Breast Enlargement Finance
Boob jobs are the most popular cosmetic surgery procedure in the UK, and as it is extremely difficult to qualify for the procedure on the NHS, the majority of surgeries are paid for privately. As procedures cost upwards of £3,500, many clinics are now offering finance packages to patients to allow them to spread the cost of their procedure.
There are several types of scheme available including low monthly payments that are often interest free and even “buy now pay later” options, where the first payment towards the procedure is delayed for a fixed time (after which the payment is either made in full or usually spread out over monthly installments that include interest charges).
How Much Will It Cost?
Breast enlargement operations usually start from around £3,500 but can cost upwards of £7,000 depending on the circumstances.
To the right is a table detailing the average pricing of different cosmetic procedures available privately in the UK.
What Payment Options Are Available?
The high cost of boob jobs mean that many clinics offer finance options to help you pay for your procedure. In addition to researching the procedure and the clinic you are choosing, it is also important to research the costs and financial implications of having a boob job. There are several options available to most patients:
Many clinics give you the option of paying for your procedure monthly. Most offer a 0% APR option, which means that you pay back only the cost of the procedure, whereas some do charge interest in order for you to spread the cost. An example of the difference interest makes to your payment is shown below:
|£4000 at 0% APR over 2 years = £166.67 per month||Total Repaid = £4000|
|£4000 at 9% APR over 2 years = £196.67 per month||Total Repaid = £4720|
|£4000 at 9% APR over 4 years = £113.33 per month||Total Repaid = £5440|
It is important to fully understand the finance packages offered by your clinic, as it is often the case that lower repayments over a longer period of time actually result in you paying more.
Buy Now Pay Later
One option offered by some clinics is a “buy now pay later option”, where you will not have to begin making payments for your procedure for a fixed amount of time, usually 12 months. After this initial payment free period you can then usually either pay the amount owed in full, or begin a monthly payment arrangement. In this situation, most clinics will charge interest should you choose to begin a monthly payment plan.
Will I Be Eligible for Finance?
Many clinics have basic criteria for accepting patients for their finance options, for example patients must:
- Be over age of 18
- Have been in full time employment for at least 12 months
- Have a bank account from which they can set up direct debits
- UK resident with at least 3 years’ worth of checkable address history
- Not have any defaults on finance, county court judgements, bankruptcy or IVA in their credit history
However, each clinic and the finance options they offer will differ in their eligibility criteria, so it is important for patients to research this.
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What If I Have a Bad Credit History?
If you have previously failed to meet repayments on credit accounts, or have defaults, county court judgements, a bankruptcy or an IVA on your credit file you may find it difficult to get accepted for standard clinic finance options.
However, there are a limited number of clinics that offer finance options for patients with poor credit history, and it is also possible to obtain credit such as a personal loan or credit card from a provider specialising in poor credit history loans. You should be aware, however, that often these companies provide credit with a highly inflated interest rate which will mean you ultimately pay back much more than the initial cost of the procedure, for example:
|£4000 at 39% APR over 2 years = £296.67 per month||Total Repaid = £7120|
How Do I Apply for Credit?
Using the finance options offered by your clinic is often the quickest and easiest way to finance your procedure. You can usually enquire about the options available via their website or over the phone, or in person during your initial consultation with your surgeon.
Once you have completed the application (either online, over the phone or in person), the clinic will then perform a credit history check and provide you with a decision as to whether you have been accepted for the finance options.