Plastic surgery loans let you borrow money to pay for elective surgeries that insurance companies typically don’t cover. Because these are unsecured personal loans with fixed interest rates, it’s easy to determine how much you’ll be spending each month until your loan is paid off.
We reviewed over a dozen plastic surgery loans based on interest rates, repayment terms, credit requirements, ease of approval, customer reviews, and more. Here are our top six picks.
The Best Plastic Surgery Loans for 2021
Plastic surgery can become an addiction for some people. If you think you may suffer from an addiction to cosmetic surgery, please consult a mental health professional.
Best Overall : LightStream
Why We Chose It: LightStream offers high-limit, low-interest medical loans with no fees and a rate-beat program for borrowers with strong credit.
Low rates for Excellent credit scores
Will beat competitors’ rates by 0.10%
No origination fees
Must have a strong credit history to qualify
Hard credit check required to apply
$5,000 loan minimum
LightStream is the consumer lending division of SunTrust Bank and enjoys the highest ranking in customer satisfaction according to J.D. Power. We chose it as the best overall because of its high borrowing limit, rate-beat program, and low interest rates for borrowers with strong credit.
LightStream offers some of the highest loan amounts of all the lenders we reviewed allowing qualified borrowers to take out a medical loan between $5,000 and $100,000. The lender also offers terms from two to seven years with no origination fees.
Although LightStream offers rates starting at just 5.95% (which includes an autopay discount), only borrowers with strong credit, typically scores of 660–680 and higher, will be able to enjoy such low rates and qualify for a loan. LightStream also doesn’t offer a prequalification and will perform a hard credit check on anyone who applies.
To keep LightStream’s rates low, the lender offers a Rate Beat Program which will beat any competitor’s rate by 0.10% provided borrowers can prove that they were approved for a lower rate with another lender for the same loan terms.
Read the full LightStream Personal Loan review.
Best for Fair Credit : Upgrade
Why We Chose It: Upgrade offers personal loans with low starting borrowing amounts for individuals with average or low credit and the option to apply with a co-signer.
Co-applicant loans available
Average credit scores qualify
Loans start as low as $1,000
Charges origination and late fees
High rates for low-credit borrowers
Choice of only 3- or 5-year terms
Upgrade was founded in 2017 to offer low-fee banking and loan solutions to its customers. It enjoys good customer reviews with satisfied customers commenting on the lender’s fast and easy loan process. We chose Upgrade as the best for fair credit because it lets individuals with average credit borrow up to $50,000.
Upgrade offers personal loan amounts between $1,000 to $50,000 with terms of three or five years and fixed rates as low as 5.94% with autopay (as of May 26, 2021). Upgrade does not disclose a minimum credit requirement, and its rates are not the best on the marketplace, but they are do require fairly competitive credit scores of Fair to Average. You can also apply for a joint loan with a co-applicant to improve your chances of getting approved, which is not always offered by other personal lenders.
Although Upgrade doesn’t charge a prepayment fee for paying off your loan early, it does charge a 2.9% to 8% origination fee which is deducted from the loan proceeds. The lender also charges $10 for a failed payment and a $10 late fee for payments made after 15 days.
Read the full Upgrade Personal Loan review.
Best For Poor Credit : Avant
Why We Chose It: Avant offers both unsecured and secured personal loans with next-day funding and competitive rates for individuals with poor credit.
Competitive rates for bad credit borrowers
Secured loans available
$35,000 loan limit
High rates for good credit borrowers
Charges an administrative fee
Avant was founded in 2012 to improve borrowing for middle-income consumers. Customers praise its easy application process and superb customer service, and it wins our spot as the best for poor credit since it offers competitive rates for borrowers with a credit score as low as 600.
Avant offers loans between $2,000 to $35,000 with rates as low as 9.95% and terms ranging from two to five years (as of Februaru 2021). Additionally, the lender also offers secured loans that let you borrow against the value of your car with loan amounts between $5,000 and $25,000 and the same rates and terms as its unsecured loans. Unfortunately, Avant’s rates are not very competitive if you have a higher credit score.
In many cases, funds can be made available via direct deposit the day after you’re approved. Although Avant doesn’t charge a prepayment fee, it does have a few other steep fees. These include an administrative fee of up to 4.75% which is taken out of your loan proceeds, a $15 failed payment fee, and a $25 fee for late payments made after 10 days.
Read the full Avant Personal Loan review.
