LASIK And Optometry Loans

The cost of LASIK eye surgery, eyeglasses, contacts and other optometry bills can add up quickly especially when insurance is not an option or when the insurance that you do have only covers a small amount. Eye health is simply one of those things that can’t be ignored. Not only are daily activities like driving reliant on your ability to see clearly but specialized jobs sometimes require up-to-date eye exams. Being a student can also cause optometry to pile up, whether you require glasses or contacts to see the blackboard or are unemployed and uninsured.

Benefits Of LASIK Eye Surgery

Depending on your job and the reasons why you might want LASIK eye surgery, the benefits can definitely outweigh the costs in the long run.

  • Better vision
  • No need for glasses or contacts
  • Better quality of life
  • Job benefits
  • Convenience

How To Finance LASIK Eye Surgery

If you don’t have the $1,000+ needed to fund your LASIK eye surgery, there are financing options available that can help you out. 

Personal Loans For LASIK Eye Surgery

A personal loan might be a great option to fund your LASIK eye surgery. Many lenders offer loans designed specifically to cover elective treatments, like eye surgery. 

With a personal loan, you’ll have time to pay off the amount borrowed over time in installment payments, plus interest. 

  • Unsecured Personal Loan. If you choose an unsecured personal loan, there’s no need to back the loan with an asset of value. This type of loan might be a bit riskier for the lender since there’s nothing for them to recoup if you fail to make payments. As such, the interest rate might be a bit higher. 
  • Secured Personal Loan. You can also choose a secured personal loan, which means you’ll need to put up some valuable asset as collateral. In this case, you may qualify for a lower interest rate because of the reduced risk for the lender, making a secured personal loan more affordable. 

Lines Of Credit For LASIK Eye Surgery

With a line of credit, your lender will approve you for a specific credit limit. Once that credit limit is made available to you, funds can be withdrawn at any time and for any purpose, including LASIK eye surgery. You’ll be charged interest for the funds withdrawn. Once that money is repaid, you’ll no longer be charged any interest and you’ll regain access to those funds.  

Credit Cards For LASIK Eye Surgery

If you’ve got a credit card, you may be able to put the cost of the surgery on credit, as long as your credit limit can accommodate this big expense. Just make sure that you’ll be able to pay off that balance sooner rather than later, or you’ll be stuck paying a lot of interest month after month. 

You may also want to consider taking out a 0% APR credit card, which allows you to make purchases on your credit card with zero interest for a certain period of time. During this introductory interest-free period, you can put your LASIK eye surgery on credit without having to pay any interest. Keep in mind, however, that any balance you carry will eventually be charged interest when this introductory period ends.

In-House LASIK Financing

LASIK offers two of its own financing plans to help patients pay for this relatively expensive procedure. Both options are provided through PayBright, a Buy Now Pay Later financial service provider: 

  1. 18 or 24-Month 0% Interest Plan. Take 18 or 24 months to repay the borrowed funds, without having to pay any interest.
  2. 5-Year Plan. Take 5 years to pay off the amount you owe for the procedure through regular installment payments with interest. 
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How To Apply For LASIK Financing?

3 Steps To Finance Your LASIK Eye Surgery

Step 1: Review Your Finances

Before you apply for any type of loan, it’s always a good idea to go over your finances and check your credit score. This will give you an idea of whether or not you may qualify for a loan.
Depending on the current state of your finances and credit score, you may find that they could use a little improvement. If so, take the opportunity to improve your financial situation before applying for a loan.

Step 2: Compare Lenders

Thanks to the internet, it’s easy to compare lenders online. You can compare lenders and their respective offers, and receive a quick quote based on the information you input about yourself. You can also use online loan comparison platforms like Loans Canada to compare multiple loan offers from different lenders with a single application.

Step 3: Submit Your Application

If you see an offer that you’re happy with following an online search, you can submit an application. The lender will conduct a credit check to verify your creditworthiness and assess the information you’ve provided regarding your income. You’ll receive a notification of approval shortly after.

What Do You Need To Apply For LASIK Financing?

