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Plastic Surgery Financing - What Are Some Reputable Lenders?

I need financing to help me pay for the breast augmentation and liposuction (i.e. mommy make over) I plan to undergo this summer, but I am kind of weirded out about getting a loan for this.  I don't want to end up dealing with some sleazy creditor that preys on people like me who just want to look and feel a little better about their bodies.  Can any doctors out there speak to which lenders their patients have worked with?  If you've heard any horror stories or would recommend one lender over another, please share.

Doctor Answers (58)

Plastic Surgery Financing - Buyer Beware - Look at photos, training of your PS before checking on financing

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Plastic Surgeons pay for plastic surgery financing programs. The charge to the plastic surgeon can be10% or more. This include surgeon's fee, OR fee's,anesthisia fees,  pain control devices, garments, etc.  Why would a plastic surgeon be willing to hand over a percentage of the overall cost of surgery? 

I am strongly against plastic surgery financing programs, and I have never offered them in my practice. Most, if not all, plastic surgery financing plans are not only a bad idea but also a bad deal for many patients - in some ways that are easily apparent but in other ways that are not as obvious. The most obvious way in which these plans are unfavorable and therefore undesirable is their terms, which often are interest-free for as long as a year, but that revert to an interest rate comparable to a high interest rate credit card (i.e. an APR of 20% or more) if a patient misses or is late on a single payment.
A recent Nee York Times Article - Google it - discussed the dangers of plastic surgery financing. One very interesting part of the article was when a reported asked the doctors if they would use these programs for themselves or their family members. The physicians asked  answered "no" 

I want to do everything possible to help my patients and to make every part of plastic surgery as easy and comfortable as possible. I understand that plastic surgery is expensive and it can be difficult for many, if not most people to afford the fees. However, I would not want my patients to use a program I wouldn't use myself or recommend to a family member. At some point, a program may be introduced that makes me feel differently, but until my accountant can assure me that a program is safe and easy for my patients, i am willing to lose the business that could come my way by offering plastic surgery financing

A high interest rate is, in fact, almost a necessity for a credit product that finances a service instead of a tangible asset like a home or an automobile. A creditor can repossess a home or a car, but they can’t repossess your tummy tuck. So a high interest rate helps them hedge the risk of having no collateral.
If you are considering one of these financing arrangements in order to schedule a plastic surgery procedure, do your due diligence before signing on the dotted line. Make sure that you are fully informed of the consequences of missing a payment or making a late payment. Make an honest assessment of your ability to meet the terms of the contract. Look into whether or not you can obtain better financing terms with an existing credit card account or with the bank with which you have a personal banking relationship and a credit history. And give great consideration to the way in which the concept of financing is presented to you by a surgery practice – is it an option that you can explore further on your own, or is the practice trying to ‘pull you in’ by making the financial part ‘easy’ for you?

Raleigh-Durham Plastic Surgeon
4.5 out of 5 stars 46 reviews

CapitalOne or Care Credit, but do not bite off more than you can chew!

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You are not alone wanting cosmetic surgery but having to take the next step to finance the procedure(s). With the economy taking a downturn, we are seeing more of our patients financing. Our top Ienders are CapitalOne and Care Credit.

I agree with Drs. Groff and Freund, that CapitalOne and Care Credit represent two of the most frequently used companies and they seem reputable. On a less frequent basis, we have seen a few of our patients using their personal credit cards, but PLEASE be aware of the terms of the loan, interest rates, etc.

Do not bite off more than you can chew! Take a good look at your budget and be practical. There are times where I advise my patients to split the procedures up and do the most important one first. And, there are times where it is best to wait until you are financially on more solid ground.

Stephen A. Goldstein, MD
Englewood Plastic Surgeon

Financing for plastic surgery

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My practice uses Care Credit to help with patient financing. I have not had any issues or complaints with my patients about this lending group. It is always better for both you and your surgeon to avoid using the lending companies if possible. Be careful not to miss any of the scheduled payments or the interest rates can be significantly increased. Also make sure that you have a workable plan to pay off the loan. 

