Financing breast enhancement surgery when you have a bad credit history means you may have to be creative, shop around, or wait until your circumstances improve. Your options vary widely depending on whether you want to enlarge or reduce your chest size.
Bad credit loans for breast augmentation and implants are a high-risk category for many lenders. You may need to pay higher interest rates, face multiple denials, or may need to borrow from multiple companies to fund the entire cost of your surgery.
Financing breast reduction surgery with bad credit is often far easier because medical reasons may prompt the need for the procedure. Healthcare companies and the federal government may then assist with funding.
Breast Enlargement Loans with Bad Credit
Taking out loans to pay for breast enlargement with a bad credit history is challenging, and questionable. Lenders will shy away from providing funds to people with a history of late payment on other obligations. The surgery itself is not necessary, introduces risks, and may cause an interruption in work and income. It can wait until your circumstances improve.
Apply for cosmetic surgery financing if you are convinced that a larger chest will improve your job prospects and self-esteem, and you do not want to wait. People with no credit and those temporarily unemployed may have other considerations.
Breast Implants No Credit
It may prove very difficult to take out a loan to pay for breast implants when you have no credit history. Lenders feel safer lending money to people with a proven record of on-time payment history.
Payday and car title loans may be your only option. Lenders may provide the money you need with no credit check.
You may want to delay the procedure for one year while you apply for several department stores and general purpose credit cards. Use the cards sparingly, and pay each monthly bill on time to establish a positive payment history.
Breast Augmentation Unemployed
Taking out a loan to pay for breast augmentation while unemployed may not be a wise choice or a viable option unless the surgery improves your job prospects. Most lenders want to see a steady source of income before lending money. Unemployment compensation programs have time limits.
If you want to enhance your appearance without ruining your risk score for years, wait until you have a steady income so you can repay the note without missing any deadlines. Keep in mind that you may miss work and lose income while recovering from the surgery.
Financing Breast Reduction with Bad Credit
Financing breast reduction surgery with bad credit provides two additional options that you should explore before borrowing money for the procedure. You do not want to make your circumstances worse. Your health insurance and the tax code may provide some of the funding you need.
Your health insurance policy may help finance your breast reduction or implant removal if your doctor can demonstrate a medical reason for the surgery – even if you have bad credit. Ask your doctor to draft a letter of necessity for your insurance company, and ask them to pre-certify coverage.
Women with naturally large bosoms may find that their insurance plan covers the reduction surgery when their condition causes strap or chronic neck and back pain. Insurance may also cover breast implant removal for many reasons. Below is a sample listing.
- Extrusion of the implant through the skin
- Recurrent infections associated with the implant
- Implants with severe contracture
- Rupture of silicone implant, but not saline implants
- Removal of implant is necessary to excise cancerous cells
The federal tax code may provide financial assistance for breast reduction surgery to fill in gaps not covered by your healthcare plan. When the procedure is medically necessary, the cost may be tax deductible, or a Flexible Spending Account (FSA) qualified expense.
You may be able to deduct the unreimbursed expenses using Schedule A. Keep in mind that you total unreimbursed medical expenses must exceed 10% of your adjusted gross income for any relief.
Your FSA provides first dollar tax savings for any qualified medical expenses. An FSA acts like breast reduction financing when the procedure addresses a medical necessity. You do not have to meet the adjusted gross income threshold before savings kick in, and your employer must fund all qualified expenses when they occur, regardless of your current contribution into the account.