3 Reasons to Pay for LASIK Surgery With a Personal Loan

You want better vision. You’re sick of paying for glasses or contacts. Losing glasses or contacts. And breaking glasses or contacts. You might not have the ready cash to fix your eyes. But if you pay for LASIK surgery with a personal loan, you can end your dependency on glasses and contacts. And servitude to their expensive providers.

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It’s understandable if you are overwhelmed by the expense. According to AllAboutVision.com, average LASIK surgery cost runs about $2,000 per eye. That’s an average. S,o depending on your vision problem and where you live, you might spend far less… or more. And insurance won’t cover this elective procedure.

If you don’t have the money for surgery but are sick of wearing glasses or contacts, there is a tried-and-true remedy. You could get a personal loan for LASIK surgery.

There are some logical reasons to get a personal loan to pay for LASIK surgery.

#1: Personal loans for LASIK surgery are fast

One of the most popular reasons people choose LASIK surgery is it’s speed. After your optometrist carefully measures and plans the changes to your eyes, you go under the “knife” for about 90 seconds. Less time than it takes to put in your contacts or find your glasses in the morning. While you son’t get a personal loan for LASIK in 90 seconds, you may apply for and receive your money in about a week.

Related: Personal Loan Interest Rates (And How to Pay Less)

#2: Personal loans can be cheaper

You may be able to get financing for LASIK through your doctor’s office. And sometimes, that can be a good deal. But the fine print on that sort of loan is notoriously tricky. As in, zero percent interest for a year. But if you don’t get it paid off in a year, the program may apply a very high interest rate to the entire balance, not just what’s left after 12 months. So look into doctor financing, but don’t accept it without comparing to other sources.

Another popular choice for paying for LASIK surgery is the credit card. If you can tap your plastic and get some air miles, some rewards, zero interest or cash back, go for it. But if you plan to carry that balance, look again. there is no reason you can’t put your surgery on a credit card. But avoid their high, variable interest rates and lifetime costs by paying off the balances with a personal loan. Personal loans have fixed interest rates.

#3: Overall cost may be lower

Los Angeles Times business columnist recently wrote, “Prescription eyewear represents perhaps the single biggest mass-market consumer ripoff to be found.” Even if you think that’s overstating it, glasses and contact lenses are expensive.

The average cost of eyeglass frames are $231, according to VSP Vision Care, a provider of employer eye care benefits. Plan on spending more if you also purchase prescription sunglasses. Or equipment like diving masks or special goggles for skiing or racket sports. And plan to spend more if you routinely sit on or lose your eye wear.

What would it cost to pay for LASIK with a personal loan?

The cost of your LASIK depends on the amount of correction needed, what your provider charges, and the interest rate you pay. Mot personal loan interest rates range between 6 and 36 percent, depending on your credit. In general, personal loan interest rates run about 7% lower than credit cards rates for a comparable borrower.

The chart below shows what $4,000 of LASIK payments would look at different interest rates and loan terms. As of this writing, the average interest rate for a personal loan is 10.7%.

So, depending on the amount of correction you need and your eyewear buying habits, you could save by having LASIK surgery sooner rather than later. Or you may just choose LASIK because you’re tired of hunting down your glasses or stabbing yourself in the eye every morning.

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