Are Cosmetic Surgery Loans A Good Idea?
Getting the right cosmetic surgery loans can be daunting if you don’t know where to begin your search. Surgical loans are increasing in popularity, with more cost-effective financing solutions at your fingertips and multiple lenders to choose from. Given how more Australians are opting for elective and reconstruction surgery today, it’s important to know what’s involved with the loan so you’re fully prepared.
Cosmetic vs. Plastic Surgery
First, let’s straighten out what cosmetic surgery means. Cosmetic surgery focuses on improving aesthetic appeal. Things such as symmetry and proportion are important factors, and because surgeons work on areas with proper function, it’s considered an elective type of surgery.
Plastic surgery, on the other hand, focuses on reconstructing damage caused by trauma, disease, or birth disorders. Because it aims to restore function, it falls under the category of reconstructive surgery.
What to Expect When Getting Cosmetic Surgery Loans
The vast majority of lenders offer flexible financing options and industry discounts, just so long as you meet certain criteria. Here’s what you’ll typically need:
- Be over the age of 18
- Be a citizen or permanent resident in Australia
- Be employed or self-employed
- Have a driver’s license and Medicare card
- Have a passport
- Recent payslips
- Bank statements within the last 90 days
- Loan statements
- Two years of documentation of financials and tax returns (for self-employed applicants)
In addition, you should also be free of any court proceedings and history of filing for bankruptcy to qualify for cosmetic surgery loans. The same criteria typically apply to individuals who are also interested in getting a plastic surgery loan.
How to Determine if a Loan is Right For You
Due to the costs of cosmetic surgeries, it can be a challenge to pay for everything upfront with cash. With a loan, it gets much easier. But there are still several considerations worth thinking about:
Repayment Option: A lender may offer a weekly, fortnightly, or monthly repayment option that can last for as long as seven years. Fortunately, even if your situation changes, a loan provider may be able to help you adjust the repayment option to accommodate your changing financial situation.
Renegotiation of Terms: As soon as you receive a response for your loan application and receive the terms, you may be able to request a renegotiation of the terms involved, as well as your interest rate. If you don’t ask, you’ll never know.
Financial Obligation: It’s exciting to be approved for a loan, but don’t let it put you under a financial burden that’s more than your finances can handle. If, however, you’re certain you can meet your obligation, then it’s a no-brainer decision.