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Using Personal Loans with Bad Credit
26 Nov 2018

How to Fund Your Cosmetic Surgery Using Personal Loans with Bad Credit

According to the American Society of Plastic Surgeons (ASPS), the popularity of cosmetic procedures of all types is steadily rising.

In fact, 17.5 million cosmetic procedures were completed last year. While minimally invasive procedures have increased by 200% since 2000.

Between the convenience of lunchtime procedures like fillers and minimally invasive body sculpting techniques, people are improving their physical appearance without too much pain or downtime.

With that said, many patients are struggling to find the funds to pay for treatments and upkeep. While some travel out of the country for cheaper procedures, you can have work done without the health and safety issues that come with doing it.

But you don’t have to do that. You can obtain personal loans with bad credit to pay for your makeover.

Want to know how? Keep reading and we’ll tell you everything you need to know!

The Cost of Cosmetic Procedures

Cosmetic surgery is less expensive now than it’s been in the past. But that doesn’t mean it is affordable for everyone. After all, we have financial responsibilities and emergencies that pop up at random.

To help you understand how much money you’ll need for your loan, here are some of the most popular invasive and minimally invasive cosmetic surgeries along with their average prices.

Breast Augmentation

Breast augmentation can mean a few different things. It might be a procedure to simply lift and firm the breasts or one that involves inserting implants or reducing a woman’s natural breast size.

This is how the pricing might look:

  • Implants are about $6,500
  • A reduction is about $6,000
  • Breast lifts are more expensive at about $8,000

Additionally, you can expect to get a touch up every 5 to 10 years.

Botox

Botox is one of the most common cosmetic procedures offered today. With it, you can look several years younger with minimal pain or recovery.

The price you pay for this procedure will depend on how many injections you’re getting at a time. A good average estimate is about $500.

Brazilian Butt Lift or Augmentation

People everywhere are looking for ways to lift, firm, and plump up their butts. And when squats aren’t enough, they’re getting the results they want via Brazilian Butt Lifts or augmentation procedures.

A shapely butt doesn’t come cheap though. In most cases, you won’t pay anything less than $8,000.

Liposuction

If you’ve been on a weight loss journey, you know how stubborn those last 10 pounds can be. This is where liposuction comes into play.

You can have this procedure done in multiple areas like your tummy, neck, back, and arms. Because it’s common to have more than one area worked on at a time, you can see the costs vary drastically.

However, about $6,000 is a good estimate.

How to Get Personal Loans with Bad Credit

When it comes to applying for a personal loan, you have two options to choose from. One is called a secured loan and the other is an unsecured loan.

The key to obtaining a loan with a low credit score is understanding the differences between the two types. Here’s what you need to know:

Secured Loans

With a secured loan, a lender will only approve your application if you have collateral to back it up. Collateral makes lenders feel more secure in the risk they are taking to lend you money.

Things of high value like cars, stocks, and homes are often used for this purpose. If you cannot repay your loan, the lender will take possession of the property you’ve used as collateral.

Unsecured Loans

Unsecured loans are the opposite of secured loans. There is no collateral used.

Instead, the company you’re requesting a loan from will analyze your finances in order to decide whether you’re eligible. The main concern for these types of lenders is if you make enough money to pay the loan back.

In order to do so, you will have to provide documentation that proves your income like pay stubs.

Unsecured personal loans don’t usually require a credit check. So, you shouldn’t worry too much if your credit score is low.

So, How Can You Apply?

When applying for a personal loan, the information you might be required to provide varies based on the lender you are working with.

A lender might ask for your:

  • Permanent residential address
  • Social security number
  • Email address
  • Phone number
  • Personal references
  • Proof of employment status
  • Proof of income

This information is what is generally asked for. However, your lender may ask for more or less personal information.

Borrowing from Banks and Credit Unions

Generally speaking, the application process for personal loans is fairly simple. However, it depends on the type of lender you’re borrowing from.

As an example, you may want to borrow from a bank or credit union you already have an account with. If so, chances are, you’ll have to physically walk into the location.

If you go this route, having a positive history that doesn’t include things like overdrafts might help you lock in a lower interest rate. A possible negative effect here is if your credit score is low you might end up paying a higher interest rate.

Borrowing from Online Lenders

On the other hand, if you are not going with a bank or credit union, online lenders are viable options. This is especially true when you want to quickly obtain the funds for your cosmetic procedure and you have bad credit.

Unless the loan is specifically a no credit check loan, this type of lender may ask for you to use a cosigner when you have a low credit score.

In both cases, the application process takes about 10 minutes or less and it is done 100% over the internet. If your application is approved, you may have the money deposited into your bank account in as little as one hour or two days at the most.

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The cosmetic procedure of your dreams isn’t as out of your reach as you think. Even if you don’t have excellent credit, you can still obtain personal loans with bad credit.

In fact, we’ve based our website on helping people like you reach their financial goals. So, follow us for more finance and credit advice!