Aesthetic procedures are becoming very popular as they offer individuals a chance to enhance their appearance and boost their confidence. From Botox and dermal fillers that smooth out wrinkles for a more youthful appearance to more complex surgeries like liposuction and face lifts, the options are endless.

However, these procedures often come with hefty prices that many people may struggle to pay all at once. Aesthetics procedure financing allows you to pay for your aesthetic procedure over time instead of all at once and straining your finances.

This article discusses how medical credit for aesthetic procedures works, the financing options available, and how to choose the right one. 

 

Understanding aesthetic procedure financing

More often than not, aesthetic procedures are considered elective, meaning they are not medically necessary. For this reason, insurance does not cover them, leaving the entire financial burden on the patient.

Aesthetic procedure or cosmetic surgery financing allows patients to receive the aesthetic treatments they want and pay for them in manageable installments over time. Thus, these financing solutions make aesthetic procedures more accessible. They are helpful for aesthetic procedures where the costs may not be feasible to pay upfront.

With aesthetic financing, you do not have to wait months or years to save up the full amount for aesthetic treatment. Instead, you get the treatment and pay up over time. 

Also read: Understanding Insurance and Aesthetic Treatments: What’s Covered?

 

Common financing options

Several financing options are available to help you pay for aesthetic procedures. Each has pros and cons, depending on the amount you’re financing, your credit score, and the treatment you’re receiving.

The common aesthetic procedure and plastic surgery financing options are:

 

Healthcare credit cards

Healthcare credit cards like CareCredit are among the most popular ways to finance medical and aesthetic treatments. These cards are specifically designed to cover medical and cosmetic expenses. They offer patients the flexibility to pay for procedures over time, often with a promotional interest-free period.

Healthcare credit cards work like regular credit cards. However, they are typically limited to medical-related expenses, including cosmetic surgery, dental procedures, and other elective treatments. Upon approval, you can use the card to pay for your procedure upfront and then repay the balance in monthly installments over a set period.

Many healthcare credit cards offer 0% interest on balances for an introductory period, usually between six and 12 months. If you repay the balance in full by the end of this period, you can avoid paying interest altogether. 

If the balance isn’t paid off by the end of the promotional period, the interest rate can increase significantly, often to 20% or more. This can make the treatment more expensive in the long run, so it’s essential to pay off the balance before interest kicks in.

LA ViE MD accepts the CareCredit credit card for all your health, wellness, and beauty needs. 

Pros:

• No interest during promotional periods
• Widely accepted by many medical providers
• Flexible repayment plans after the promotional periods (albeit with higher interest rates).

 

Cons:

• High interest rates after the promotional period
• Annual fees or hidden charges may apply

 

Personal loans

A personal loan is an unsecured loan, meaning you don’t have to put up any collateral, such as your home or car, to borrow money. Personal loans can be a great option if you need to finance a costly procedure and prefer fixed payments over time.

After applying for a personal loan, you’ll receive a lump sum upfront, which you can use to finance cosmetic procedures. You then repay the loan over a set period. 

Personal loans typically offer longer repayment periods compared to healthcare credit cards, which can make monthly payments more manageable. They also come with fixed interest rates and fixed monthly payments.

These loans are typically offered by banks, credit unions, and online lenders. And the terms and interest rates depend on your credit history and financial situation.

Pros:

• Fixed interest rates
• Can be used for any procedure, not just aesthetic treatments.
• Larger loan amounts are available
• No collateral is required

 

Cons:

• May require a good credit score to secure the best rates
• Fees and penalties for late payments

 

In-house financing

Some aesthetic treatment providers offer in-house financing options, which allow you to make payments directly to the provider instead of working with an outside lender. These plans may include fixed monthly payments over a specified period or deferred payments with low or no interest for a limited time.

In this financing option, you negotiate a payment plan directly with your cosmetic surgeon, dermatologist, or other medical provider. You may have the option to pay the total amount upfront or break it down into smaller, affordable monthly payments, often with little to no interest for a short period.

This financing option also has a quicker approval process since you’re working directly with the provider. And the medical office will likely be more lenient in terms of credit requirements.

Pros:

• Direct relationship with the provider
• Flexible repayment terms
• Easy application process

 

Cons

• Interest rates and fees can vary significantly
• May be limited to specific providers or treatments

 

Medical financing companies

Medical financing companies, such as LendingClub, Alphaeon Credit, and United Medical Credit, are specialized lenders that focus on providing financing for medical procedures, including aesthetic treatments. These companies offer a variety of loan options, such as fixed loans, lines of credit, and installment plans specifically for cosmetic procedures.

Once approved by a medical financing company, you’ll receive a line of credit or a lump sum that can be used for your procedure. You’ll then repay the loan through fixed monthly payments or other flexible options, depending on the terms you’ve agreed to.

Many medical financing companies offer competitive interest rates, especially for individuals with good and excellent credit. The application and approval process is often quicker than traditional bank loans, with many lenders offering instant approval or funding.

LA ViE MD has partnered with Cherry, one of the fastest and most effective pay-over-time solutions on the market. With Cherry, you can get your aesthetic treatment at LA ViE MD now and pay later. 