Best for No Credit History : Upstart
Why We Chose It: Upstart offers a variety of personal loans with low starting borrowing amounts and a unique underwriting process that benefits borrowers with a short credit history.
Flexible underwriting for short credit histories
Loans start as low as $1,000
High maximum APR
Origination fee up to 8%
$15 or 5% late fee
Upstart is an artificial intelligence (AI) lending platform designed to offer higher approval rates to borrowers with short credit histories. The lender has positive reviews, with customers enjoying its fast approval and personalized customer service. Its unique underwriting process weighs additional financial data making it the best for no credit history.
Upstart offers medical loans that can be used for cosmetic surgery ranging from $1,000 to $50,000 with rates as low as 6.95% and terms of three and five years (as of June 2021). The lender uses non-traditional data, including education, job history, and residence to make it easier for borrowers with no credit history to qualify. Upstart also claims that 99% of applicants get funded within one business day.
Despite its reasonable starting rates, Upstart’s does have some of the highest maximum interest rates we’ve seen at 35.99%. Although the lender doesn’t charge you for paying off a loan early, it charges an administrative fee of up to 8% of your funding amount and $15 or 5% of your past-due amount if you’re 10 days late with your payment, whichever is greater.
Read the full Upstart Personal Loan review.
Best For Large Borrowing Limit : SoFi
Why We Chose It: SoFi offers medical loans with fixed or variable rates and high limits that can be used for any medical procedure or expense.
Loan limits up to $100,000
Fixed or variable rates
Strong credit required for lowest rates
Can take up to 7 days to receive funds
$5,000 loan minimum
SoFi began offering student loan refinancing in 2012 and now offers a variety of student, home, and personal loans. Some customers have complained about not getting funds after being approved while others praise the company’s customer service. However, despite the mixed customer reviews, it’s our pick as the best large borrowing limit because of its $100,000, no-fee, fixed- and variable-rate loans.
SoFi offers medical loans from $5,000 to $100,000 with rates as low as 5.99% for autopay and terms of two to seven years (as of Febraury 2021). It also allows borrowers to choose fixed- as well as variable-rate loans, all with no prepayment, origination, or late fees. Borrowers will need to have a strong credit score (670 recommended) to qualify for SoFi’s lowest rates.
SoFi also offers additional perks for its borrowers, including up to 12 month’s forbearance due to unemployment, rate reductions on additional loans, personalized financial advice from credentialed advisors, and more.
Despite SoFi’s high borrowing limit, applicants with high credit scores are likely to find lower rates elsewhere. It can also take up to seven days to receive funds after being approved for a loan.
Read the full SoFi Personal Loan review.
Best for Fast Funding : Rocket Loans
Why We Chose It: Rocket Loans offers personal loans for any purpose with instant approval options and funding as fast as the same day.
Same day funding available
Instant pre-approval option
No prepayment penalties
Origination, failed payment, and late fees
Choice of only 3- or 5-year terms
High rates for those without excellent credit
A sister company of Quicken Loans, Rocket Loans specializes in offering personalized loans with instant approvals and same-day funding and customers appreciate the lender’s fast approval and funding. For all of these reasons, Rocket Loans takes our top spot as the best for fast funding.
Rocket Loans offers personal loans from $2,000 to $45,000 with rates as low as 5.97% with autopay and terms of either three or five years (as of February 2021). Applications are done completely online and you can often get an instant decision and funding the same day you’re approved. Rocket Loans doesn’t disclose a minimum credit score, but it’s been reported that those with credit scores as low as 580 can qualify for a loan. Note that the lower your credit score, the higher your interest rate will be.
Rocket Loans doesn’t charge a prepayment fee if you want to pay off your loan early. However, you will be charged a 1% to 6% origination fee from your loan proceeds and $15 for a failed payment or a payment made 10 days after it’s due.
Read the full Rocket Loans Personal Loan review.
If you’re interested in taking out a loan for plastic surgery, you have several options to consider. Make sure that you carefully consider the rates, terms, fees, and your budget before doing so.
LightStream takes our top spot as the best overall plastic surgery loan since it offers both some of the lowest interest rates and borrowing limits we’ve come across and offers to beat any lower rate offered by its competitors.
When it comes to credit, Upgrade wins the best for fair credit since it offers competitive rates for credit scores around 620, borrowing amounts as low as $1,000, and the option to add a co-applicant to improve your chance of getting approved.
