Financing WLS

Anyone out there have adivce on financing a LAP-Band procedure? Who to go with? Who has the best rates? I am looking at $15K. Ali

Have you checked out Capital One?? They offer loans for WLS. Jo Ann

Are you a home owner? Can you re-fi or get a home equity loan? That is my only idea. Sorry I am not of more help on this.

Credit cards??  Home equity loan?  Medical expense loan?  Family member?  Employee assistance plan?   The better your credit score, the greater your options from a conventional lender.

Hi Ali,

This is one of my areas at US bariatric Orlando - patient financing. First, I recommend a home equity line of credit if you are a home owner. Or a loan through you local bank. As an existing customer, you'll usually get better rates.

Low interest credit cards are a good idea as well. We also use Capital One Health Care Finance http://www.capitalonehealthcarefinance.com and Care Credit http://www.carecredit.com. Finally, for Lap-Band procedures, try 877-LAP-BAND. It's like a "Lending Tree for Lap-Band." They shop lenders daily for the most competitive rates specifically for Lap-Band surgery.

Our patients can look into financing on their own or through an appointment with me (in-person or by phone). If you need anything, I'm just a phone call or email away. 407.303.4574 or [email protected].

HTH,

Kristen

Whoops! I forgot about 401k and IRA loans!

Doh!

How about Monarch Financial. Try that too. Carla

Yes, there is Monarch. Whomever you choose, make sure that the doctor's office is on their plan so that you don't waste time and credit inquiries on plans your surgeon doesn't accept.

Kristen

I have terrible credit and I need help getting this financed. Insurance policy after another has either refused me or any to do with weight loss was specifically excluded. I need help! I have been morbidly obese for almost 10 years now, trying to get surgery since 2000....what would you suggest?

I'm a Banker and if your credit is an issue. Do you have anyone with strong credit that would be willing to be a co-signer/guarentor on the loan? If this is not an option, and you have a 401-K try to contact your HR dept and find out what the criteria is for a MEDICAL HARDSHIP LOAN. In essance, you'd be lending yourself the money and paying yourself back the interest. Most Thrift plan then ban you from contributing for a 12-24 month period, however if this happens, I strongly suggest you used the money that normally would have been deducted from your pay to apply as periodic lump sum payments against the 401-K loan. By doing this you'll pay yourself off faster and add to your retirement plan at the same time. This way if you choose to change employers you are not hit with a lump sum distribution for any unpaid principal against the hardship loan. Another alternative, which I STRONGLY suggest you not consider is a hardship withdraw - sadly if you opt this way you're short changing yourself in the long run because it's money that you'll be taxed on @ a high tax bracket now than if you waited until you were retired to use.  If you do own your home the easiest way would be to apply for a Home equity LOAN not a line. A loan will have set payment and a term  (ie: 60 month 72, 84, 96) Again, your credit needs to be good and if you can't finance on your own a guarentor is required. Lastly, AMERICAN GENERAL FINANCE is a sub-prime lender. They may be able to extend credit to you and help you re-establish yourself, however the rates will be higher than norm. They also will lend on a personal equity - meaning cars, personal property, jewelry. If you go this route, make sure you pay ontime, and then approach a bank/credit union within 18 months of the loan to lower the rate. Good luck with your research and journey!