Compare cosmetic surgery loans and financing in South Africa
Cosmetic surgery can cost thousands of rands. In most cases, health insurance doesn’t help you cover this cost. Besides your savings, cosmetic surgery loans are one way to make your procedure more affordable. If cash is the only thing that’s stopping you from getting your procedure done, here are some top financing options. Also, learn about comparing loans so you can pick the best option to help you look and feel better.
5 ways to pay for cosmetic surgery
These cosmetic finance options can help you cover the cost of your elective liposuction, tummy tuck, breast augmentation, or other popular procedures:
An unsecured personal loan is a common option for borrowers planning on financing various procedures. The biggest advantage is you can borrow up to R250 000 without using your car, house or any asset as collateral. Loan terms can last as long as 7 years which allows for flexible repayments.
Secured personal loans work much like their unsecured counterparts. However, they require you to use an asset (usually your home or car) to secure the loan. For this reason, they have lower interest rates and higher borrowing limits because there’s less risk for the lender. However, there is more risk for you since you can lose your asset if you don’t repay the loan in full.
Credit card
The credit card option usually comes with warnings of high interest rates. However, if you’re getting a new card, you can capitalise on long term offers that have a 0% introductory interest rate. As long as you can get an affordable rate and manageable repayments, credit cards are a viable finance option for some or all of your cosmetic surgery costs.
Some South African lenders offer personal medical loans that are used to pay for cosmetic surgeries. These lenders are likely to have specialized knowledge of how the industry works, which may be of advantage to you. Usually, you first have to get a quote from your doctor before applying for the loan. If your application is approved, the lender makes the payment directly to the medical practitioner.
Home equity loans
If you’re planning to undergo a particularly expensive cosmetic procedure, you might want a large loan amount at a competitive interest rate. With a home equity loan, you can keep the total cost as low as possible since the loan is secured.
In addition, the amount you can borrow is linked to the value of your house so you’ll likely be able to pay for the full cost of your procedure. However, as with all secured loan options, you might lose your home if you don’t make repayments according to the loan agreement.
Will your health insurance cover the cost of your cosmetic surgery?
Are you having cosmetic surgery or plastic surgery? While the two procedures might seem similar, cosmetic surgery focuses on appearance and beauty standards that are considered to be medically unnecessary.
On the other hand, plastic surgeons perform corrective surgery for valid health reasons. Examples include reconstruction of body areas as a result of birth defects, burns, accidents, and illness. As such, you’ll likely get health insurance cover for plastic surgery, but not for cosmetic surgery.
Use this checklist to compare cosmetic surgery loans
Due to the lack of health cover, cosmetic surgery loans can be such a big relief to borrowers seeking to improve their appearance. For best results, use the following checklist to pinpoint an affordable and hassle-free loan option:
- Interest rate. You can choose a fixed-rate loan (where the interest rate stays the same) or a variable rate loan (where the rate changes based on market conditions). Find the lowest rate possible to keep the total cost of your loan affordable.
- Fees and charges. The fees and charges that come with your loan should also be considered together with the interest rate. The APR of your loan includes the interest rate plus all these costs. It’s, therefore, the best way to evaluate the actual, overall cost of borrowing. Fees that are commonly added to cosmetic surgery loans include initiation, monthly service, early payment, and late payment fees.
- Unique advantages. Look out for flexible loan terms and conditions that are in line with your goals. For example, you might want to go with a lender that allows you to use the money for other purposes like transportation and household bills that need to be paid while you recover.
How much will you pay every month? – Find out with our cosmetic surgery loan calculator
Monthly payments are another crucial factor you can use to compare loans. It’s easy with the cosmetic surgery loan calculator from CompareLoans. To get the best payment plan, you’ll need to consider the following:
- Loan amount. Find out if your desired loan amount is included in the maximum and minimum amounts. Also, check to see if your income level or credit score allows you to borrow as much as you need.
- Loan terms. The length of your loan affects the size of your monthly repayments. It also affects the total cost of your loan because of interest.
- Repayment plans. A good repayment plan allows you to make additional or early repayments without having to pay a penalty fee. Another flexible repayment option is being able to choose your own due dates.
To use the cosmetic surgery loan calculator simply enter your loan amount and loan term, then click calculate. You’re free to enter different values until the best result comes up.
Cosmetic surgery loans: What you need and how to apply
Comparing cosmetic surgery loans is easy with our comparison tables and loan calculator. Once you find an option that works for you, click the “Go to Site” button that takes you to the lender’s website. Usually, the application process requires you to fill in an online form and upload documents. To help you prepare, check if you meet the following general requirements:
- South African citizenship or permanent residency;
- A regular, monthly income;
- Minimum 18 years;
- Proof of income -bank statements and payslips;
- Proof of residence; and
- A good credit score.
Cosmetic surgery loans: 4 questions to ask before borrowing
- Do I have a good credit score? – It’s easier to borrow if you have a good credit score, but cosmetic surgery loans for bad credit are also available. However, you might want to consider if you’re willing to deal with the high interest rates reserved for bad credit borrowers.
- Have I done all the necessary research and preparations? – At the end of the day, you should be sure that this is something you want to do. Research the best registered and qualified doctors in your area and understand the risks before you commit.
- Have I considered all the costs? Cosmetic surgery can be expensive, but you might find it even more costly if you fail to budget for all associated or related expenses.
- Are there any other alternatives? – This applies to both the financing and the surgery. For instance, find out if you can borrow some money from family and friends. You can also opt to fly out and have the procedure performed in cheaper countries like Japan or Brazil.
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