Does Your Plastic Surgeon Offer Financing?
Whether it is to reverse an illness, to cover scarring, or to change a disliked body part, you will always have to consider the cost of the procedure. No matter what kind of plastic surgery you need, ...
There are some things that you need to know about paying for your surgery before you make permanent changes to your appearance. Getting the proper financing for your procedure can be difficult as the paperwork is often hard to understand, but your plastic surgeon's office can help you through the financing process.
Most loans for plastic surgery are considered unsecured so no collateral is required so that you don't have to pay the loan back if you enter a financial hardship. However, the interest rates are higher due to the higher risk to your financial institution. There are some that do require collateral, however, and you can lose your property if you don't pay the loan back, but the interest rates are considerably lower. It works like traditional financing in that you need to get pre-approved for a certain amount that can then be used for your surgical procedure. The terms for these loans usually last between two to three years. In order to qualify for financing you have to have a good credit score, must be a citizen of the state in which you live, and must meet a minimum age requirement.
Unfortunately not every plastic surgeon will accept the financing that you have so make sure that he does before you sign on the dotted line. Often the surgeons cannot afford the fees that the financing institutions charge for certain financing options.
During the initial consultation with your plastic surgeon he will often give you both the positive and negative points of getting financing to cover your surgical procedure. Some of the positive points are that you can get your procedure done right away, you can plan your surgery around an important life event, most plastic surgeons do accept financing, and you have less risk as the money is all ready there to use. However, the drawbacks are that your income may change which will inhibit your paying it back, some doctors don't accept the financing, and it may hurt your credit score as your debt to income ratio increases.
When making your decision on how to pay your plastic surgeon for your surgical procedure, you need to take in consideration your present debt and what getting the financing that you need will do to your current financial status.
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