4 Plastic Surgery Loans for Bad Credit

• Overview. Upstart is an online lending platform that connects borrowers with banks and credit unions for personal loans. It stands out because of its unique underwriting process, which uses artificial intelligence and non-traditional data such as college education and work experience to evaluate borrowers. This allows Upstart to approve more applicants than traditional lenders. It offers fast loan approval with next-day funding but does not offer joint or co-signed loans.

• Loan amount. $1,000 to $50,000.

• Min credit score. 300.

• APR. 7.80% - 35.99%.

• Fees. Origination fee - 0% to 12%. Late fee - 5% of the unpaid amount or $15, whichever is greater. Insufficient funds fee - $15.

• Repayment terms. 3, 5, or 7 years.

• Qualifications. Applicants must be U.S. citizens or permanent residents, at least 18 years old (depending on the state), with a valid email address, Social Security number, and a full- or part-time job or other regular income. They must have a personal U.S. bank account, no bankruptcies in the last 12 months, and fewer than 6 recent hard credit inquiries. Min annual income of $12,000.

• Pros. Upstart is flexible with bad credit or no credit history, low-income requirements, fast approval, and next-day funding, secured loans, and borrowers can change payment dates once a year.

• Cons. Upstart charges origination fees, no rate discounts, no joint or co-signed loans, and no direct payments to creditors for debt consolidation.

• Key features. Upstart uses alternative data like college education and work history along with credit information to evaluate borrowers, increasing approval chances. Fast loan approval with next-day funding and secured loans with collateral. Borrowers can change payment due date once a year. But Upstart does not offer joint or co-signed loans and charges origination and late payment fees. Loans are available in all 50 states and Washington, D.C.

• Overview. Upgrade offers personal loans for low credit score borrowers, perfect for debt consolidation and building credit. The lender offers rate discounts and allows direct payments to creditors, making it a good option for those who want to simplify debt repayment. Upgrade is more lenient than traditional lenders with a lower minimum credit score requirement and flexible terms, so it’s open to a wide range of borrowers. It’s also praised for its fast application process and good customer service, as shown in its Trustpilot and mobile app reviews.

• Loan amount. $1,000 to $50,000.

• Min credit score. 580.

• APR. 9.99% - 35.99%.

• Fees. Origination fee - 1.85% to 9.99%. Late fee - $10. Failed payment fee - $10.

• Repayment terms. 2 to 7 years.

• Qualifications. Must have at least one credit account on their history and must not have a debt-to-income ratio higher than 75% including mortgage payments. Must have at least 2 years of credit history. No minimum income but can include multiple income sources such as alimony, Social Security, child support, and disability benefits.

• Pros. Upgrade offers secured and joint loans, rate discounts for autopay and direct debt consolidation payments, a mobile app to manage payments, and long repayment terms for bigger loans especially home improvements.

• Cons. The lender charges an origination fee and borrowers can’t choose a payment due date.

• Key features. Upgrade offers a 0.5% autopay discount and a 1-3% direct pay discount for debt consolidation. It offers secured and joint loans with the option to use the vehicle as collateral. The lender’s mobile app helps manage payments and track credit scores. Customers with multiple Upgrade products can get significant rate discounts. Longer repayment terms for bigger loans. Loans are available in all 50 states and Washington, D.C.

• Overview. Prosper is an online peer-to-peer lending platform that connects borrowers with investors to fund personal loans. It serves borrowers with bad to excellent credit and offers competitive rates and fast approval. Prosper’s proprietary model looks at various factors like bank transactions and repayment ability to match borrowers with investors. Most loans are funded within a week, but in some cases, they can be funded the next business day.

• Loan amount. $2,000 to $50,000.

• Min credit score. 560.

• APR. 8.99% - 35.99%.

• Fees. Origination fee - 1% to 9.99%. Late fee - the greater of $15 or 5% of the unpaid amount. Insufficient funds fee - $15. Mailed-in payment fee: $5.

• Repayment terms. 2 to 5 years.

