used fillers, the technological improvements and innovations in recent years have secured injectables a place as still one of the most performed cosmetic surgery procedures out there.

The next generation of hyaluronic acid fillers called Resilient Hyaluronic Acid (RHA) that originates from Switzerland is a much better filler than the ones used in the past. These new product lines are versatile, treating a lot of issues ranging from facial wrinkles to cheeks or lips with a more natural appearance.

Finance Tip #2: Bad Credit for Cosmetic Surgery Loans

Can you get financing for cosmetic surgery with bad credit? Yes. Although it’s not advisable to loan with bad credit because the APR or Annual Percentage Rate is absurdly high for those with bad credit. The loan rate can range from about 6% - 36% a year, with the lower being reserved for those with good or excellent credit scores (690 FICO or higher).

So if you really want to get cosmetic surgery, we suggest you find other alternatives like insurance, crowdsourcing, or if you use a medical credit card, you might be able to access rates that are exclusive to medical credit cardholders. However, if you insist on getting cosmetic surgery loans with bad credit, it is possible. P.S. To fully understand your financial situation, we suggest you utilize a plastic surgery financing calculator.

Cosmetic Procedure #3: Laser Resurfacing

The last cosmetic procedure on this list is a skincare procedure that involves lasers. They improve skin texture and appearance by hybrid fractional laser resurfacing that doesn’t change as much the general shape and contortion of an individual’s face or other parts but amplifies the glow and the smoothness of it.

Think of the laser resurfacing as sort of a more expensive facial that is also more extensive. There are two types of laser resurfacing procedures. Ablative or Non-ablative. What procedure you undergo is up to your dermatologist's recommendations, but ablative lasers include carbon dioxide or Erbium that get rids of scars, warts, and deep wrinkles and remove the outside layers of the skin.

Non-ablative lasers however do not remove any skin layers and these are used for acne-related skin concerns, spider’s veins, or rosacea. This procedure is relatively one of the cheaper costing cosmetic procedures that’s why it’s very common and popular.

Finance Tip #3: Alternatives

People assume that they have to either pay up-front for cosmetic surgery procedures. That may have been the case in the past, but it no longer is. One of the highly recommended alternatives is to consider a payment plan option if it’s available.

You won’t have to loan from a bank, and you’ll still be paying at a relatively higher rate than it was if up-front, but it’s cheaper than a loan APR and they might not even check your credit score. You can also consider crowdfunding for plastic surgery. Quite unbelievably crowdsourcing for plastic surgery is actually possible, especially if it’s for gender transitioning. With enough traction and a genuine approach to people in social media, it’s possible.