Hair Transplant Loan

Name: Hair Transplant Loan
Creator: Savvy
Published: 2020-12-16T17:35:49+10:30

Home > Personal Loans > Hair Transplant Loan

It won't affect your credit score.

Written by , updated on October 4th, 2023

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Types of personal loan

Unsecured personal loans

With an unsecured personal loan, you can potentially borrow as much as $75,000 without the need to attach any valuable assets, such as your car, as security. These loans are the most widely available and often the quickest, with same-day approval possible.

Secured personal loans

Secured personal loans, on the other hand, make use of collateral. This lowers your risk profile in the eyes of a lender, potentially lowering your interest rate and expanding your borrowing power beyond what you may be able to get through an unsecured loan.

Variable rate personal loans

Variable interest rates remain open to fluctuation during your term. This means you can benefit from decreasing rates and save on your loan if the market heads in that direction, although you’ll also pay more if rates start rising.

Fixed rate personal loans

Fixed interest rates are locked at the beginning of your loan and remain constant throughout your repayments. This acts as a valuable protection against interest rate increases, as your loan will be unaffected, but you’ll miss out on potential drops as well.

Debt consolidation loans

If you’re paying off multiple debts at the moment, particularly those with high interest (such as credit card debts), consolidating them into one payment can not only make them more convenient to manage but also potentially save you money overall.

Travel loans

Looking to take off on a holiday with your family but want to pay it off at your own speed? Travelling can be expensive, so you can distribute the cost of your next trip over a period you’re more comfortable with by taking out a personal loan to pay for it.

Wedding loans

There are so many costs that go into making your dream wedding a reality, from venue hire to catering to dresses and suits and so much more. By taking out a personal loan, you can start planning the big day you want, even if you can’t pay for it upfront.

Renovation loans

Home improvements are desirable for a range of homeowners to help keep their living space fresh and interesting, not to mention increase its value. You can get past the financial hit of renovations with a personal loan paid in instalments.

Self-employed loans

Personal loans aren’t limited to PAYG employees, though. If you’re running your own business, you can still be approved for financing by submitting tax returns and other alternative documents instead of payslips and utilise your funds however you wish.

Student & education loans

There’s a variety of expenses which come with being a student, ranging from the cost of your courses, textbooks and computer to your accommodation. Taking out a personal loan can make these costs more manageable by spacing them out.

Green loans

Some lenders offer green personal loans, which are designed to be used for energy-efficient appliances and products such as solar panel and air conditioning installation in your home. You can qualify for lower interest rates and fees with this loan.

Common questions about hair transplant loans answered

Will I be able to get financing for an overseas procedure?

Yes – our lenders will finance the costs of procedures even if they're carried out overseas by an accredited practitioner.

Will I have to schedule an appointment first before I get financing?

No – you can gain access to funds once you've been approved, even if you're yet to book an appointment for the procedure.

How long can I take to repay my loan?

Personal loans come with a standard repayment term range of between one and seven years. Not all lenders will offer loans on terms as low or as high as this, however, with some offering a minimum of up to three years and a maximum as low as five. Additionally, though, the term you're approved for will reflect the size of your loan and the nature of your borrowing profile. For instance, if you're considered a greater risk of defaulting on your loan by your lender, you're unlikely to be approved for as long a term as someone with a perfect credit report.

How long does it take to get approved?

Our lenders offer instant approvals within one to two minutes and full processing and funding within 24 hours, giving you access to the funds you need fast.

How often can I make repayments?

You can take advantage of flexible repayment options that allow you to make weekly, fortnightly, and monthly repayments. You can structure your repayments around your own income situation, so if you're paid fortnightly, you might want to pay your loan on the same schedule.

Can self-employed applicants be approved for hair transplant personal loans?

Yes – just because you receive your income via a different method compared to the standard PAYG employee doesn't mean you can't be approved for financing. You'll be required to submit different documents if you're self-employed, such as your tax returns in place of payslips.

Can I get a line of credit personal loan to pay multiple invoices over time as I progress through several procedures

Yes – line of credit personal loans are available also, which provide a more flexible source of funding. With a line of credit, you can access funds up to an approved limit whenever you need them, rather than simply receive a lump sum as you would with a standard personal loan. You also only pay interest on the amount you use, which also differs from regular personal loans. You can compare your options here with Savvy.

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Your helpful guides on hair transplant finance

Short-term loan considerations

There are various ways that you can finance your procedure, such as taking out a personal loan, a loan from a lender that specialises in medical procedural financing or a short-term loan. A short-term loan, or small personal loan, is a common option that Australians utilise to finance their medical procedure. These tend to work for people who are looking for a short-term, stop-gap solution which can be paid in as few as 16 days. It's important to note the different structures of these loans, as they come with fixed, capped fees of 20% of your loan amount at establishment and a further 4% with each repayment, rather than interest and other potential fees. Because they're capped at $5,000, though, it may not be enough to cover the expenses you need.

The cost of hair transplants

To avoid the mistake of taking out more than you can manage which could lead to a debt trap, it is vital to check out the costs of a hair transplant beforehand. The cost of your hair transplant will vary according to the area you want to treat, the type of hair goals you want to achieve and the combination of treatments that you have to undergo to achieve these goals. With such varying factors that are in rotation, this also means the costs will differ. Costs for a hair transplant can range from $1,000 up to $30,000 or more. By researching how long it will take to complete the procedure and comparing quotes, you will be able to finance your procedure in a savvy way.

What type of hair transplant are available?

Knowing what type of hair plants are available to you can help you refine your research and practitioner who will be able to help restore your hair to its former glory. There are four main types of procedures for a hair transplant: Follicle Unit Extraction (FUE, Follicle Unit Grafting (FUG), Platelet-Rich Plasma (PRP) hair restoration and a combination of different grafting techniques which a surgeon will use. Each is different from the other and complex and some could possibly result in scarring. Speaking to a qualified surgeon can help you narrow down which procedure will be best suited towards your needs. It will also help you better prepare financially.

Financing that doesn’t dig you deeper into debt

As much as there might be financing options that are available to you to carry out the hair transplant that you need, it is important that you check if it suits your current financial situation. Not checking to see if the repayments on your loan work out with your finances can be an easy way to fall into a debt trap. You need to take into consideration how you'll be able to meet the repayments on your loan. If you have taken out other forms of credit and loans, you'll not only have to assess how it'll affect your repayments on these but also your credit report. This also means that you'll have to be careful of how many times you apply for financing as this shows up on your report.