Plastic Surgery Loans and How to Finance Your Physical Transformation
Everyone is conscious about their appearance and wants to do something to improve them. Some people need a little medical help to feel better about themselves. Cosmetic procedures are one way you can look your best. Even though these treatments are expensive there are many plastic surgery loans available that you can use to finance this transformation.
Generally, any surgery or medical procedure that is required for cosmetic purposes is not covered by health insurance however there are certain loopholes that can be found. For example, a person with breathing difficulties can get a rhinoplasty or nose job. Similarly, someone who has large breasts can go for a breast reduction procedure. Before you start scheduling the surgery it is best to check what the plastic surgery loans you are interested in covers.
Personal loans are the best type of plastic surgery loans and can be availed from any local bank or creditor. The online lenders also offer competitive rates now. There are two types of personal loans, the secured and unsecured. For secured loans you can receive a lower interest rate by putting up any asset as collateral.
The benefit of using a personal loan as the plastic surgery loan is that the repayment period can be stretched out to make the loan more affordable. However, the cost of the surgery will increase after adding the interest payments.
Another type of plastic surgery loan is the 401k which you can use to finance the treatment. However, this only covers surgeries that correct a disfigurement such as third-degree burns or genetic abnormalities. Even though borrowing from a 401k account is the cheapest option, it has its own risks. Those who fail to repay the loan will have to withdraw earlier and pay an income tax on the amount with an additional 10% penalty.
Home Equity Loans
If you are a homeowner and have accrued equity then you can benefit from the low interest rates by using the home equity loan or line of credit as the plastic surgery loan. This is the most affordable option for those homeowners since the interest paid on the mortgage loan can be deducted from the tax. However, one should remember that since this is a second mortgage, the house is put up as collateral and failure to make the payment on time can result in them losing their home.