• Qualifications. No minimum income. Prosper accepts income from multiple sources such as alimony, retirement benefits, child support, and Social Security. Max debt-to-income ratio: 50% (excluding mortgage payments). Borrower must be at least 18 years old and have a valid U.S. bank account and Social Security number.

• Pros. Quick approval and next-day funding. Joint loan option for borrowers with weaker credit. Mobile app to manage loans.

• Cons. No rate discounts, origination, and late fees, and no direct payments to creditors for debt consolidation.

• Key features. Prosper offers joint loans, borrowers can apply together for better rates. Fast funding, next-day transfer for some loans. Mobile app to manage payments and track credit scores. It also offers hardship relief, which can reduce monthly payments or extend loan terms. Loans are not available in Iowa and West Virginia.

• Overview. Avant is an online lender for personal loans for borrowers with fair to bad credit. By partnering with WebBank it offers fast and straightforward access to loans for people with lower credit scores. Avant allows borrowers to check loan offers through a pre-qualification process so they can compare rates before committing. However, Avant is not ideal for those with excellent credit who can get better terms elsewhere.

• Loan amount. $2,000 to $35,000.

• Min credit score. 550.

• APR. 9.95% - 35.99%.

• Fees. Origination fee - Up to 9.99%. Late fee - $25. Non-sufficient funds fee - $15.

• Repayment terms. 2 to 5 years.

• Qualifications. Min monthly income - $1,200. Avant accepts income from employment, alimony, retirement, Social Security, or disability benefits. Applicants must be residents of states where Avant loans are available, and have a Social Security number and a personal bank account. No active bankruptcies are allowed.

• Pros. Avant accepts borrowers with a wide range of credit scores, from fair to bad, so it’s available to many. Fast approval and funding process, with loan funds deposited the next business day. Avant also offers customer service 7 days a week which can help resolve any issues quickly.

• Cons. Avant is known for fast approval but charges origination fees and doesn’t offer co-signed, joint, or secured loan options. No rate discounts and max loan amount may be lower than other lenders, which can be restrictive for bigger financial needs.

• Key features. Avant offers personal loans for low credit scores. Fast approval, often next-day funding for urgent expenses. Borrowers facing financial hardship can defer payment or extend loan terms. Loans are not available in CO, HI, IA, MA, ME, NY, VT, WA, and WV.

If your plastic surgery is medically necessary, such as breast reconstruction after a mastectomy or rhinoplasty due to trauma or disease, your insurance may cover part or all of the cost. Before you take out a loan, check with your insurance provider. You may be surprised to find that some or all of the surgery is covered, and you won’t need to finance it. Always check with your insurer to be sure you know what’s covered.

Many plastic surgery clinics offer in-house financing, often with third-party financing companies. This can be convenient since the funds go directly to the provider, but it’s less flexible than a personal loan. Some clinics offer a 0% APR promotional rate for 6 to 12 months, so if you plan to pay it off quickly, it’s a good option. But be careful, interest rates go up significantly for longer repayment terms.

Your plastic surgeon may also offer a payment plan which could be interest-free or a loan through a third-party lender. Payment plans are good for short-term financing but make sure to compare the terms of any loan offered by the clinic with other personal loan options to make sure you’re getting the best deal for your situation.

Using a credit card is another option to finance plastic surgery, it gives you ongoing credit with monthly payments. Some surgeons accept medical credit cards like CareCredit or Alphaeon which often have promotional financing on bigger purchases. These cards can have low or 0% interest for a limited time, usually 6 to 24 months.

Or you can take advantage of an introductory APR offer on a new credit card, 0% APR for up to 21 months. This way you can spread the cost without interest if you pay off the balance before the intro period ends. But any balance left after the promo period will accrue regular interest.

Medical credit cards like CareCredit are designed for medical expenses and may have interest-free periods but make sure to pay the balance before the offer expires to avoid interest.

A secured personal loan requires you to pledge something of value, like your car, savings account or even your home, as collateral for the loan. It reduces the lender’s risk. This makes it easier to qualify and can have lower interest rates than unsecured loans. But if you default, they can take your collateral. If you have bad credit and can make the payments, a secured loan might be an option for you but weigh the risks carefully.

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