Plastic Surgery Financing FAQs

Plastic surgery financing has become more common as most procedures have become more affordable through the use of new technology. What once was considered a luxury for only the rich has now become much more common, opening doors for nearly any individual to receive treatment. For many, the cost of the full procedure is still too much to undergo all at once. Many doctors now offer payment plans to permit patients to pay in installments, called "financing," in order to afford procedures.

Which Doctors Accept Financing?

The vast majority of doctors will offer financing plans for qualified borrowers. Doctors see affordable financing as a way to increase the number of clients they service on a daily basis. The more clients they are able to service, the more income they will earn. This only works if the clients pay off their bills, however. For this reason, just like other lenders, the doctors want to be certain an individual has the ability to pay before extending financing. They will run a basic credit check and verify a borrower's income. 

Is the Loan Secured with Collateral?

Most plastic surgery loans are not secured. The reason for this is fairly straightforward. Only a portion of the cost for plastic surgery is a fixed cost incurred by the doctor. This includes payment for anesthesia, equipment, a surgery room and staff. The remainder of the cost is the doctor's service fee. This fee, though essential for a doctor to earn a profit, is not an expense the doctor has to make up. On the whole, doctors benefit by extending a large number of loans, even if some of them default, then by extending no loans at all. If a borrower defaults, there is no consequence other than a negative credit score and potential legal action to attempt to enforce the payments.

Can I Borrow Part of the Money?

It is very common for a patient to want to pay for part or most of a procedure and finance the remainder. Doctors may try to steer patients away from this option. The medical center will make more money by forcing a patient to finance 100 percent of the procedure than just part. Unfortunately, if your doctor does not offer partial financing, you will have to finance your entire cost and pay interest on the charges.

Why Is Financing Better than a Loan?

You always have the option of taking a personal loan for your procedure rather than financing through a doctor. However, in most cases financing will be the less expensive option. Doctors have an incentive to give low cost loans. As a result, they offer patients options such as zero percent interest for the first year or a very low interest rate. Lenders have no incentive to offer this loan. Further, they will pay the full amount of the procedure, including fixed fees and service fees, up front. This means they will be more concerned with recovering the amount in full from you in the future. Private lenders may require collateral or higher monthly payments due to these issues.