Financing Eye Surgery/Treatment
Whether you are considering cosmetic eyelid surgery to make an impact on your image and self-confidence or treatments to improve your vision and quality of life, financing the treatment is one option to affording eye surgery. Normal finance schemes enable you to pay on a monthly basis over a fixed term. Depending on the finance provider, the clinic and treatment cost, finance may be interest free or based on set or flexible interest rates.
Laser eye surgery can cost up to 6000 and if you want to pay for your surgery on a monthly basis, instead of in lump sums, select a clinic, which offers finance plans. For laser eye surgery or other eye treatments involving significant financial investment, the surgeon should be asked directly as to the cost of the treatment and the availability of finance. The surgeon will present all your available options.
Eligibility Factors for Finance
- Age - Minimum age of 21 years. If you are under 21 years of age, a partner or older friend or family member may be able to take out the finance under their name.
- Employment Status - Usually, you will be required to be employed.
- Credit History - You must have a good credit history rating otherwise your application may be declined.
- Income - You must to able to realistically afford the treatment.
- Finance Amount - Eligibility may depend on the amount being financed.
Finance Application Form
Finance applications are usually handled directly by clinics themselves who will use a particular finance company for all their clients. The application procedure usually requires the client to complete an initial application form. This includes your full contact details including address, old and new names, bank account details, employment status and employer details etc. This is then processed and if done so online, approval can be sought almost instantly. Approval will involve a credit cheque so it is crucial that all the correct information is given including current bank account details and your income level. Finance approval does not mean that it has been accepted. Legal documentation of agreements needs to be signed by both parties, on finalisation. The terms and conditions should be read carefully. Any information given is kept strictly confidential.
Once finance has been approved and the relevant documents have been signed, because the documents are legally binding, the finance company will pay the clinic the full amount for your treatment and you will be under obligation to pay this money back to the finance company over the agreed term.
Interest Based & Interest Free Finance
Finance companies do not loan money to clinics for free, there is interest to pay on the amount borrowed. However, if you have taken an interest free finance plan, the interest is usually absorbed by the clinic as part of an incentive for you to choose the clinic as your treatment provider. The clinic will usually pay a subsidy based on a small percentage of the overall treatment cost. You, will not pay any interest and the overall cost of treatment will be the same, as if you were paying for the treatment in a lump sum. If you have taken interest based finance, you will pay more for the treatment overall compared with if you were not to take out finance and pay in a lump sum(s), but the cost will be spread out over a certain amount of time.
It may be an idea to ask the clinic if there any discounts for paying for treatment up front i.e. before the treatment has been received. If you are serious about the eye treatment and confident about what you want to achieve and have faith in the clinic, this tactic can help make significant savings.
Alternatively, a bank loan may be an option as it can provide you with money for whatever purpose required including laser eye surgery or blepharoplasty. This is providing that all the relevant credit checks have been passed.
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