Avant is our choice as the best for poor credit since it offers competitive rates for credit scores as low as 600 with same-day funding and secured loan options. For those with a short credit history, Upstart is our choice as the best for no credit due to its unique underwriting process that considers many other factors besides credit to qualify borrowers.
SoFi wins as the best for large borrowing limits with both fixed- and variable-rate loans available up to $100,000 and no origination, prepayment, or late fees. Finally, if you need a loan quickly, Rocket Loans is our choice as the best for fast funding with its instant approval and same-day funding options.
|Lender||Why We Picked It||Notable Features|
|LightStream||Best Overall||High-limit, low-rate loans for borrowers with strong credit|
|Upgrade||Best for Fair Credit||Joint loans available for borrowers with average credit|
|Avant||Best for Poor Credit||Unsecured and secured loans with next-day funding|
|Upstart||Best for No Credit History||Unique underwriting process for short credit histories|
|SoFi||Best for Large Borrowing Limit||Loan limits up to $100,000 with fixed or variable rates|
|Rocket Loans||Best for Fast Funding||Instant approval and same-day funding options|
Frequently Asked Questions
What Is a Plastic Surgery Loan?
A plastic surgery loan is a type of fixed-rate, unsecured personal loan offered by a lender that you can use to pay for cosmetic surgery or other medical expenses. Because plastic surgery is expensive (a facelift alone can cost over $12,00) and not usually covered by insurance, a medical loan is often the way to pay for elective surgery.
Will Insurance Cover Any Plastic Surgery Procedures?
In general, most insurance companies will only cover plastic surgery procedures they consider reconstructive or medically necessary rather than cosmetic. While insurance companies may differ in how they classify these types of procedures, most follow the guidelines set out by the AMA (American Medical Association) and the American Society of Plastic Surgeons (ASPS).
Examples of reconstructive surgery include any procedure used to correct abnormalities due to congenital disabilities, trauma, tumors, disease, and more. Medically-necessary procedures may include nasal surgery to correct problems with breathing or hand surgery to treat carpal tunnel syndrome.
Cosmetic surgical procedures not likely to be covered by insurance include liposuction, breast augmentation, weight-loss surgery, facelifts, and eye surgery. With that said, an insurance company could cover a procedure such as weight-loss surgery if the patient is morbidly obese and has had psychiatric evaluations showing that their weight is affecting their quality of life.
Are There Any Other Options for Financing Plastic Surgery?
The least complicated way to pay for plastic surgery is to save up for it. However, if you use a health savings accounts (HSA) or flexible spending accounts (FSA), note that most will only let you use saved funds for reconstructive and medically-necessary procedures.
Alternatively, you can pay for plastic surgery with a medical credit card like CareCredit which offers lower APRs than traditional credit cards for anywhere between 24 to 60 months, allowing you to pay off your balance before your higher rate kicks in.
What Is The Average Current Interest Rate for a Plastic Surgery Loan?
Most lenders try to compete to offer the lowest annual percentage rate (APR) since it directly affects how much a borrower will have to spend on their loan each month until it’s paid off. In our research, the lowest rate we came across was 5.95% with the highest coming in at 35.99% (as of February 2021).
Keep in mind that the lowest rates are only available to borrowers with a strong credit history and credit score and typically include a 0.25% discount for setting up automatic monthly loan payments. Those with average to poor credit will have a significantly higher APR.
How Long Is the Repayment Period for a Plastic Surgery Loan?
The majority of the lenders we reviewed offered medical loans with repayment terms between three and five years. A few started with an option of just two years and a maximum of five while a couple only offered a choice of three- or five-year terms. Most personal lenders will also let you pay off your loan early with no penalties.
Are Any Surgeries Excluded When Using a Plastic Surgery Loan?
The majority of lenders that offer personal medical loans don’t require you to tell them what procedure you are going to use it for. However, it’s always a good idea to speak with a loan representative to make sure there are no requirements or limitations before you apply.
How We Chose the Best Plastic Surgery Loans
We looked at over a dozen plastic surgery loans for this review. First in our consideration was the rates each lender offered as this directly affects the amount you’ll be paying on your loan each month.
Credit was also an important consideration since we wanted to find lenders that offered the best rates and chances of approval for borrowers with less than stellar credit. Finally, we tried to weigh customer reviews to ensure that the lenders had solid reputations.
All of our top choices offer competitive rates, have good industry reputations, and are available to borrowers with a range of credit scores.