To apply for a LASIK loan, you’ll need to supply a few pieces of information, including the following:

  • Full name
  • Birthdate
  • Address
  • Contact information
  • Social insurance number (SIN)
  • Employment information
  • Household income
  • Driver’s license number (if applicable)
  • Name of eye surgeon (if you already have one)
  • Estimated fee for treatment

Factors To Consider When Comparing Your LASIK Financing Options

When comparing different loan options and lenders, be sure to pay particular attention to the following:

  • Interest rate. For personal loans, rates tend to range anywhere from 6% to 36%, depending on your credit score. If you’ve got good credit, you can expect to be charged a lower interest rate compared to borrowers with a lower credit score. 
  • Fees. Personal loans often come with other fees besides interest, such as origination fees that are charged to cover the cost to administer the loan. This fee can range quite a bit from 1% to 10% of the loan amount, depending on the lender. This amount is typically deducted from the entire loan amount.
  • Loan amount. The amount you need to cover the cost of your LASIK eye surgery is an important factor to consider. Before you apply for a loan, find out exactly how much you need. There’s no sense in applying for a loan amount that’s far above what’s required, as you’ll be left with unnecessarily higher interest costs.
  • Loan term. The term of a loan refers to the amount of time you’re given to repay the loan in full. Generally speaking, personal loans come with terms from anywhere between 2 to 7 years. Generally, the shorter your loan term the better as longer terms result in more interest overall.   
  • Funding time. How quickly do you need the money? Some lenders will provide the funds within a day following loan approval, while others might take a week or more. Find out the lender’s time to fund and make sure it aligns with the date of your surgery and subsequent payment for the procedure. 

Other Ways To Pay For LASIK Eye Surgery

Besides a personal loan, there are other means of coming up with the funds needed to cover the cost of LASIK eye surgery. Consider any one of the following:

Save Up

Depending on the clinic you have your procedure done at, you’re looking at spending $500 per eye and up. Realistically, you could be spending as little as $1,000, though you could be paying upwards of $5,000. Considering this is not usually an emergency treatment, you may want to simply hold off on the surgery until you’ve saved up enough to pay for the procedure in full or at least partially. 

Employer Insurance

If you’re a salaried worker, inquire with your employer about any insurance coverage options that may be available. Some LASIK clinics have partnered with large organizations to provide discounts for laser eye surgery for employees. Ask your HR department if there is any coverage available.

LASIK Promotions

Laser eye clinics may themselves offer promotions to incentivize people to have corrective eye surgery done. 

How To Choose A LASIK Surgeon

LASIK eye surgery is not without its risks, so you want to make sure that you choose a surgeon who knows what they’re doing. Here are a few tips to help you choose a good LASIK surgeon. 

  • They have lots of experience. Ideally, the surgeon you choose will have several years in the industry working on this type of procedure. The more successful surgeries they’ve done, the higher the odds that you’ll be in good hands. 
  • They do LASIK surgery full-time. Some ophthalmologists perform LASIK surgery as a part of their practice. Unfortunately, that might not give them the type of experience and specialty that you might be looking for. Ideally, the surgeon you choose performs LASIK surgery on a full-time basis, giving them a lot more experience with this specialized type of treatment. 
  • They use state-of-the-art equipment. Like other types of medical treatments, the right equipment is essential. Over time, the equipment used for specific treatments and procedures evolves and improves. Look for a LASIK surgeon who uses the latest technology and is well-trained with such equipment.

LASIK Financing FAQs

Can I pre-qualify for a LASIK surgery loan?

Yes, most online lenders let you pre-qualify for a loan before you commit. This will give you a chance to find out the loan’s terms, rate, and other fees prior to signing on the dotted line. 

Can I finance my LASIK eye surgery if I have bad credit?

Yes, though you may have to work with a lender who deals specifically with bad credit borrowers to get approved. Rather than go to your bank or credit union, you may find more luck with an online alternative lender.

How much does LASIK eye surgery cost in Canada?

In Canada, LASIK surgery costs approximately $500 per eye. However, this cost is for regular eye surgery. If you need a custom procedure, the cost goes up to $2,000 per eye. The silver lining is that you won’t pay any PST or GST taxes on the surgery. 

Optometrist Bills, Eyeglasses, and Contacts

If you’re looking for financial assistance when it comes to the cost of maintaining your eye health, whether it’s specialty eyeglasses or LASIK eye surgery, Loans Canada has the options you need.

 

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