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Laser Eye Surgery Loans
Save more on your laser eye surgery with a low rate personal loan compared with Savvy.
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Types of personal loan
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, 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 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 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.
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.
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.
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.
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.
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.
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.
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 funding your procedure answered
Our lenders' personal loans generally go up to $75,000. However, the amount that you will be able to take out will vary based on the loan term you choose, your finance option, your credit score and your income, among other important variables.
Your personal loan can be approved almost instantly, with our lenders offering outcomes within just one to two minutes, with the rest of the process taking place within 24 hours up to the point of transferring the funds into your account.
Our lenders offer terms ranging from as short as one year up to a maximum of seven, giving you plenty of options to choose from when shaping your personal loan.
Personal loans are always funded upfront, so you'll be able to cover the cost of your procedure immediately upon receiving the funds. After your application is approved and funded, you'll then begin repaying it every week, fortnight or month until the set conclusion date.
Yes – personal loans can be used however you like, so you can take them out to cover the cost of a surgery in another country. However, if a lender believes this will cause undue risk to you and your ability to repay the loan, they'll reject your application.
To co-sign a loan means that you ask a friend or family member to take out a loan on your behalf. It can work for people who have a low credit score and they want to increase their borrowing power, or you want something financially feasible for you.
Most often, yes – a general rule of thumb is that you should avoid putting medical expenses on your credit card due to the high rate that credit cards tend to have when compared to personal loans which can make meeting repayments hard. If you believe you can't repay the procedure comfortably within the next few months, you could end up paying a considerable amount in interest on your credit card in doing so. Personal loan interest rates are generally lower than those of credit cards.
Your helpful guides on laser eye surgery loans
Researching the implications
Laser eye surgery is an irreversible procedure that will permanently alter the curvature of your cornea. Before deciding to take out finance to carry out the procedure it is vital that you put in the research. As much as the procedure will change your life for the better, you need to be aware that it comes with a certain amount of risk. You can breathe easy knowing that the complication rate after the surgery is significantly low but talking to an accredited doctor about it can give you peace of mind. Knowing what you are getting yourself into can help you be better prepared mentally and financially.
Using private health insurance
If you are contemplating using your private health insurance to take care of your laser eye surgery expenses; there are a few things you need to consider. It pays to check with your private health insurance fund to see if it covers your eye surgery. Some policies are willing to cover the full costs of your medical procedure, but some can limit their funding to some expenses. Keep in mind that you cannot claim a Medicare benefit for it and tend to only offer limited rebates for members who have a top hospital or extras cover. Checking the limitations of your insurance cover with your provider beforehand can save you from disappointment.
Interest free payment plans
Some lenders could offer you an interest free payment plan for your surgery. However, you should be careful when choosing to finance your procedure with an interest free payment plan. The interest free period tends to run for an introductory period which can work for people who know they are disciplined enough to meet more than the minimum payments before it ends. If you still haven’t paid the interest off before the introductory period ends you could end up paying more which can prolong the loan term. This can be unaffordable in the long term which could lead increase your chances of getting into debt.
Cheaper is not always better
Comparing quotes is a good way to save on costs but settling for the cheapest practitioner to reduce costs might not be a good idea. It is not uncommon for Australians to go overseas to take care of the procedures to the low cost that comes with it. However, this could possibly come with increased risks. It is vital that you check the accreditation of your practitioner to know that you will be getting a safe procedure that will not come with health risks. They need to have a quality standard such as ISO 9000 which indicates that the clinic has the necessary written quality assurance procedures in place.
Handy personal loan guides
Still looking for the right personal loan?
Personal loans come in all shapes and sizes, so read more about the ways you can use them, as well as how they might work for you.