Breast Implant Financing For Bad Credit
Breast Implant Financing For Bad Credit
What do the words, “financing for bad credit” mean to you? Most of us think of:
· Cash advances
· Pay day loans
· Business loans
Very few people associate those words with plastic surgery. The funny thing is they do apply. Bad credit can affect anything. It’s not limited to your:
It can affect your financing options for anything from vehicles to your choice of breast implant.
In the interest of upholding the American Society of Plastic Surgeons (ASPS) commitment to cosmetic affordability for all eligible patients in need; Body Cosmetica will review your breast implant financing options if you have poor credit.
The Good, the bad & the Ugly: The Truth about Limited Lending Options
Let’s get the ugly out of the way right off the bat. If you have poor credit, avoid the following:
· Traditional loans
· Opening more lines of personal credit
· Filing a breast implant insurance claim
Unfortunately, with bad credit already on record, these options get you nowhere.
Traditional loans have too many qualifications that rely on your credit rating. These qualifications affect your:
· Interest rate
· Collateral requirement
· Loan amount
· Repayment plan
If by some slim chance you do qualify, read through the terms and conditions before signing to insure the funds are worth the risk. It’s important that you don’t get locked into an agreement that hurts you more than it helps you; especially if your goal is to rebuild your credit.
When looking at lines of personal credit, you need to consider two things:
1. Debt is habit forming.
2. Don’t take on more financial strain than you already have.
Misusing personal lines of credit often leads to bad credit. Do not invite more trouble than you already have. Also, it’s important to realize that the higher your outstanding balances are; the less money you qualify for and the more interest you pay. This is not a reliable breast implant financing route. That just leaves insurance in the no column.
Trying to use insurance coverage for a breast augmentation is ill-advised. Insurance only covers breast work in two instances:
1. Trauma or cancer-related reconstruction
2. Breast reduction
The majority of implant-related claims are denied. Not only that, a patient typically loses their insurance coverage after an elective breast implant surgery. Where does that leave you?
The Good Options
Plastic surgery financing with bad credit really involves two affordable avenues:
1. Unsecured financing
2. Healthcare loan
Here are the basic high points of each option.
Unsecured financing offers similar benefits to a traditional bank loan except that the loan doesn’t require collateral and the credit check is flexible. The flips side of that coin is you’re looking at:
· Higher interest rates
· Smaller loan amounts
· Stricter default penalties (may involve legal action)
· Sifting the good lenders from the bad ones
The reasons listed above are why most patients with compromised credit choose the second option: a healthcare loan.
Healthcare loans are endorsed by the ASPS as a way for patients to get the low interest resources they need for breast implant financing and other procedures. They function as a reusable line of credit with a few key differences:
· They are either interest-free of low interest
· The amounts are large enough to cover elective cosmetic procedures
· They will work with individual applicants to set up affordable payment plans
· There’s no need to re-apply for funding. If needed, just find out if you’re eligible for a credit increase.
· You can be referred to reputable healthcare lenders by your plastic surgeon or clinic location.
The information included in this article constitutes a basic outline of financing options. To find out more about the resources we discussed, schedule a consultation at Body Cosmetica. The staff can review these and other breast implant financing options with you.