Breast Enlargement Loans for Bad Credit

Updated: May 23, 2024 Author:

Key Takeaways: Private clinics providing breast augmentation have financial packages available that are provided through 3rd party finance providers. Not all will approve the funding if there is a history of bad credit or you have a low credit score. When they do, repayments can be high because of the bad credit, and they can require as much as a 65% deposit. More accessible finance could be possible through personal loans (secured or unsecured), or guarantor loans arranged through a specialist lender.

How much do you really need to borrow for a breast enlargement procedure?

Depending on where you’re getting the surgery done, and the work you’re having done, costs can vary significantly. The NHS may provide breast enlargement when there is a a major health reason for doing so, such as if you have severely uneven breasts that’s “causing significant psychological distress”. Services vary by area and it’s your GP who is best placed to inform you if the NHS would be able to assist.

If you do need private cosmetic surgery, the costs for breast enlargement range from £3,500 to £8,000. That’s for the implants and the surgery, and there can be additional costs for consultations, and post-op care.

What clinics can provide breast enlargement on finance?

In the UK, breast augmentation is a regulated activity monitored and regulated by the Care Quality Commission in England, the Care Inspectorate in Scotland and the Care Inspectorate for Wales. Private clinics providing surgical procedures are registered with the relevant regulatory body. You can use their websites to check the registration status and the relevant licensing the surgeon has for the procedures they can perform.

Once you find a clinic, you can speak with them about finance options and inquire about eligibility requirements, deposits and repayment terms. Most clinics providing finance do not have agreements with lenders, but rather, a credit broker specialising in arranging finance with their partner providers. Three we came across were Chrysalis Finance, Omni Capital Retail Finance Limited, and Ideal Sales Solutions Limited. Checking each firm on the FCA register reveals each are credit brokers, not lenders.

When you know have bad credit, or a low credit score, you can quite often get better deals through direct lenders, removing the companies in the middle from arranging the loans. By working with direct lenders, you can explain to them your financial circumstances, go through your earnings and expenses, and discuss the different types of finance they can provide. In cases where your credit report is showing serious entries like CCJs or insolvency, specialist lenders may be able to offer a guarantor loan whereby they ask you to have someone else with a better credit score than you, to guarantee the loan repayments.

What age do you have to be for a breast enlargement loan?

Loans for breast enlargements are treated as any other loan. You can get the finance from the age of 18 years old. However, (and this is in no way medical advice) surgeons have a duty of care and may advise waiting a couple of years for the body to fully mature. This is of particular importance for teenagers and young adults with a history of eating disorders. It’s important to be honest with your clinicians and speak things through with your GP before leaping into breast augmentation. Research into the effects of eating disorders and body dysmorphic disorder (BDD) revealed that the age of onset is between the ages of 15 and 25 years old. This is described as a “developmentally sensitive time”. If you are under the age of 25 years old, it’s important to be honest with any clinic about your reasons for wanting the surgery because lenders will provide the funding so long as you can afford the repayments. Consider the reasons for wanting surgery, and talk things through with your health team (if applicable), your family and/or closest friends.

There is no upper age limit on having breast enlargement done and many women will wait until they have had children because of the associated weight gain and subsequent loss post-pregnancy that affects the size and shape.

The most affordable types of breast enlargement loans

Credit unions

When you have bad credit, Credit Unions can be a saving grace. You do need to be a member, and there will be eligibility requirements. With bad credit, they may require a guarantor, however, the fees are usually modest in comparison to for-profit financial institutions. Credit Unions are non-profit, which is why the loans are more affordable. In the UK, there are caps on the interest charged which is equal to 3% monthly or 42.6% APR.

The maximum repayment terms differ by branch. Some require first loans to be repaid within six months, with subsequent loans being available over 36 months to 60 months. Long-term high value loans can sometimes be spread across 10 years. Given the cost of breast enlargement is up to £8,000, most Credit Union loans will have repayment terms of 3 to 5 years. Over the life of the loan, the 42.6% is still high if you take years to repay it. At 42.6% over 5 years, you would be paying more than double the principal loan amount back in interest payments.

Secured Loans

Secured loans provide security to the lender. When borrowing to pay for breast enlargements, it’s not like they can repossess the goods for non-payment like they could a car on finance, or a secured homeowner loan. Anything of higher value than the loan amount plus interest, could be used as security. Logbook loans are a type of secured loan agreement that uses your vehicle as security.

Guarantor loans or joint loans

Guarantor loans are solely in your name with a second person guaranteeing to continue the repayments in the event that you fail to keep up with the repayments. Joint loans are in both people’s names with equal responsibility to keep up repayments. In terms of affordability, if you have a low income, or a high debt-to-income ratio, applying for a joint loan can take both the named applicants’ income and expenditure into account. With a guarantor loan, you’d be required to meet the affordability requirements solely based on your income. In both instances, it can help to have a homeowner be either a joint applicant or a guarantor as it gives lenders a higher reassurance that repayments will be made because of the risk to the borrower or guarantor that their asset could be sold to recuperate the money owed on the loan.

The most affordable way to fund a breast enlargement procedure is by using the same practice clinics offer in their finance packages, which is to have a deposit to pay partially upfront and fund the rest with an instalment loan. As an example, if it’s going to cost £8,000, save up a 50% deposit and then try to find a good deal on £4,000 loans for bad credit, or near that amount.