Personal loans for hair transplant: Hair loss is an inevitable dilemma that affects every individual at one point or the other in his or her lifetime. Individuals search for access to solutions such as hair replacement procedures and hair transplants. Hair transplant is a form of cosmetic surgeries, and you will hardly find it in any health insurance policy.
People find hair loss embarrassing and want to get rid of anything close to a thinning hairline or a balding head. This is why there is a higher demand for hair transplant loan. Hair transplants cost about $4,000 to $30,000.
This isn’t something you save for, and most of the time it catches you unprepared. Your best option might be for you to apply for a personal loan.
What are personal loans
A personal loan is an unsecured loan borrowed from a bank, credit union, or online lender that let you meet your current financial needs that you pay back monthly or installments over about two
to seven years. Most personal loans are unsecured and don’t require any form of collaterals. Personal loans can be used to meet needs, such as medical emergencies, weddings, vacations, cosmetic surgeries, and others. By the explanation above, personal loans can be used to finance hair transplants.
All you have to do is to find the right surgeon and let the loan finish up the process. Loans are to be repaid in a period of two to seven years, and the loans can be repaid monthly.
They come with a fixed interest, and you can probably get the right investment with an interest rate of about 10% per annum. The interest on these loans is calculated based on factors like your income, amount to be borrowed, and credit history.
The amount the lender chooses to hire you is heavily based on your cibil score. Your cibil score ranges from 300 to 900, the higher your score, the better the chances of getting an excellent agreeable loan.
Further reading: Beard Transplant In Los Angeles
Where to get personal loans for your hair transplant
#1. Lending Club
This online lender has millions of customers and has disbursed loans over 45 billion us dollars. They are America’s most prominent online marketplace that allows borrowers to apply for auto refinancing, personal loans, and business loans.
The company is recognized by the economist and the new york times. The lending club provides loans up to forty thousand dollars.
To apply for loans in this company all you have to do is to check your rate, if you have a good score, then you should get a standard loan. You can apply for a loan in minutes and get your money in a few days. Credits will be paid back on fixed monthly payments.
They offer no prepayment penalties and have low fixed interest rates. Also, this company has an excellent approval rating. Their interest rates are from 6.95% to 35.89% apr. If you take a loan of $6000 from them, you will be credited $5700 because of the origination fee of 5%.
Let say you choose a 3-year term to repay your loan then your interest rate will be 7.99%, and you pay back the sum of $188 every month.
#2. Credible
This is another reliable source to get your loan. You can get a loan up to $100,000 with interest rates as low as 4.99%; this is the lowest rate you will find around. The company even promises to give you free $200 if you find prices lower than this.
They have a rating of 9.5/10 for 1000 reviews, which implies that they offer incredible services. Their platform is easy to use, and a simple form has got you covered.
They have no hidden fees, and repayment is between a period of three to seven-year.
#3. Upgrade
Upgrade personal loans offer you loans of $1,000 to $50,000 at low fixed interest rates. This online platform provides you with a flexible payment plan and even lets you adjust payment dates.
Just like the companies listed in this article, the loans are unsecured loans, which means, you need no collateral of any kind.
The simple business will be done online; all you need is a good credit score for a first loan to be offered to you for your hair transplant. Upgrade also provides services that include free credit monitoring and educational tools.
Further reading: Facial Hair Transplant In Chicago
#4. Sofi personal loan
This company provides personal loans with a lot of favorable conditions such as interest rates as low as 5.74%, long term loans ranging from two to seven years, loans up to $100,000 for your cosmetics needs and as well as a variety of financial products. In addition to this, there is no origination fee,
prepayment fee, and late fee. They also have technical assistants that offer advice and free guidance. Sofi personal loans also offer the unemployment protection feature which postpones payment of the fixed loans for up to a year in case you lose your job after applying for the loan. So Sofi personal loans can be an excellent option for anyone who wants a transplant.
#5. Marcus personal loan
Marcus’s personal loans are another excellent alternative in the world of personal loans. They provide loans for any financial dilemma you might be facing. They are pretty straight forward in setting you up,
they ask you a couple of questions and ask you to choose your preferred loan choice and repayment plan. Although you might have provided them with a few documentation. Marcus offers loan term ranging from 3 years to 6 years and provides the opportunity for secure payments.
Marcus will borrow you at most $40,000, which is more than enough for a hair transplant. They also offer benefits like low-interest rate, soft credit pull, loan flexibility, and absolutely no fees.
Frequently Asked Questions and Answers
Can Insurance Cover Hair Transplant?
It is unfortunate that insurance does not cover hair transplants, except in cases where it is for reconstructive surgery due to the result of burns or trauma. Otherwise, hair transplants are considered cosmetic surgery and therefore not covered.
What Is The Success Rate Of Hair Transplant?
Hair transplants are typically more successful than over-the-counter hair restoration products. But there are some factors to consider: Anywhere from 10 to 80 percent of the transplanted hair will fully grow back in an estimated three to four months. Like regular hair, the transplanted hair will thin over time.
How Can I Pay Back My Personal Loan For Hair Transplant?
This seems a little bit of off rail but knowing the information here, will make your personal loan repayment kind of easy once instructions shared can be followed with diligence.
Now to pay back your personal loan, even as a low-income earner; certain sacrifices need to be made on your part. Debt has no respect for your financial status, it must be paid.
The first step to take is to trim down your expenses. When a huge chunk of your income goes into transportation and electricity, it is going to be a Herculean task for you to get yourself rid of your debt. You must be ready to cut down expenses from your transportation budget.
It will be for your own good if you care less about comfort for now and take that hard decision; albeit shameful, but it will save you lots of bucks. And you can also talk it out with a friend to be given you ride work, even if he has to stop you at any distance to your place of work while you walk the remaining distance.
Also, you should make changes to your food and housing budget. Spending less to repay your personal loans should be your major goal for now. I am sure you don’t want to have nice hairs when your loan interest is increasing.
Other ways of paying back a personal loan are to declare bankruptcy, reduce spending on little things, budget and make more money. Now to earn more, there are things you can do such as working overtime, getting a part-time job and starting a side hustle.
Working overtime may be a little bit stressful, but the truth is that you have limited options here. Your body system may found adapting to sudden changes difficult at first, but the human body always finds ways to adapt to changes in the body system with time.
And if your work is one of the shifts and the other has a higher wage or salary, you should consider moving to one of higher wages or ask for more work time.
Also, finding part-time work is what you should think of, sacrificing your weekends and party time do worth it to get your loan repayment a reality, instead of a mere fallacy that even your daily income cant cover.
Then, you should think of starting a side hustle that is different from your 9 to 6 job, it can be an online or offline business that won’t affect your job in any way.
Can You Do Payment Plans For Hair Transplant?
Payment plans make it possible for a patient to spread the cost of hair transplant for a long period of time, however, not all hair restoration clinics accept this payment procedure. So, it is recommended you ask before going on with it.
Conclusion
All of these loan options are exceptional; you should find a spectacular one that has got you covered. They all have different payment plans so getting the right one might just be it for you.