Lasik Eye Surgery Financing For Good & Bad Credit

What is the average cost of LASIK surgery?

The average cost of LASIK is around $5,200 according to the National Library of Medicine. However, there are many variables that can impact the total cost of LASIK such as your vision and technology to be used during surgery. For example, some patients may only need LASIK in one eye. Per eye you can expect to pay in the range of $1,000 to $4,000 for LASIK. While it may be tempting to shop on price, the quality and experience of the doctor can help you see clearly. 

Is LASIK worth it financially?

Our natural health and senses are not to be taken for granted. However, neither should our financial stability. Whether or not LASIK is worth it financially is a personal decision. If you wear contacts or glasses, the cost may add up over the years, thus helping justify the cost of LASIK. In addition, if your eyesight is impacting your ability to work, you may create more opportunities by undergoing LASIK surgery. To help you determine if LASIK is worth financing you can get an estimate for surgery costs and compare financing offers. These preliminary steps can help you evaluate the potential pros and cons of LASIK. 

Can I get LASIK financing with bad credit?

Qualifying for any type of financing with bad credit can come with fewer options and higher costs. A good place to start is checking your credit score to determine if it’s indeed, bad. FICO® scores can be categorized as exceptional, all the way down to poor. 

• Exceptional FICO® score: 800-850
• Very good FICO® score: 740-799
• Good FICO® score: 670-739
• Fair FICO® score: 580-669
• Poor FICO® score: 300-579

Credit score ranges and ratings can vary, but this can offer a general idea. Offers are more likely to be returned to borrowers with fair credit and above, although there are no guarantees. Lenders can evaluate other factors during the approval process as well such as income and debt-to-income. Some lenders allow applications to apply with a co-borrower which can increase your chances of approval. If you don’t qualify now, invest time boosting your credit score and try again at a later date. 

Is financing LASIK a good idea?

Financing can offer individuals opportunities to afford things such as LASIK. In some cases, individuals can afford LASIK or similar surgeries without financing, but appreciate the benefits that financing offers such as fixed monthly payments. Financing can be a good idea, but it will depend on personal circumstances. Before utilizing financing it helps to understand the agreement and costs associated. 

Can you get LASIK financing with no hard credit check?

You may be able to receive pre-qualified offers without undergoing a hard credit pull. What this means is that lenders can generate an offer based on your information. However, before funding the loan the lender will likely need to verify your information, which can include a hard credit pull. While it may sound ideal to get a loan with no hard credit check, most legitimate loans require a credit check. Most lenders on the Acorn Finance platform may conduct a hard credit check when going through the final step of the process, while others may not. Please review each lender’s terms and conditions carefully when selecting a loan. 

Can you pay a LASIK loan in installments?

There are a few ways you may be able to pay for LASIK in installments. Some financing options such as personal loans offer fixed monthly installments. Alternatively, some practices may offer payment plans not attached to a loan. Payment plans are usually much shorter periods which translates to much higher installments. 

What are the pros & cons of LASIK financing?

Considering the pros and cons of LASIK financing can help you make the right choice. Outside of the general pros and cons listed below, consider those that might be specific to your life. 

Pros:

• Improve your quality of life
• Potential savings on glasses and or contacts
• Fixed monthly payments
• Competitive online marketplace
• Promotional financing offers may be available

Cons:

• Taking on debt 
• Falling behind on payments can negatively impact credit
• Taking a loan can negatively impact credit 
• Potential risks of undergoing surgery 

What credit score is needed for LASIK financing?

While credit score requirements can vary, offers will be more likely to be returned for borrowers with fair, good, average, or exceptional credit. Most lenders on the Acorn Finance platform have a credit score cutoff of 600 or above.

See also: Medical Expenses Financing

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