Plastic surgery usually tends to be a very expensive proposition. Not everyone can bear the high cost associated with these surgeries. In such conditions, finance schemes prove to be a blessing in disguise for people in need. This article provides some information about the same.
The number of plastic surgeries being conducted around the world has risen alarmingly in the last few years. Plastic surgery is basically a term that is commonly used while referring to various specialty surgical treatments such as cosmetic surgeries, re-constructive plastic surgeries, cosmetic dental procedures, etc. These surgeries happen to be among the costliest surgical procedures performed, mainly due to the fact that they are highly sophisticated surgeries which require extremely skillful and specialized surgeons.
The introduction of several finance options over the past few years has given a new ray of hope to the common man. Typically, these loans provide financial assistance for a variety of surgical procedures such as:
- Dental Cosmetic Surgery
- Re-constructive Surgery
- Breast Augmentation
- Hair Transplant and Laser Hair Removal
- Tummy Tuck
- Laser Skin Resurfacing
- Laser Eye Surgery
Criteria for Sanctioning Loans
In most cases, companies grant loans for plastic surgeries taking into consideration the applicant’s medical history, the type of surgery needed, the amount required, and the person’s credit report, along with his credit history. The credit report provides details about the applicant’s bank records, previous loans, payment cycles, late payments, bankruptcy, etc. Generally, an applicant with a good credit score is sanctioned a loan almost immediately. Those with past or present credit problems can get their loan approved after providing essential testimonials and statements from friends, family members, relatives, or colleagues having a good credit rating.
Benefits of these Finance Schemes
These loans and finance schemes are specially designed to meet the requirements of the applicants from different strata of society. Some of their features include:
- Variable Loan Amounts: Plastic surgeries can cost anything from $3,000 to $30,000 depending on the type and complexity of the surgical procedure. Companies acknowledge this fact and therefore, offer variable loan amounts ranging from $1,000 to $20,000. As a result, the applicants having a comparatively weak economical background can put their worries to rest and go ahead with the necessary surgery.
- Flexible Interest Rates: Based on the applicant’s credit rating, loan amount, and other factors, companies offer low, flexible interest rates, taking into consideration the applicant’s special request, financial backing, and other assets.
- Variable Payback Periods: As the loan applicants tend to be from diverse social and financial backgrounds, companies offer a range of options pertaining to the payback period, in the interest of the applicant. Typically, it can be anything from 18 months to a maximum of 60 months, depending on the loan amount, interest rate, and the applicant’s credit score.
- Low Monthly Payments: Companies are aware of the fact that this procedure can be taxing on an individual’s finances and savings. In an effort to lessen the financial burden on the applicant, most of them accept low monthly payments, sometimes even as low as $100 a month.
- No Down Payments: Unlike car loans or home loans, most companies do not insist on a compulsory down payment while sanctioning a loan for this surgery. This is a big boost for the financially weak people who are in urgent need of a surgery.
- No Pre-payment Penalties: In most cases, companies do not levy any penalties on applicants who repay their loans well in advance at the end of their loan period. In fact, most companies are appreciative of this gesture and it actually adds a few points to the person’s credit score.
The easy availability of these surgery loans has made it possible for the under-privileged to avail of essential surgical procedures. However, these being unsecured personal loans, it is always advisable that one carefully studies the loan terms and chooses the right finance company to avoid problems at a later stage.