Thinking of having plastic surgery? While plastic surgeons are readily available across Canada, these procedures can be costly. Fortunately, you don’t necessarily need the cash to cover the full payment upfront, thanks to plastic surgery financing in Canada. With this type of financing, you can spread out the cost of your procedure over time so you can get the procedure you need right away without waiting to save up.
Key Points
- Plastic surgery is very expensive and may be financially out of reach for many would-be patients.
- Fortunately, several financing options are available to cover the cost, including personal loans, in-house financing, and lines of credit.
- Bad credit loans may also be available to those with less-than-perfect credit, though financing will be more expensive.
Is Plastic Surgery Covered Under Canada’s Health Care Plan?
Most plastic surgery procedures are not covered by provincial health plans in Canada, as they are typically considered elective and not medically necessary.
However, if a procedure is required to address a health issue or injury — like reconstructive surgery after an accident or illness — it may qualify for coverage under provincial health plans. Coverage depends on both the specific provincial plan and a doctor’s assessment of the issue.
Purely cosmetic procedures — like liposuction, facelifts, or breast augmentation for aesthetic reasons — are not covered by provincial plans. The procedure must have a documented medical purpose from a physician to qualify.
What Type Of Cosmetic And Plastic Surgery Financing Is Available 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, consider the following financing options.
Personal Loans
One common financing option is a traditional personal loan. If you qualify, a lump sum of money will be deposited directly into your bank account. You would then repay the loan principal with interest over a set term via installments.
Types Of Personal Loans For Plastic Surgery Financing In Canada
Personal loans can either be secured or unsecured:
- Unsecured Personal Loans: An unsecured loan is a type of loan that does not involve any collateral, such as a house or car, to secure the funds. Approval is based primarily on your creditworthiness and ability to repay the loan. Since there’s no asset backing the loan, you typically need strong credit and income to qualify, and it may charge a higher interest rate.
- Secured Personal Loans: A secured loan is a type of loan that requires a valuable asset as collateral. If you fail to repay the loan, the lender can seize the collateral to recoup their losses. However, you may be able to qualify for a higher amount with a lower interest rate.
Learn more: Best Personal Loans In Canada
In-House Financing
Many cosmetic and plastic surgery clinics have their own in-house financing programs. Rather than 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.
Popular Plastic Surgery Clinics
Many plastic surgery clinics are available across Canada, many of which offer in-house financing. Here are a few to consider:
| Clinic Name | Location | Procedures Offered | Financing Available? |
| 8 West Cosmetic Surgery & Skin Clinic | Vancouver, BC | – Rhinoplasty – Facelift – Eyelid surgery | Yes |
| Clinic 360 | Toronto, ON | – Breast augmentation – Tummy tuck – Brazilian butt lift – Eyelid surgery | Yes |
| La Clinique GG | Montreal, QC | – Rhinoplasty – Eyelid surgery – Breast augmentation – Arm lift | Yes |
| The Landings Surgical Centre | Halifax, NS | – Face lift – Brow lift – Breast implants – Mommy makeover | Yes |
| Radiance Plastic Surgery | Calgary, AB | – Breast augmentation – Tummy tuck – Face lift – Eyelid lift | Yes |
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, depending on the cost of the procedure. This will allow you to avoid months (or longer) of saving up.
Plus, if you have a rewards-based card, you can earn points. Given the high cost of plastic surgery, you could accumulate quite a few points or cashback in one fell swoop.
You may also 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. Just be wary of balance transfer fees. And if you don’t pay down the balance within the promotional period, you’ll be stuck playing the card’s regular purchase rate.
| Note: Credit cards come with very high interest rates of 22.99% or more. 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. |
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, making it perfect for covering surgery costs, follow-up treatments, or related expenses.
You can continue to draw from the account repeatedly, rather than having to reapply for a loan each time you need extra funds. 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.
Moreover, the rate you pay on the withdrawn funds with a line of credit is usually a lot lower than that of a credit card, making this a more affordable way to finance your procedure over time.
Learn more: Best Line Of Credit Rates In Canada
Can You Qualify For Plastic Surgery Financing In Canada With Bad Credit?
Unfortunately, a bad credit score of 300 – 559 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 with bad credit.
Try A Bad Credit Lender
While conventional lenders require that their clients have a good credit score, there are 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-to-asset 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.
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’ that your payments will be made on time, even if you stop making 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 prepared to handle this responsibility.
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 your home’s value less the outstanding mortgage balance. The amount you can qualify for is based on the amount of equity you currently hold.
Home equity loans can be a good option for bad credit financing to cover your plastic surgery costs because they’re secured by your property. This reduces the lender’s risk, and therefore makes lenders more willing to approve your application.
Even with bad credit, this added security can even lead to lower rates. Plus, they provide access to larger amounts of money with predictable repayment terms.
Keep in mind that your home collateralizes the loan. That means if you default on your loan, your lender may seize the property to recoup their losses.
Learn more: How To Borrow Using Your Home Equity
How To Apply For A Plastic Surgery Loan
To apply for plastic surgery financing, follow these steps:
Step 1: Review Your Finances And Credit
Before applying with a lender, it’s best to assess your finances and credit score to see where you stand. You can check your credit score for free using an online tool like Loans Canada’s CompareHub.
Then, carefully review your finances, including your monthly income and debts, to determine how much you can afford to spend on additional loan payments.
Step 2: Determine Your Eligibility
Do some research on the lender’s minimum requirements. This will ensure that you apply only with lenders you are unlikely to qualify with to avoid unpleasant rejections.
Step 3: 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: Driver’s license, passport, or birth certificate.
- Proof of Canadian residency: Utility bill or lease agreement.
- Proof of income: Pay stubs, income tax receipts, or Notice of Assessments.
- Proof of assets: Bank statements and other bank account information.
Step 4: 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, like Loans Canada, that will pull up multiple quotes from different lenders.
Learn more: How To Apply For A Loan
How Much Do Common Cosmetic And Plastic Surgery Procedures Cost?
Depending on the clinic, a wide range of plastic and cosmetic procedures may be available. Here are a few popular cosmetic procedures and their associated costs:
| 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 |
*These are estimates, as the actual cost will vary based on the clinic and your location.
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. Consider these tips 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. |
Bottom Line
Getting plastic surgery is expensive, but the cost shouldn’t stand in the way of the procedure you need or want. With plastic surgery financing options, you can spread the cost of your procedure over a set term and make small and affordable payments towards the full cost. Research the options available to help you decide which financing solution is right for you.
