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LASIK eye surgery can significantly improve your quality of life, eliminating the need for eyeglasses or contact lenses. However, its high cost can be a hurdle for many.
Financing your surgery can help you spread out the cost of LASIK eye surgery over time. The best loans to pay for the procedure offer low interest rates, flexible repayment terms and minimal fees. Before going forward with any loan, be sure to consider all of your options and have a plan to repay your debt.
Best Personal Loans for LASIK Financing
Best Overall Personal Loan for LASIK Financing
8.99% to 25.81%
BEST FOR LOW INTEREST RATES
7.99% to 25.49%
BEST FOR FAST FUNDING & BELOW-AVERAGE CREDIT
7.99% to 35.99%
BEST FOR BAD CREDIT
BEST FOR COMPARING MULTIPLE OFFERS
BEST FOR NO INTEREST IF REPAID WITHIN 30 DAYS
Compare rates from participating lenders via Forbes Advisor
BEST FOR LOANS AS LOW AS $1,000
BEST FOR A RANGE OF REPAYMENT TERMS
Summary: Best Personal Loans for LASIK Financing
Tips for Comparing LASIK Financing Options
Before you accept financing for your LASIK surgery, compare loan offers so you can get the best possible rates and terms. When looking for a loan, consider:
- Annual percentage rate (APR). The APR of a loan includes both the interest rate and applicable fees, making it a better reflection of how much a loan will cost. The lower the APR, the lower the overall cost of borrowing. Personal loan APRs range from 5% to 36% with the lowest APRs reserved for the most creditworthy borrowers.
- Fees. Lenders may charge origination fees or have prepayment penalties. Consider these costs based on your own financial situation. If, for instance, you may repay your loan early, look for a lender that doesn’t charge a fee for early repayment.
- Loan terms. The length of a loan can significantly impact your monthly payments and the total interest you’ll pay over time. Shorter loan terms result in higher monthly payments with less interest paid over the life of the loan. Conversely, longer terms lower your monthly payment, but you’ll pay more interest in the long run.
- Lender’s reputation. Do some research to ensure that you’re dealing with a reputable lender. Read reviews and check if the lender is registered and licensed in your state. Be cautious of lenders with a high number of complaints or negative reviews.
- Loan type. Secured loans require collateral—such as a car or home—the lender can take if you fail to make repayments. Unsecured loans, often used for LASIK financing, don’t require collateral but usually come with higher interest rates due to the increased risk to the lender.
What Is LASIK Financing?
LASIK financing refers to the various options available to cover the costs of LASIK eye surgery—an elective procedure not typically covered by standard insurance policies. These financing options range from personal loans and credit cards to healthcare-specific financing from companies specializing in medical expenses.
Financing a LASIK surgery allows you to break up the cost of the procedure into manageable monthly payments. That said, financing your operation does mean additional costs, including interest and fees. For that reason, thoroughly evaluate and compare different LASIK financing options before making a decision.
How To Get a Personal Loan for LASIK Financing
Follow these steps to get a personal loan for LASIK financing:
- Assess your financial situation. Before you start the loan application process, take a comprehensive look at your current financial situation. This includes evaluating your income, expenses and existing debt obligations. Based on this assessment, use a personal loan calculator to determine how much you can comfortably afford to borrow and repay.
- Check your credit score. Your credit score is a significant factor lenders consider when deciding whether to approve your loan application and at what interest rate. Most lenders require a credit score of at least 600 to qualify for a personal loan, but a higher score will qualify you for better terms. However, some online lenders specialize in less creditworthy borrowers.
- Research lenders. Not all lenders are created equal. Some offer lower interest rates or more flexible terms than others. Compare different lenders, considering their loan amounts, interest rates, loan terms, fees and customer reviews.
- Get pre-qualified. Many lenders offer a pre-qualification process that involves a soft credit check to give you an idea of your chances of approval and potential interest rates. This won’t affect your credit score.
- Apply for the loan. Once you select a lender, gather the necessary documentation and complete the loan application. This typically involves providing personal information, proof of income, employment details and consent for a credit check.
- Await loan approval and disbursement. If your application is approved, the lender will provide a loan agreement detailing the loan terms. Review this carefully before signing. Once you accept the loan terms, the lender will likely disburse the funds into your account within a few business days.
How To Pre-Qualify For a LASIK Eye Surgery Loan
Pre-qualifying for a LASIK eye surgery loan can help you better understand your approval odds and the terms you might qualify for without affecting your credit. Start by identifying potential lenders and determine whether each has a pre-qualification process. When available, this typically involves providing basic information like your name, contact details, employment information and income.
At this stage, the lender typically runs a soft credit check that doesn’t affect your credit score. If you pre-qualify, the lender will provide a potential loan offer, which includes details about the loan amount, term and interest rate. Remember, these terms may change after the full application and hard credit check.
Alternative LASIK Financing Options
The best personal loans can help you finance LASIK eye surgery, but this method may not work for everyone. Explore alternative LASIK financing options to choose the funding source that best meets your needs, including:
A credit card can provide immediate funds for your LASIK surgery. Some credit cards offer introductory periods with 0% interest for up to 20 months. However, paying off the balance before this period ends is crucial to avoid high interest charges.
If you opt for this approach, remember that credit card limits may not cover the entire cost of the surgery, and maintaining high credit card balances can damage your credit score.
Medical Credit Cards
Medical credit cards are specialized credit cards exclusively for healthcare expenses. They often come with promotional financing offers, such as no interest if you pay off the balance within a specific period. However, if you fail to pay off the balance within the promotional period, interest is typically charged from the original purchase date.
Health Savings Account (HSA) or Flexible Spending Account (FSA)
An HSA or FSA allows you to set aside pre-tax dollars for eligible healthcare expenses, including LASIK surgery. These accounts can result in substantial savings due to their tax advantages and the ability to cover medical costs without incurring interest. However, there are annual contribution limits and specific rules for spending the funds.
Many LASIK surgery centers offer in-house financing options, including payment plans and interest-free financing for a set period. That said, in-house financing terms vary by facility, so take time to thoroughly understand the loan agreement before choosing this option.
Discounts Through Health Insurance Provider
Some health insurance providers offer discounts or coverage for LASIK surgery. This is particularly true of insurance plans with vision coverage. These discounts likely won’t cover the entire procedure cost, but it’s worth checking with your provider to see if this is an option.
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