Pros:

• Quick approval process
• Can cover more extensive treatments
• Flexible loan terms and competitive rates

 

Cons:

• Some companies may require a high credit score for the best terms
• Interest rates may rise after a promotional period

 

How to choose the right financing option

Choosing the best financing option for your aesthetic procedure depends on several factors, including your credit score, the total cost of the procedure, and your ability to make monthly payments. Here are a few key steps to consider when evaluating your options:

 

Check your credit score

Your credit score and bank account history play important roles in determining the financing options available to you. Most healthcare credit cards and personal loans require good and excellent credit scores to secure favorable terms. 

If your score is lower, you may face higher interest rates or be limited in your options. Therefore, check your credit score before applying for any financing.

 

Look for promotional periods with no interest

Many healthcare credit cards offer promotional periods with 0% interest for a set amount of time (e.g., six months or one year). If you can pay off your balance within that time frame, you can avoid paying interest. 

However, the interest rate may increase significantly if you can’t pay it off in time. Be sure to calculate the monthly payments required to pay off the balance within the promotional period.

 

Consider loan amounts and terms

If your procedure is particularly costly, you may need to look into personal loans or medical financing companies that offer higher loan amounts. Personal loans, in particular, are helpful for more costly treatments like breast augmentation or liposuction, as they offer more substantial sums and longer repayment terms.

 

Evaluate fees and penalties

Always read the fine print. Some medical credit cards, personal loans, or in-house financing plans may come with fees, such as annual fees, late payment penalties, or prepayment penalties. Ensure you fully understand all associated costs before committing to any financing option.

 

Review your budget and repayment ability

Carefully assess your monthly budget to ensure the repayment terms align with your financial capacity. Financing an aesthetic procedure should not strain your finances to the limit. Be realistic about what you can afford, and choose an option that offers manageable monthly payments.

You may also: 7 Smart Ways to Afford Aesthetic Treatments Without Breaking the Bank.

 

Takeaway: Boost your confidence with LA ViE MD aesthetic procedure now and pay later

Financing an aesthetic procedure can help you achieve your cosmetic goals without straining your finances. Healthcare credit cards, personal loans, in-house financing, or medical financing companies offer solutions for every budget. To choose the best financing option for your financial health, evaluate your options, understand the terms, and make a decision that aligns with your financial goals and repayment capabilities.

If you’re ready to enhance your natural beauty, look no further than LA ViE MD. A premier boutique med spa in Danville and Los Gatos, California, LA ViE MD offers a luxurious and professional environment for various aesthetic and wellness treatments. 

For added convenience, LA ViE MD accepts CareCredit, making it easier than ever to pay for treatments. We also allow you to finance aesthetic treatments with Cherry, one of the fastest and most effective pay-over-time solutions available.

Ready to enhance your beauty and wellness with financing options that fit your lifestyle? Book a consultation today at LA ViE MD!

 

FAQs

Here are answers to some of the most frequently asked questions about financing aesthetic procedures:

 

Is CareCredit an option for cosmetic treatments?

Yes, CareCredit is widely accepted by many providers of cosmetic treatments, such as Botox, liposuction, breast implants, and more. It’s a popular choice because of its flexible repayment options and promotional interest-free periods.

 

Is it difficult to obtain a medical loan?

It depends on your credit score. Securing a medical loan is generally straightforward for individuals with good to excellent credit. However, people with lower credit scores may face higher interest rates or may have difficulty qualifying.

 

What is the required credit score for cosmetic surgery?

A credit score of at least 650 is often required for the best loan rates and terms. However, some financing options may be available for individuals with lower scores, though they may have higher interest rates.

 

Do insurance plans cover aesthetic procedures?

Most insurance plans do not cover elective or aesthetic procedures unless there is a medical necessity involved (e.g., reconstructive surgery after an accident). Purely cosmetic treatments will typically require you to pay out-of-pocket or seek financing.

 

Is it possible to get a personal loan for cosmetic surgery?

Yes, personal loans are a viable option for financing cosmetic surgery. These loans offer fixed repayment terms and interest rates, making them a good choice for costly procedures.

 

What is the 2/3/4 rule when it comes to credit cards?

The 2/3/4 rule is a guideline for responsible credit card management. It advises obtaining only two new cards within 30 days, three new cards within 12 months, and four new cards within 24 months.

 

Are payment plans available for lip injections?

Yes, many providers offer payment plans for smaller procedures like lip injections. These plans may be offered as part of an in-house financing program or through healthcare credit cards.

 

Does using medical credit impact your credit score?

Yes, using medical credit can affect your credit score, especially if you carry a high balance or miss payments. It’s important to stay on top of your payments to avoid negative impacts on your score.

 

What credit score is necessary to finance plastic surgery?

To qualify for the best financing rates for plastic surgery, you’ll generally need a credit score of 650 or higher. Some lenders may offer options for lower credit scores, though the terms may not be as favorable.

 

How can I afford fillers and Botox treatments?

You can finance fillers and Botox treatments through healthcare credit cards, in-house payment plans, or medical financing companies. Be sure to evaluate your options and choose one that fits within your budget.

 

Do medical loans affect your credit score?

Yes, medical loans can affect your credit score, particularly if you miss payments or fail to repay the loan on time. Responsible use of medical loans, including on-time payments, can help maintain or even improve your credit score over time.