Using a loan to pay for surgery

[shidu54]

Hi all,

Just had a consultation with Dr. Tholen in Minneapolis, I was quoted about $5500 for the whole works.  However, seeing as how I don't have that kind of money right now, I was wondering if anyone has any opinions about paying for the surgery using a loan.  I was thinking I could get my brother (who is working right now) to get the loan and I would pay the monthly payments for him for the duration.  A part of me thinks that I might be stretching too far to get this procedure done quickly, but I really want to get it over with as soon as possible (however, as I am beginning to learn about adulthood, you can't always get what you want).  Did anyone use a loan to cover the cost of surgery?  If so, what were the interest rates like and how long were you paying your loans off for?

Thanks!  Your help is appreciated!!!

[Dr. Elliot Jacobs]

Many men take out loans to pay for surgery.  Unfortunately, if you are young, you may not have established a sufficient credit history and banks/loan companies may be reluctant to offer a loan to you (especially in this economy with very tight money lending criteria).

It would help if you would have someone, such as a friend/relative/parents, offer to co-sign the loan.  Then, they would be responsible if you defaulted on payments.

Many surgeons offer some type of loan through specific companies that they recommend -- companies that make loans expressly for medical or cosmetic reasons.  Why not inquire of your surgeon?  BTW, interest rates with these companies will vary -- but in general they are not as high as standard credit card rates.

Alternatively, you could defer surgery for a while, get a job and put a set amount of money aside each week in order to save for the surgery.

Best of luck!

Dr Jacobs

[nonini]

I think that's not the best idea, especially taking the loan through your brother, you might end up ruining your relationship if you cant pay it back. Not to mention his credit. Better save up for a while and pay for it yourself.