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📅 Last Updated: April 11, 2023
✏️ Written By Lisa Rennie
🕵️ Fact-Checked by Caitlin Wood

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.

Common Cosmetic And Plastic Surgery Procedures Costs

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

Cosmetic And Plastic Surgery Financing In Canada ?

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.

Finance Your Plastic Surgery In Canada With A Personal Loan 

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.

Types Of Personal Loans For Plastic Surgery Financing In Canada

  • Unsecured Personal Loan – Since an unsecured loan involves no collateral for the lender, it’s possible that loans will be smaller and have higher interest rates than other financing solutions. For the best results, apply when you have a good income and a solid credit score of 660 – 900.
  • Secured Personal Loans – If you have access to an asset, such as a lien-free vehicle title or at least 20% home equity, you can also apply for a secured personal loan. In this case, your lender will claim temporary ownership over your collateral in exchange for a larger loan amount, a lower rate, and a longer repayment plan. Before you apply for secured financing, it’s important to understand the risk that you would be accepting by offering collateral. Since the asset acts as security for the lender, they will have the right to seize it if you default on too many payments.

Surgery In-House

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.

Finance Your Plastic Surgery In Canada With A Credit Card 

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. 

Credit Card Features

  • Immediate Access – Using your credit card to pay for your cosmetic surgery will give you the opportunity to avoid months (or longer) of saving up. 
  • Earn Points – It will also allow you to earn points, assuming your card has some sort of rewards program. And given the high cost of plastic surgery, you could potentially rake in quite a few points in one fell swoop.
  • Promotional Low APRs – You can consider transferring your balance to a credit card that offers a 0% introductory period, during which time you can pay down your debt much faster without being charged any interest.
  • High Interest Rates – Just keep in mind that credit cards come with very high interest rates. That means you’ll be paying a lot in interest if you carry a large balance month after month. As such, make sure you’re disciplined enough to hunker down and pay off your balance as quickly as possible to avoid unnecessary interest. 

Finance Your Cosmetic Surgery With A Line Of Credit

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.

Line Of Credit Features

  • Only Pay Interest On What You Use – Like a credit card, a line of credit only requires that you pay interest on the amount you withdraw from the account rather than the full credit amount. Once you deposit that money back into the account, you’ll no longer be charged any interest. 
  • Revolving Credit – You can continue to draw from the account repeatedly rather than having to reapply for a loan whenever you need extra funds. 
  • Lower Interest Rates – While this option is similar to a credit card, the interest rate you pay on the withdrawn funds with a line of credit is usually a lot lower.
  • Flexible Repayment Schedule – Generally, you don’t have to repay the principal amount until the draw period is over. Until then you can choose to simply pay the minimum payment.

Can You Qualify For Plastic Surgery Financing In Canada With Bad Credit?

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.

Get A Cosigner

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. 

Try A Bad Credit Lender 

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. 

Wait And Repair Your Finances

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

How To Apply For A Plastic Surgery Loan

Step 1 – Gather Your Documents

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.

Step 2 – Find Out If You’re Eligible

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.

Step 3 – Get A Quote And Compare Offers

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.

How To Choose A Good Plastic Surgery Financing Lender

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.

  • Check Reviews – Reading reviews online is one of the fastest and easiest ways to find a lender to help you finance your cosmetic surgery. If the lender has a lot of bad reviews, it may be worth looking at a different lender. 
  • Get Quotes – Comparing several quotes from different lenders will help ensure that you’re getting the best rate. Plus, you’ll be able to determine all the fees involved, including origination fees or early repayment penalties. The best lenders are those who are fully transparent about their fees.
  • Don’t Trust “Guaranteed Approval” Lenders – Lenders who guarantee loan approval should raise some red flags, as such advertisements may be indicative of a predatory lender. Trustworthy and reputable lenders will not offer guaranteed approvals without verifying a person’s financials. Even bad credit lenders who may not require a credit check will still want to verify your income to make sure you have the ability to repay the loan.  

Other Plastic Surgery Financing Options

There are other unique financing programs that may be available to you depending on your circumstances, such as the following: 

Guarantor Loans 

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. 

Home Equity Loans 

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.

Vehicle Title Loans 

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.

Plastic Surgery Financing FAQs

How much money can I get for my plastic surgery using a guarantor loan?

These types of loans are usually made for no more than $10,000 and may come with higher interest rates in exchange for the higher risk the lender is assuming. As long as your surgery doesn’t cost any more than a few thousand dollars, your guarantor loan amount should be adequate enough to cover it.

Can I use my home equity to cover my plastic surgery costs? 

A home equity loan may be a great option to help you cover the cost of your cosmetic surgery as it is usually easier to qualify for compared to a traditional unsecured personal loan. This is also a good option if the procedure you’re having done is very expensive and will cost you a lot more than what a traditional loan can get you.

Will my loan cover the full cost of my surgery?

Some cosmetic and plastic surgery procedures can cost thousands of dollars but the loan amount that you’re approved for will vary greatly based on your lender and financial profile. While certain lenders can offer more financing than others and many won’t offer you as much if it seems like you won’t be able to afford your payments. If you are trying to finance an expensive operation, it may be best to apply with a prime lender when you have solid finances, as well as some collateral or a cosigner. You might also be able to ask for a longer repayment plan in exchange for a larger loan.

What interest rate can I get for my plastic surgery loan?

Interest rates will vary greatly depending on what kind of lender you apply with. Typically, rates offered by prime lenders like banks are a tad lower than those of a subprime lender, especially if they offer bad credit loans, which carry more risk for them. However, most lenders will base your rate on how healthy your income, credit score, and current debt levels are. The easier it is for you to make payments as agreed, the lower your interest rate will be.

Finance Your Plastic or Cosmetic Procedure Today 

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.

Caitlin Wood Priyanka Correia Lisa Rennie Bryan Daly Cris Ravazzano Margaret Johnson Kale Havervold Liz Enriquez Sean Cooper Veronica Ott Corrina Murdoch Chrissy Kapralos

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