We have created a handy guide to cosmetic surgery loans so you can learn more about the options you have to fund cosmetic surgery and non-surgical cosmetic procedures.
Here at Bamboo, we don’t want to tell you to change your body. We don’t want you to feel self-conscious or uncomfortable in your own skin at all. Without getting all mushy, we think that everyone is beautiful. But the fact remains that, sometimes, there’s just something about yourself that you don’t like. Some people learn to live with it. Some people hide it or find a way around it. But some people want to have it changed permanently.
Whether it’s a ‘Dave Forever’ tattoo that is little embarrassing now that you and Dave have split up or a slightly wonky nose that you’ve always wanted to change – if that’s what you want to do, then you should be able to do that, regardless of your credit score. And, in some cases, cosmetic surgery loans can be a great way of doing that.
Cosmetic surgery loans: the options
Aside from a few loans from obscure companies, as a rule, specific cosmetic surgery loans do not exist. Instead, you’ve got three or four choices to fund your cosmetic surgery if you don’t already have the money in the bank: a credit card, a finance package, an unsecured loan or a guarantor loan.
Using a credit card
If you’ve got a high credit limit on your credit card, it can be very tempting to whack the bill on the credit card and pay it off over time. After all, there’s something quite satisfying about using a credit card to buy something – it almost feels free!
However, there’s a reason that people say that the only responsible way to use a credit card is to clear the balance every time: over time, credit cards end up incredibly expensive. When the initial interest rate is up, it can often sky rocket to excessive amounts. On top of that, the option to only pay off the minimum amount each month is all too tempting, meaning that you can often stretch the debt out for years and years before paying it off, all the while building up interest.
Perfect for: Paying for your cosmetic surgery if you’re able to pay the full balance within a month or two.
Many cosmetic surgery practices offer a finance package – often with a tempting 0% finance for an introductory period.
In many cases, these deals are the best option. If you are certain that you’ll be able to pay off the entire amount owed – as well as any administrative fees – by the time the 0% offer has worn off, then you’ll have borrowed the money for your surgery without paying a penny! Perfect!
However, much like credit card rates, the interest rates on these finance packages can shoot up to extortionate amounts after the introductory period. If you’re not 100% sure that you will be able to pay it off during the 0% period, then you might be better considering taking out a cosmetic surgery loan with a fixed interest rate. At least that way you won’t be surprised by a large bill at any point!
Using an unsecured loan
If your credit score qualifies you for an unsecured loan (normally if you have a credit score somewhere between fair and good) then an unsecured cosmetic surgery loan might be the best option for you, and will allow you to spread the cost of the surgery out over regular, pre-agreed payments. Plus, you don’t even need to be a homeowner to apply. (At Bamboo, you can borrow up to £5,000 with an unsecured loan. Representative APR: 49.7%)
Using a guarantor loan
If your credit score doesn’t quite qualify you for an unsecured loan, don’t give up hope. Guarantor loans have been designed for people in your situation and – within 24 hours –the money could be in the bank so that you can go ahead and book the procedure you want.
Guarantor loans are just like unsecured loans, except you have somebody vouch for you to the lender.
With a Bamboo guarantor loan, you can borrow up to £8,000 towards your cosmetic surgery. Representative 49.7% APR.