William T. Stoeckel, MD
Raleigh-Durham Plastic Surgeon
5.0 out of 5 stars 48 reviews

Lenders for Cosmetic Surgery

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You MUST be able to pay off any cosmetic surgery loan in a year or less and have health insurance in case you have a complication. Always check the interest rate. Anything over 5% is high. But some loans now are interest free the first year. These are some common options:

  1.  your credit card. 
  2. Family loan
  3. Bank loan, secured on a car, home or other asset
  4. Care Credit. Run by GE, this is a reputable cosmetic surgery lender.
  5. I offer my patients a lay-away - monthly payments that I hold for them until they have saved the money for surgery. It forces you to save up so that you KNOW you can afford the surgery. . Good luck!

Cosmetic surgery financing

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Many board-certified plastic surgeons are enrolled with CareCredit. There are other financing companies, but the general economic downturn has led to some major "players" on the financing scene abandon health care financing. I think it is more important that you feel comfortable with the surgeon/facility/staff and procedure treatment plan and then your surgeon's office should be able to help you navigate through the process and make it easier on you to sort through the financing options. We can often get our patients approved for financing while they are still in the office for the initial consultation visit.

Tim A. Sayed, MD, FACS
Boca Raton Plastic Surgeon
5.0 out of 5 stars 14 reviews

Financing Options for Cosmetic Surgery

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Many American Society of Plastic Surgeons member surgeons work with CARE CREDIT.    Once you have selected a board certified plastic surgeon, speak to his/her office staff to learn more about other financing options available.  

Financing surgery

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Many patients will finance their surgery. With rates currently so low it is certainly a good option for anyone. There are several different ways you can borrow and or finance the cost. The best deal would be to use a home equity loan because of the low interest rate. You might need a relative to co-sign. If you do not have a house, or enough equity there are other companies which will lend you the money. The most popular is Care Credit. They have several different plans that you can take advantage of depending on your credit. You can also play the credit card game. Many credit cards will offer you interest free charging for 3-6 months. As long as you transfer the remaining balance to the "next" card before your interest starts you can pay out your surgery gradually over time. Just be careful with this because credit cards notoriously have extremely high interest rates. Finally there might be some doctor's office that does their own financing but I don't know of any. Good luck.

Ronald Schuster, MD
Baltimore Plastic Surgeon
4.5 out of 5 stars 32 reviews

Care Credit but be cautious

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Thanks for the question Hannah -

In my East Bay practice we accept Care Credit. However, be sure that you're financially prepared to take on a loan for plastic surgery.

Dr. Law brings up excellent points regarding interest and affordability. However, even in practices that are "strongly against patient financing programs" usually take credit cards - in many ways the same thing and many times even at the same interest rates.

The bottom line is be a responsible borrower, find a board certified plastic surgeon and good luck.

I hope this helps.

Steven Williams, MD

Financing your surgery

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There are many options when it comes to financing your surgery. For instance, there are companies that can facilitate a 24-60 month extended payment plans which can make your monthly payments as low as $79. In case your credit history is brand new, these companies also allow co-signers. As you can see, there are a few alternatives to be considered.

Here are some helpful hints: If you have good credit, Care Credit offers 6 and 12mo. no interest payment plans as well as 24-60mo. extended payment plans at a fixed interest rate of 14.9%. They also accept co-signors.

Medical Financing and also EFINANCE Solutions work with people who have A, B and C credit and can approve you at different qualifying interest rates, they too accept co-signors. I look forward to helping you with any questions that may facilitate your choice in applying with a company.

Leonard Hochstein, MD
Miami Plastic Surgeon
4.5 out of 5 stars 107 reviews

These answers are for educational purposes and should not be relied upon as a substitute for medical advice you may receive from your physician. If you have a medical emergency, please call 911. These answers do not constitute or initiate a patient/doctor relationship.