If you’ve tried diet and exercise and can’t seem to eliminate those frustrating pockets of fat that can accumulate in the abdomen, flanks and thighs, you may discover you’re a good candidate for liposuction. This outpatient procedure reshapes, sculpts and slims down the body.
Since its introduction into the cosmetic surgery scene more than 30 years ago, liposuction has become one of the most popular aesthetic plastic surgery procedures, according to the U.S. National Library of Medicine. Of the 15.9 million cosmetic plastic surgeries performed in 2015, as reported by the American Society of Plastic Surgeons, 222,051 of them were liposuction.
How much does liposuction cost?
While the results of liposuction are desirable and likely to boost self-esteem, the price tag for the cosmetic surgery procedure is high. According to the American Society of Plastic Surgeons, the average liposuction cost $3,009 in 2015. The surgery is usually not covered by insurance. This means you’ll have to come up with the required fee yourself.
Options to finance liposuction surgery
You want your body to look good, but not at the expense of your bank account. Read on to find out about the various ways to finance liposuction surgery. There’s bound to be an option that fits your budget.
Take out an unsecured personal loan
How it works
Unsecured personal loans also are known as signature loans, because you promise to pay back the loan when you sign the documents. You can get a personal loan for your liposuction from a bank, credit union or online lender. it’s often easier and quicker to apply to an online personal loan lender. Such loans have fixed interest rates. This makes it easier to budget because the loan payment amount remains the same throughout the life of the loan. However, different personal loans come with different rates, fees and requirements, so check out what the best personal loans are to ensure that you choose the best option for you.
Pay with a credit card
Paying for liposuction is fast and easy with a credit card — as long as you have sufficient credit line on the card. If possible, use a credit card that gives you airline mileage, points or cashback so you get an extra bonus.
0% Intro APR credit cards
If you have good credit, your best option is to apply for a credit card with a 0% introductory APR. The grace period during which you don’t need to pay any interest usually lasts six to 18 months.
Make sure you can pay off the amount you owe within the grace period, or you’ll end up paying high interest rates that are usually in the double digits. For instance, the Chase Freedom card offers an introductory 0% interest rate for the first 15 months. After that period ends, the APR goes to 15.49% to 24.24%, depending on your credit score.
If you’re looking for liposuction surgery financing with bad credit and no co-signer, there is a solution. The Indigo Platinum Mastercard is designed to help you rebuild your credit history. Don’t know your credit score? Check it here.
Pros: Credit cards are accepted by most liposuction surgeons. If you can get a card with 0% introductory APR for several months, doing this gives you a chance to pay off the amount charged without paying any interest.
Cons: Credit card interest rates can be high, which results in owing a lot of interest. For example, a procedure that started out as $3,000 could end up costing you double if you don’t pay it off quickly. Such a large purchase could also tie up your credit line, reducing your credit utilization ratio and possibly lowering your credit score.
Use a medical credit card
As its name suggests, a medical credit card can be used for medical procedures such as liposuction. Such cards generally have a 0% introductory annual percentage rate (APR) for six to 18 months, which provides you with a way to pay off the cost of the surgery in monthly installments.
It’s important to keep in mind that medical credit cards often work differently than regular ones. If you don’t pay off the amount due before the end of the grace period, you owe the interest on the entire amount you borrowed. This is the case even if you made partial payments. Make sure your budget will allow you to pay off the amount due in time.
Pros: Most medical credit cards offer 0% introductory APR for six to 18 months, which gives you time to pay off the liposuction surgery bill.
Cons: If you don’t pay off the amount due before the grace period ends, you can be hit with costly interest charges.
Recommended liposuction surgery lenders
Try a secured loan
Own a home with equity? If so, you have two options for financing liposuction surgery. You can open a home equity line of credit (HELOC) or a home equity loan (second mortgage). Both of these loan types tend to feature low interest rates. Even better, the interest payments are tax deductible.
According to the Federal Trade Commission, you may be able to borrow up to 85% of the appraised value of your home less the amount you owe on your first mortgage.
HELOC and home equity loans are backed by collateral—your home. For that reason they are considered secure. It’s important to keep in mind that if you’re unable to pay these loans back, the lender can take your home.
Pros: If you have sufficient equity in your home, it’s usually easy to get a HELOC or home equity loan. The interest you pay is also tax deductible. When you get a HELOC, you can withdraw the exact amount of money you require for the liposuction surgery. Depending on how much equity you have in your home, this may mean you have money left on the credit line that could be used for emergencies.
Cons: These are collateral loans that put your home at risk. If you fail to pay, you could lose your house. Both of these options feature variable interest rates. This means your payments fluctuate with the market, which can be hard on your budget.
Borrow from your 401(k)
If you have a 401(k) retirement savings account with your employer, you may be able to borrow from the account. Because you are lending money to yourself, you’ll be able to get liposuction financing with no credit check. This can be desirable if you have poor credit or are trying to build your credit by avoiding a hard inquiry.
How it works
You can take five years to pay back your retirement account, as long as you don’t quit your job. If you’re terminated from employment, you’ll need to pay back the money within 60 days or incur a penalty for early withdrawal.
Pros: There is no credit check or interest to pay when you borrow from your own 401(k). You can take up to five years to pay the loan back, as long as you’re still employed.
Cons: If you lose your job or decide to leave, you must pay back the 401(k) within 60 days, or risk being penalized for early withdrawal. You won’t earn interest on the money that you’ve borrowed.
Liposuction can give your self-esteem and your looks a big boost. Help ensure your finances stay as healthy as possible by choosing the best financing options for liposuction surgery. Take a look at SuperMoney’s Best Personal Loans Reviews and Comparison for the ideal funding options for your budget.
Julie Bawden-Davis is a widely published journalist specializing in personal finance and small business. She has written 10 books and more than 2,500 articles for a wide variety of national and international publications, including Parade.com, where she has a weekly column. In addition to contributing to SuperMoney, her work has appeared in publications such as American Express OPEN Forum, The Hartford and Forbes.