Typical Rates and Terms for Medical Loans

Medical loans for surgeries such as LASIK, cosmetic, or hair transplants are not often covered by insurance and can be very costly so plastic surgery financing makes it conceivable for almost anyone to receive the surgery they desire without saving money for years to come. Cosmetic surgery loan terms and rates will vary by lender and credit score. Your credit score will be the main determinant in which loan term and rate you qualify for.  In most cases, the better your credit is the lower the annual percentage rate and longer the loan term.

Rates for surgery loans range from 5.99% to 27.99%. This is a fixed rate and most lenders will offer an option to pay off your loan within a year and pay no interest. That means you pay nothing back but the money you borrowed for the surgery. Shop around for a lender with this offer as it could save you hundreds.

Personal loans for surgeries offer a wide variety of terms to fit your budget and expenses making it financially possible to obtain any surgery. Cosmetic Loan terms begin at six months and are also offered at 12, 24, 36, 48 and 60 month terms. The longer your loan term the smaller your monthly payments will be and vice-versa. Prepayment penalties may apply to certain lenders which will hinder your ability to pay off the loan sooner and skip some interest fees. Surgery loan lenders may also apply late payment fees to payments submitted after a certain period of time after the due date.  Be sure to inquire with your lender when applying.

Initially, if you are unhappy with your rates or terms try reapplying with a co-signer or putting some money down.

To learn more about your credit and how it affects you visit our credit section here.

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