Medical loans began with just a few companies. In the beginning, these were already existing finance companies who gave loans to people with large medical bills, which were often a result of emergency operations. Later, these loans branched out to optional surgical procedures, such as LASIK or laser eye surgery, dental surgery, gastric bypass surgery, and infertility surgery. Soon, companies began cosmetic surgery financing for all plastic surgery procedures as well, with some finance companies specializing in offering medical or cosmetic loans.
Today, there are a number of finance companies from which you can get loans. Most companies will cover all cosmetic procedures, while some will cover only a handful of procedures. All companies will consider your credit standing before the loan, taking into consideration your current job, how long you’ve held the job, and your debt-to-income ratio, which is the ratio of how much you earn monthly versus how much you owe.
Often, companies will tailor the loan to your credit history, though for those with really bad standing, they will deny the loan altogether. Getting this type of loan denied is actually quite common because it is an “unsecured” loan, which means there is no collateral. This is why some plastic surgeons do not accept clients who are availing of cosmetic surgery financing unless the company the client is working with offers a doctor’s discount. A doctor’s discount is an arrangement which involves the company paying the doctor directly at a discounted rate. This means the money never has to pass through you. Some doctors feel better about this because they are assured that they get paid. Likewise, some companies only work with certain doctors.
Usually, the interest rates for a cosmetic surgery loan is lower than those on standard credit cards, with many companies offering zero interest for several months. Payment terms range from 3 to 60 months without any down payment and with no pre-payment penalties.
When you will visit their website, there is the availability of the secure payment options. You can pay through the plastic cards at the online website. The surgery will offer the desired results to the individuals. There is no penalties at the medical spa to get the best results to the people.
As mentioned earlier, there are several finance companies which do this type of loan. Some are sub-companies of large corporations while others are smaller companies which only finance these types of procedures. When choosing a company, be sure to choose one that is well established and fair. Remember, if it’s too good to be true, it may very well be. An example of a pre-existing finance company which later opened up a medical finance company under its umbrella is JP Morgan Chase, which owns Chase Health Advance. Apart from medical and cosmetic surgery financing, they also offer veterinary care. But don’t limit yourself to this. There are plenty of other companies out there.