3 Ways to Finance Weight Loss Surgery

If you’re planning to have weight loss surgery and health insurance won’t cover the cost, there are a variety of methods you could consider to help finance weight loss surgery. 

Weight loss surgery, also known as bariatric surgery, may be expensive. Read on to learn about the costs, weight loss surgery financing, and what you need to know about each option.

Cost of Weight Loss Surgery 

There are several types of weight loss surgery: gastric bypass, sleeve gastrectomy, gastric banding, and duodenal switch. The cost of these procedures typically ranges from $15,000 to $35,000 without insurance.

Factors that influence the price of weight loss surgery include:

• Type of weight loss surgery

• Type of health insurance

• Where you live

• Method of payment

Are There Any Guaranteed Financing Options Available for Weight Loss Surgery? 

If you have a low credit score, guaranteed financing for weight loss surgery may be possible through third-party lenders. These types of medical loan vendors may provide 0.00% annual percentage rate (APR) promotional deals. If you pay off your debt within a certain timeframe, you won’t owe interest. If you don’t pay back the debt within that time, however, the interest rates could rise significantly.

Another option is a personal loan. These loans are flexible and are used for almost any purpose, including weight loss surgery. By following helpful tips for getting a personal loan, you may be able to identify one with a good interest rate and payback terms.

You might also look into a payment plan through your medical provider to help with weight loss surgery financing. Or you could put the expense on your credit cards if you have a credit limit that’s high enough. Keep in mind, though, that financing with a credit card is often the most expensive form of financing.

Financing Options for Weight Loss Surgery

The prospect of having bariatric surgery may be stressful, but finding financing for weight loss surgery doesn’t have to be. Understanding personal loans and the way they work, as well as other options, such as medical provider loans and credit cards, may provide financial support and reassurance.

Here are the weight loss surgery financing options to consider:

Personal Loans

A personal loan from a bank, credit union, or online lender provides you with a sum of money. You may be able to borrow up to $100,000 or more with some personal loans. You pay back the money with interest in fixed installments over time. 

The benefits of obtaining personal loans include flexibility. Borrowers are able to use the funds for any purpose, including weight loss surgery. While there are interest charges and processing fees, you could search for a personal loan with a low interest rate and reasonable payback terms. 

If you have a good credit score, you may qualify for an unsecured personal loan to finance weight loss surgery. An unsecured loan doesn’t require collateral and may provide lower interest rates than a credit card. 

If you have bad credit, you may be able to get a secured personal loan. This type of loan requires collateral, such as your car. Having collateral reduces the lender’s risk and may result in a lower interest rate for you. However, if you fail to repay the loan, the lender may seize your collateral.

Credit Cards 

It’s possible to use a credit card to finance your weight loss surgery. If you have good credit, you may be eligible for a card with a promotional 0.00% APR. But you need to pay off the balance of your surgery costs within about 12-21 months, or you may have to pay a high interest rate on what you owe, and possibly deferred interest. 

Loans From the Service Provider 

Some weight loss surgery centers partner with independent medical lenders for funding. They may be able to assist you in finding a loan you’re able to repay over time.

If your procedure is done at a hospital, you may be able to qualify for a hospital payment plan. These plans could provide low interest rates and allow you to spread weight loss surgery costs over months or years.

Things to Consider When Choosing a Financing Option 

With all the choices of financing for weight loss surgery, here are some things to consider carefully:

• Your credit score: This may affect what financing options are available and what interest rate you are eligible for. 

• Your current debt situation: How much more debt are you realistically able to take on?

• Your financial situation: Do you have the means to pay off the surgical costs within a reasonable time? If not, some options, such as a credit card, may not be ideal for you.

Pros and Cons of Financing Weight Loss Surgery

Pros of Financing Weight Loss Surgery 

Having options for financing weight loss surgery means that even if you don’t have health insurance, you may be able to get a procedure that could benefit your health. You don’t have to come up with the whole amount upfront, giving yourself some breathing room to pay back what you owe over time. 

Cons of Financing Weight Loss Surgery 

The downside of financing weight loss surgery is that, depending on your interest rate and loan arrangement, you could end up paying significantly more for the surgery over time versus paying cash. And any missed or late payments could damage your credit.

Process of Getting Financing for Weight Loss Surgery

Acquiring financing for weight loss surgery generally involves filling out a personal loan application, either online or in person. 

You typically need:

• Proof of identity — passport, driver’s license, birth certificate

• Social Security number

• Proof of address

• Proof of gross annual income (such as tax returns)

• Proof of employment (W-2s or 1099s, bank statements, tax returns)

The Takeaway

Finding a way to pay for weight loss surgery doesn't have to be overwhelming. The key is to review all your options: personal loans, credit cards, or payment plans through your medical provider. Personal loans give flexibility and fixed terms, while 0.00% APR credit cards may work if you’re able to pay off the debt fast. Before choosing, always consider your credit score, how much debt you currently have, and your ability to manage a new payment plan. Taking the time to compare your choices helps you feel more confident in your decision and move forward with your health goals.

If you’re considering a personal loan to finance your weight loss surgery, Lantern by SoFi can help make the process easier. By filling out one simple form, you can compare personal loan interest rates from multiple lenders in our marketplace. 

Check your rate today with Lantern.