Paying for cosmetic surgery can cut deeply into your budget
By Robbie Woliver • Bankrate.com

Like results, rates vary
Financing your plastic surgery is basically the same as looking for any other personal loan, but there are companies who specialize in this area.

Unicorn Financial is one of the largest consumer finance companies dealing with elective health-care procedures.

"We offer a number of different programs to fit all incomes and budgets. Patient financing is offered conveniently from your cosmetic surgeon's office with a short application and there is no need to bring any income verification or paperwork other than your driver's license to apply.

Patients can even apply online from the doctor's office or from the convenience of their homes, and credit decisions are processed in seconds. This removes any waiting time and patients can book their surgery date on the same day of the consultation," says Susan Richardson, vice president of marketing for the Tallahassee, Fla.-based firm.

Unicorn's credit requirements are designed to approve as many people as possible. "Our credit decision and the credit line provided you will be based primarily on your credit history and how you have paid your bills in the past," says Richardson.

"Over 90 percent of our customers participate in our 'same as cash' program, which is a no-interest revolving line of credit," she says.

The rates for other Unicorn payment programs vary depending upon a person's credit and which programs their doctor offers. Interest rates can start at zero-percent with same-as-cash financing or 8.99 percent on their extended payment plans.

Do-it-yourself -- financing, that is
You could, of course, just pay for the surgery yourself.

"I wanted the surgery, and my insurance wasn't going to pay for it. So, I paid in cash, it's that simple," said Barbara W., 63, of Savannah, Ga., who saved up $6,500, so she could get a face lift.

Judy C., 61, from Long Island, N.Y., held an inheritance aside "to do something for myself." She used it for a partial face lift, $7,200 for the doctor's fee and $2,000 for the facility.

In addition to paying cash or letting the doctor swipe your Visa or MasterCard, you could ask your bank for a personal loan or even a home equity loan. At the very least, make sure you compare these loan rates and possibilities to anything offered by a finance company.

The American Bankers Association says loans for this cosmetic surgery are similar to other personal loans.

"Consumers need to be aware of rates and they must be willing to pay those rates. Consumers are in the driver's seat as to the choices about how to pay for such surgeries," says ABA spokesman John Hall.

OK, so you know what it costs and you go to a finance company. Be absolutely sure about how much you are borrowing, the terms of the loan and the effective interest rate, whether it's a personal loan or a home equity loan.

Dr. Philip C. Bonanno, whose practice is in upscale Westchester County, N.Y., says 97 percent of his patients pay cash.

The other 3 percent, he says, pay by credit card or through a finance company. Paying by cash can save a patient an average of $500 and as much as $2,000.

"But that's changing, it's increasing slightly," he says. "Especially among younger people as cosmetic surgery becomes more popular."

As elective surgery becomes more common, one surgeon suggests, "Banks are now realizing the revenue potential of loans for cosmetic surgery. That's going to be the next trend."

As for advice to potential plastic surgery patients, Bonanno says: "Their first consideration should be finding a good, certified doctor. The second should be payment."

*Before deciding on any elective plastic surgery it is essential to thoroughly check out any procedure you are interested in and any doctor you may wish to consider doing the surgery. Never proceed without complete confidence in both the procedure and the doctor. Remember, top quality board-certified plastic surgeons may have spent years developing their skills, but cosmetic surgery can be done by anyone with a medical degree. Never forget cosmetic surgery is "surgery" and comes with all the inherent risks. Decide with the greatest of care. The American Society of Plastic Surgeons gives you an easy way to begin that process.

Robbie Woliver is a freelance writer based in New York

-- Updated: April 26, 2004