A guide to affordable cosmetic surgery loans

From tummy tucks to rhinoplasty to breast augmentation, elective cosmetic procedures have become more popular and accessible in recent years, offered by a wider array of practitioners than ever before. But one fact hasn’t changed: They are increasingly expensive. That’s why many patients choose to finance these procedures via cosmetic surgery loans, often in the form of a personal loan or credit card that enables you to conveniently pay off what you borrow over an extended period of time.

Take the time to learn more about plastic surgery loans and credit cards, what kinds of monthly payments you can expect, the impact on your credit scores, and alternatives such as home equity loans and interest-free payment plans offered by physicians.

Understanding the need for flexible payment plans

In today’s society, looks matter. For proof, consider the popularity and acceptance of elective physical enhancements. According to the American Society of Plastic Surgeons (ASPS) 2024 Plastic Surgery Report, the most common types of cosmetic surgery are liposuction and breast augmentation. In 2024, more than 306,000 patients pursued breast augmentation, while nearly 350,000 patients sought liposuction.

Unfortunately, these procedures don’t come cheap. The ASPS noted that the average physician fees for breast augmentation range from $4,575 to $8,000 (based on procedures where implants are placed). And this estimate only includes the physician costs, and not anesthesia or other charges. The average physician fees for liposuction, meanwhile, range from $4,300 to $7,500 (again, not including anesthesia or other fees), per the ASPS.

Considering these steep average costs, it’s little surprise that the bill for cosmetic surgery can quickly overwhelm your budget and savings. Fortunately, there are several different financing products that can help you pay for these procedures over time – often over several years, making monthly payments more affordable.

Just be careful before committing to a pricey nonessential operation and taking on more debt than you can afford to pay back, especially if your finances are tight or your job security is unstable. It may be a good idea to delay the procedure until you’ve accumulated enough funds in savings to pay for it out of pocket, which means not having to worry about interest payments.

Common cosmetic surgery loans and financing

Still determined to go forward with a cosmetic procedure? There are three main financing paths many borrowers choose to cover the costs involved: personal loans, medical credit cards, and medical bill payment plans. Here’s a breakdown of each.

Personal loans

Personal loans provide a flexible, affordable, and quick financing path that can be used to pay for cosmetic work. A personal loan lets you borrow a lump sum of cash that you’ll have to repay over a specified period. Personal loan approval is based on your earnings, debt-to-income ratio, and credit score. Many personal loans are unsecured, which means no collateral is required. In other words, you don’t have to pledge something like a home or car and risk losing it.

In exchange for this convenience, the lender usually charges a higher interest rate – especially if you have a lower credit score – because they are taking on more risk. Your loan term may be shorter, as well, commonly between 36 and 60 months, which means your monthly payments could be higher than expected. Additionally, getting a personal loan can lead to unsustainable debt if you don’t keep up with payments and carefully manage your debt, and late or missed payments can result in penalties and fees.

But the good news is that applying and awaiting an underwriting decision is typically quicker than what’s involved with secured loans. Also, repayment terms are usually more flexible, and the interest rate is typically fixed. You may even receive your funds on the same day your loan is greenlit. Plus, you aren’t limited to only paying for your cosmetic surgery with these funds – they could be used for other needs, too, such as home improvements and debt consolidation. Rocket Loans^SM offers personal loans that allow you to borrow between $2,000 and $45,000, a span that can fund small or large goals.

“A big advantage with personal loans is that you know what the payment is going to be, especially if you have good credit. Also, interest rates are often lower than what a personal credit card will charge,” says west Michigan-based REALTOR® Ryann Brier.

To qualify for an unsecured personal loan, you’ll likely need:

• A minimum credit score of between 610 and 640
• A debt-to-income (DTI) ratio of less than 36% to 43% (although some lenders may accept less than 50%); Also, no more than 28% of your income should go toward rent or mortgage payments.
• Income verification including pay stubs, bank account statements, and tax returns.

Keep in mind that interest rates for personal loans can differ from lender to lender. Having a lower credit score and/or higher DTI may result in higher interest rates. Also, personal loans may charge origination fees; Rocket Loans assesses loan origination fees of up to 9.99%. Be sure to carefully evaluate all costs associated with personal loans (including any hidden fees) in advance. Rest assured that Rocket Loans clearly communicates all its fees.

Medical credit cards

Medical credit cards are another common financing option. This type of card works differently from a traditional credit card because it is intended to cover health care costs only. Previously, these cards were often used for medical expenses that insurance didn’t cover, including cosmetic procedures; today, however, elective cosmetic surgery can be covered by many of these cards. Typically, a physician or their staff helps you apply for the card, and the issuing company then reviews your credit. Once approved, the card directly pays your health care provider, and you are on the hook for repaying the balance.

Many medical credit cards also offer a deferred interest period, enabling you to bypass interest if the balance is paid in full within that time frame. But when this promotional period ends, standard interest rates typically kick in. Also, failing to pay on time or carrying a balance past the promotional period can result in high interest charges, added fees, and a negative impact on your credit score.

The interest rate charged for a medical credit card will depend on your creditworthiness. If you have a higher score, you may receive a more favorable APR. But promotional interest rates may apply for new accounts in some situations, and special financing may be available that offers reduced rates for more expensive procedures/purchases.

