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When it comes to undergoing a cosmetic treatment, the costs involved can vary dramatically – from a few hundred pounds for non-surgical procedures like Botox and fillers, through to thousands for those that require a surgery like breast augmentation and liposuction.

Whilst undergoing a treatment that will no doubt improve the way you feel about yourself is incredibly exciting, it is important to get your finances in order beforehand so that you are free to concentrate on your recovery rather than how the treatment will be paid for.

In an ideal world, you may prefer to finance your treatment with your savings. However, a good medical loan can allow you to undergo the procedure now and pay for it at a later date in smaller, more manageable instalments, rather than having to find a large upfront sum.

Whether you turn to a friend, family member, bank or another financial institution, it’s important to be aware of the implications of your borrowing before you start. So here at NowMe we have compiled five key tips to ensure you manage your money and go into your treatment making an informed decision about how you will keep to your budgeting commitments.

So what do you need to remember?

Interest Payments
There are multiple financing options out there and many of them are fairly good value too. In some cases they can even offer 0% financing options, but just beware that the interest rates can skyrocket once the offer period ends. Essentially, you would need to pay it back during the financing period, but it may not always be long enough for you to get the money together. So carefully assess the period over which you borrow the money and look out for the interest rates during and after the loan tenor.

Credit Rating
Each time you decide to borrow money, you risk damaging your credit score if you don’t repay as agreed. But if you make on-time payments, a loan or credit card can actually be a credit builder. Your credit score impacts many other aspects of your financial life. It can affect your ability to get future loans, the rates you secure on those loans, whether you can rent your dream home and more. It’s a good idea to check your score and work towards improving it.

Never Over Borrow
It’s good practice to cap your borrowing to the lower of the amount that you need and the amount you can afford to borrow. It can lead to murky waters if you don’t assess how much you can genuinely afford. Create a budget and work backwards to confirm a realistic monthly payment you can cover. Only ever borrow what you can pay back. The last thing you want to do is be worrying about your bank balance during your treatment and recovery. 

Strained Relationships
Whilst friends and family may give you a better deal, taking a loan from them can sometimes lead to awkward situations. It can get difficult for the person to ask for the money back and you may feel a slight sense of guilt or obligation each time you see the “lender.” To maintain a healthy relationship, it’s important to have clear rules and a written agreement around any exchange of money. As much as you can, it can help to stay in touch about other things so your relationship doesn’t get reduced to just a financial transaction.

Always Choose A Reputable Approved Lender
Whilst it can be tempting to fund your treatment by whatever means possible, you must always ensure any money you borrow comes from an approved lender. Never go to a loan shark or a payday loan lender as the interest will skyrocket and you could be left paying back huge sums that are completely out of reach.  Be sure to do your research about your prospective lender and their terms, and check reviews from other customers. It may also be very handy to get recommendations from someone you trust.

So whether you are getting a boob job or a nose job on finance or even a non-surgical treatment, knowing you have managed your money in the best way will put your mind at ease. This should be an exciting time, not one filled with worry! If you want to discover more about financing your cosmetic procedure, then NowMe is the perfect port of call. Not only can you find out about the costs of your desired treatment (both in the immediate and long term), you can apply to finance your operation via the platform. Pending you have a good credit rating, you can create a payment plan that suits your means and allows you to put your mind and bank balance at ease!