Hair Transplant Financing For Good & Bad Credit

Can I get a hair transplant on a payment plan?

Financing is similar to a payment plan, but the definitions can vary. When you use financing, money is loaned by a lender typically with interest. While payments can be fixed over a predetermined period, resembling a payment plan, a traditional payment plan may not include interest or requirements to qualify. Two popular options for hair transplant financing are personal loans and financing offered through providers. Let’s review these options and how the repayment structure works. 

• Personal loan: A personal loan is a type of installment loan with few spending restrictions. In most cases, eligibility depends on creditworthiness, or the likelihood of repayment. If approved, the loan can be funded as a lump sum that is to be repaid in fixed installments, usually monthly, with interest over a predetermined period. For example, If you use a $6,000 personal loan at 7.99% APR and 36 month repayment period, monthly installments can be around $188/month. After 36 installments, the loan can be paid in full. The ability to stretch payments out over a period of time can make services more accessible.
• Financing offered through provider: Some medical practices or providers that perform hair transplants partner with lenders to offer financing options. In some cases, you may be able to access promotional offers going this avenue. For the provider, the partnership with the lender helps generate more business. For the lender, they can obtain loans more efficiently. Therefore, both parties can be invested to find ways to promote the use of financing options. The structure of these loans is often similar to the structure of a personal loan. If approved, the funds for the hair transplant can be released directly to the provider, leaving the borrower responsible for repayment. With a personal loan funds are usually released to the borrower. When it comes to repayment, both loans usually follow a fixed installment structure over a predetermined period. On the open market for personal loans, you can access more lenders which can mean more options. 

How much is the monthly payment for hair transplant?

The monthly payment for a hair transplant can vary depending on the amount financed and loan offer. The loan offer you receive can be based on your qualifications. This means that if you and another individual each borrow $5,000, the monthly payments can be different, as you may both qualify for different offers. The best way to determine what real monthly payments are based on your qualifications is to check real offers. The good news is that you can do so without credit impact at Acorn Finance. As you try to find the sweet spot for payments, you can also use a personal loan payment calculator for estimates. For example, let’s say you check offers but payments are still too high. With the use of a payment calculator you determine you need a slightly longer repayment period. Now, you can inquire with the lender of your choice to see if they can extend the repayment period. With the average cost of a hair transplant in the United States costing between $4,637 to $12,513, we will use the low and high end to provide payment examples. 

Example 1:

• Loan amount: $4,637
• APR: 11.99%
• Repayment period: 24 months
  • Estimated monthly installment: $218/month
  • Estimated total interest paid: $601

Example 2:

• Loan amount: $12,513
• APR: 11.99%
• Repayment period: 36 months
  • Estimated monthly installment: $416/month
  • Total interest paid: $2,447

How can you get a hair transplant loan with bad credit?

Just because you have bad credit does not mean you are less deserving of a hair transplant. While bad credit may reduce available financing options and increase the cost of borrowing, some lenders may be willing to help. For example, some lenders such as OneMain Financial do not have a minimum credit score requirement in effort to give more borrowers a well-deserved second chance. To increase your chance of approval, you can boost your credit score or apply with a co-signer that has good credit.

Is hair transplant financing available with no credit check?

Most hair transplant financing will require a credit check. While some loans do not require a credit check, these are often small loans with high fees and short repayment periods. To explore personal loan offers for hair transplant financing without impacting your credit score, Acorn Finance can help.

What is a typical down payment for hair transplant financing?

Personal loans for hair transplant financing do not require collateral and or a down payment. You may choose to only finance a portion of the hair transplant to keep the loan amount and costs associated down.