Thinking of having a bit of cosmetic or plastic surgery done? If so, you’re in luck, because most Canadian cities will have plenty of clinics that can offer you a variety of procedures. The only problem is that these kinds of surgeries can be highly expensive and totally out of your budget in some situations. Don’t worry, because there are a few types of plastic surgery financing in Canada available that can make these pricey surgeries more affordable.
Keep reading to learn more about them.
Depending on what type of clinic you go with, you will be able to select from a wide range of plastic and cosmetic improvements. Nevertheless, before you make your choice, it’s essential to consider the long-term costs that go beyond the initial price.
In fact, there may be a surgical fee, anesthesia fee, and an operating room fee attached to your final bill. This doesn’t include the fees and interest rate associated with your potential loan payments.
| Rhinoplasty | $5,000 – $11,000 |
| Blepharoplasty | $3,000 – $8,000 |
| Liposuction | $4,000 – $8,000 |
| Tummy Tuck | $6,000 – $11,000 |
| Injections (Botox/Dysport) | $400 – $12,000 |
| Dermal Fillers (Restylane/Juvéderm) | $800 – $2,000 |
If you’re looking to finance a cosmetic or plastic surgery procedure without dipping into your savings or using your credit cards upfront, you’ll generally have three alternative options.
Your first option would be to apply for a traditional personal loan through a prime or subprime lender in your area (or online). If you qualify, a lump sum of money will be deposited directly into your bank account. You would then repay your borrowings with interest over several months to several years.
In Canada, you’ll also find many cosmetic and plastic surgery clinics that have their own in-house financing programs. So, instead of applying for a loan through a third-party lender, you would simply make regular payments toward the clinic itself and save yourself the trouble of applying for a loan.
However, in-house financing generally means that you’ll have to use cash or credit to pay for your procedure, which can be tough on your budget. Instead of charging interest, there may be a number of medical and administrative fees to cover. Before choosing this or any option, make sure you understand all the details and can afford to keep up with the payments.
Rather than applying for a loan to pay for your plastic surgery, you might be able to charge this expense to your credit card. Your ability to do this will depend on a couple of important things, including the cost of the procedure and your credit limit.
A line of credit works somewhat like a credit card in that you’re given access to a specific amount of credit against which you can withdraw funds. As long as you don’t go over this credit limit, you can borrow as much or as little as you like, and at any time when the need arises.
Learn more about your loan options in Canada.
As mentioned, having a good credit score is key when you apply for financing, as lenders will consider you more likely to make payments on time. Unfortunately, a bad credit score of 300 – 600 may limit your options because it’s often a sign that you struggle with debt management and therefore have a greater probability of default.
That said, there are a few ways you can still apply for cosmetic or plastic surgery financing.
If you have bad credit, getting a stronger borrower to cosign your application is a way of receiving better conditions when you apply for financing. This is because the cosigner agrees to ‘guarantee’ your payments will be made on time, even if you, the primary borrower can’t afford them.
To qualify, your cosigner should have a decent income and good credit. Nonetheless, keep in mind that any payments would come out of their pocket and affect their credit if you default, so be sure that your cosigner is well prepared to handle this responsibility.
While conventional lenders require that their clients have a good credit score, there are other alternative lenders that deal specifically with bad credit borrowers. Rather than focusing on an applicant’s credit score, these lenders place more weight on other factors when assessing a person’s borrowing creditworthiness, including their income, employment stability and debt level.
In fact, some lenders don’t even conduct a credit check at all, and others may even approve borrowers who may have had to file a consumer proposal or declare bankruptcy in the past. That said, these bad credit loans typically come with a higher interest rate compared to conventional loans that require a higher credit score.
If you are not in any rush to have plastic surgery done, consider holding off until you’ve had enough time to save up for the procedure. Depending on the cost of the surgery and your efforts to save, you may be able to come up with the entire amount needed to pay for the procedure in full without the need to borrow.
While you’re at it, consider taking steps to improve your credit profile if your score is a little on the low side, such as the following:
By improving your credit and financial profile, you may be able to get approved for financing at a lower rate and more favourable terms, making your loan more affordable overall
Lenders will want to assess your ability to repay the loan you apply for, which is why they need to see certain documentation from you. Some of the documents you may need to submit include proof of identity (ie. driver’s license, passport, or birth certificate), proof of Canadian residency, and proof of income (ie. pay stubs, income tax receipts, or Notice of Assessments). You’ll also need to provide your bank statements and other bank account information for funding purposes.
Before applying with a lender, it’s best to research the lender’s minimum requirements. This will not only help you avoid applying with lenders you are unlikely to qualify with, but will also stop any unnecessary credit checks.
Once you verify that you are eligible for financing, you’ll want to shop around for different quotes to compare offers from different lenders. The goal is to secure the lowest interest rate and fees to make your loan as affordable as possible. Luckily, you can easily compare quotes and offers using an online loan comparison platform that will pull up multiple quotes from different lenders.
Everyone’s needs and financial profiles are unique. For this reason, it’s helpful to look around at different lenders and choose one that suits your particular needs. Here are some tips to consider to help you find the best plastic surgery financing lender for you.
There are other unique financing programs that may be available to you depending on your circumstances, such as the following:
A guarantor loan may be an option for those who are unable to qualify for a loan on their own merit. This type of loan involves a cosigner who agrees to take over the payments in the event that the borrower is no longer able to keep up with the financial obligations of the loan agreement. If you have a trusted family member or friend with a healthy financial and credit profile who is willing to take on this role, you may qualify for a guarantor loan.
A home equity loan allows you to borrow against the equity in your home, as long as you have at least 20% equity. Your home equity refers to the value of your home minus your outstanding mortgage balance. The amount you can qualify for is based on the amount of equity you currently hold.
A vehicle title loan allows you to borrow money against your vehicle. Since your car is used to collateralize the loan, you’ll need to own your vehicle outright and not have any outstanding balance on a car loan. It’s important to note that if you default on your loan at any time, you would risk losing possession of your car.
Getting plastic surgery is not always an easy or cheap decision but it doesn’t have to be an inconvenient one if you work with Loans Canada. We can get you connected with the perfect sources of financing in your area. Simply call us today or check out our website for more information about our solutions.
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