Medical bill payment plans

Instead of a medical credit card, some health care practitioners provide other financing options, including medical bill payment plans, offered directly or via partnering lenders. These plans permit you to spread the expense of your care over time in affordable installments, working similarly to “buy now, pay later” plans. The medical bill payment plan may include deferred interest (whereby you have to pay off the balance before the end of a predetermined period to avoid high interest charges) or be interest-free. Regardless, in this arrangement, you’ll likely pay the financing provider, who will reimburse the health care provider.

Keep in mind that coverage for some plans may be restricted to elective procedures or specific services, while other plans can be more broadly used for different types of medical treatment. Be sure to carefully review the terms, interest rate fine print, and responsibilities involved before enrolling in a medical bill payment plan.

“Doctor payment plans often provide flexible terms and low or no interest, but they may require shorter repayment periods and larger monthly payments,” says Texas-based personal finance expert John Ornelas.

Structuring payment plans

It’s crucial to weigh the pros and cons of using personal loans, medical credit cards, or medical bill payment plans before committing to one of these options. Take the time to thoroughly understand the impact of monthly payments on your budget and the effect on your credit scores. Let’s drill down further into these two facets.

Monthly installments

Having the flexibility of paying monthly installments can make expensive transactions like cosmetic surgery more affordable, enabling you to extend your repayment timeline. But that doesn’t mean that monthly installments will align with your monthly budget.

You need to estimate the cost impact of the financial product you’re considering. Crunch the numbers carefully and calculate how much your monthly payments might be if you opt for a personal loan, medical credit card, or medical bill payment plan.

Keep in mind that payments for fixed-rate personal loans should not change over the course of your loan. However, what you owe monthly can vary with a medical credit plan that offers interest-free payments for a particular limited time; after your initial interest-free promotion period concludes, your monthly payments could rise significantly – depending on the interest rate.

Impact on credit scores

Likewise, weigh the effect that each of these medical financing options may have on your credit score. Applying for a personal loan requires a deeper look into your payment history and credit health. Remember that financing requires a hard credit check, which could result in at least a minor and temporary drop in your score.

On the other hand, using a medical credit card, bill payment plan, or personal loan could boost your credit score if you make punctual payments and pay what you owe each month in full. This financing can also contribute to your overall credit mix, which can reflect positively on your credit score.

“Financing cosmetic surgery can raise your credit utilization, which may lower your credit score in the short term,” says Ornelas. “However, making consistent on-time payments can offset this effect and improve long-term credit health.”

Additionally, note that if you borrow more than 50% of your credit limit, your credit score will take a hit.

“That means you could have a harder time getting a loan in the future, or you may have to pay higher interest rates,” says Montana-based personal finance expert Melanie Musson. “Taking out a loan will also impact your debt-to-income ratio and could disqualify you for a future mortgage if your ratio is too high.”

Alternative financing solutions

You’re not limited to personal loans, medical credit cards, or medical bill payment plans if you need funds for cosmetic procedures. Alternatively, or in addition to these financing vehicles, explore other financing options, too. Here are two of the most popular plan B’s:

Home equity loans

Own a home? If you’ve accrued enough equity, you may be able to liquidate some of it to pay for your cosmetic procedure/surgery via a home equity loan. This allows you to borrow against the value of your property without replacing your existing mortgage, essentially acting as a second loan with its own monthly payment. Because a home equity loan is secured by your residence, it typically comes with lower interest rates than unsecured personal loans. But you’ll likely pay a higher interest rate than what your primary mortgage charges, and you risk losing your home to foreclosure if you don’t fulfill your debt obligations.

When approved for a home equity loan, you’ll receive a lump sum payment at closing; then, you’ll repay this debt over a set term. You may be limited in terms of how much equity you can borrow, such as no more than 80% to 90% of your home’s value.  

Home Equity Loans offered by Rocket Mortgage® require a minimum credit score of 680 to borrow up to 80% of your home’s value, 700 to borrow up to 85%, and 740 to borrow up to 90%. In addition, your total monthly debt payments should not exceed 50% of your income.

Using savings to pay for procedures

Perhaps the simplest and safest way to cover your cosmetic treatment bills is to set aside sufficient funds in a savings account. The benefit here is that you have no repayment obligations or interest to worry about. But you’ll want to be careful not to deplete all of your savings, as it’s always a good idea to have emergency funds salted away.

“Using personal savings to pay for procedures is by far the best option,” Musson says. “You should avoid elective procedures when you don’t have the money to pay for them. Remember that borrowing money means you will pay back more than you borrowed when you factor in interest.”

The bottom line: Cosmetic surgery loans and financing can aid affordability

Elective surgeries and procedures for aesthetic reasons can add up quickly. Thankfully, several borrowing options exist – including personal loans, medical payment plans, medical credit cards, and home equity loans – that make affordability easier, often allowing you to conveniently spread out payments over several years. Evaluate each of these choices carefully and compare apples to apples when it comes to interest rates, repayment terms, and consequences on your credit. Remember that promotional offers, like a low- or zero-interest introductory period, eventually end, possibly leading to higher interest rates. To make a more informed financial decision, do your homework when it comes to estimating monthly payments and determining if those amounts work with your budget.

If you ultimately decide that a personal loan is your best avenue, explore one offered by Rocket Loans.

Same Day Funding available for clients completing the loan process and signing the Promissory Note by 4:00PM ET on a business day. Also note, the ACH credit will be submitted to your bank the same business day. This may result in same day funding, but results may vary and your bank may have rules that limit our ability to credit your account. We are not responsible for delays which may occur due to incorrect routing number, account number, or errors of your financial institution.

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