Cosmetic surgery is an expensive procedure, compared to many other treatments in a hospital. It’s out of one of the complex practices which calls for soaring costs. However, people generally do not have such a big amount ready, which is exactly why they turn to personal loans for cosmetic surgery. The below highlighted must be taken up seriously before choosing to get a plastic surgery done.
Is it a smart move to take a loan for Plastic Surgery?
Before opting for an instant loan, it’s good to take bring your health insurance in use. For example, your health insurance may cover a large portion of the bill if you’re having reconstructive. So, assume your health insurance covers a substantial part of the bill, then you can get a smaller loan to cover the deficit. In contrast you may need a larger value of loan to get your plastic surgery done successfully.
If you’re planning a surgery for pure cosmetic reasons, then its recommended to save money and skip a loan. On the contrary, if a surgery will be helpful to live longer and treat trauma, then a loan will help to save on the interest costs payable over the loan period.
Obviously, a cash loan will be really helpful if it can afford to save you money in the future. Although, it’s imperative to prove that the future savings will outweigh the total interest payable in the end before arriving at a conclusive outcome. Experiment & experience and then analyze if it’s worthwhile.
Where to Get Loans for Plastic Surgery?
The best way to get a loan for cosmetic treatment is by choosing an installment plan. Conventionally, unsecure personal loans are easily available to be paid up for cosmetic surgery. This type of loan can be found with local lenders for online and P2P exchange. These loans have a fixed tenure between 1-7 years and moderate interest rates. Though, someone with an excellent credit score can get a personal loan between 10% to 12%.
Another could be a medical loan specifically targeted at plastic surgery. These loans are basically used for medical purposes instead of being put to all necessary uses. The interest rates are no different from a typical personal loan.
There are a few medical loans which have rates lower than the regular personal loans used for debt consolidation on loans with definite terms and tenure. Additionally, there are options where rates are determined based on education, qualifications, professional experience and credit history.
Alternative Financing for Plastic Surgery
Not just in a financial crisis but even otherwise, individuals look for alternative ways to get the best deal. They are besides the personal loan option in the financial market.
Save your earnings and pay cash: Keep aside a certain amount from your salary every month and deposit until you end up with full amount into your savings account. Though, this way you will have to wait for longer to pay for the surgical proceedings.
Medical credit cards: This choice of financing option offers a short period with no interest ranging between 6 months to 2 years. Instead of selecting a medical credit card, it’s better to go for a regular credit card offered at good terms.
Home equity line of credit: Secure debt always offers low rate of interest in comparison to insecure loans. For exactly that, individuals opt for home equity credit line whenever they want expensive items. This option can turn our risky in its own way as there are clear chances of foreclosure on default & higher interest value towards the end of the tenure.