June 24, 2005

Credit union offering loan package for plastic surgery

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photo by Dana Johnson

Credit union offering loan package for plastic surgery

In an ongoing mission to pick up where insurance leaves off, the Vanderbilt University Employees Credit Union has started a new loan program specifically for cosmetic plastic surgery procedures.

While personal loans have always been available, and cosmetic surgery was a popular reason for personal loans, this new program offers a much lower interest rate and the option of payroll deduction.

Michael Bittle, manager of the Credit Union, says that partnering with the Vanderbilt Center for Cosmetic Plastic Surgery creates a “win-win-win situation.”

The cosmetic surgery center wins because they can offer payroll deduction to their clients, and can offer services to more people within the Vanderbilt community.

The credit union wins because they are able to offer unsecured loans at a low interest rate, instead of requiring the client to take out a personal loan.

And, most importantly, the borrower wins because he or she can take out a loan for a cosmetic procedure, maintain complete confidentiality, and have the loan payments deducted from his or her paycheck on a monthly basis.

The idea sprung from the credit union's desire to help the Vanderbilt community. This loan program could possibly expand in the future to partnerships with other Vanderbilt departments to fund procedures in orthodontics, laser eye surgery, and health needs that may not be covered by insurance policies, according to Bittle.

Members of the credit union wishing to pursue this loan would first go to the Vanderbilt Center for Cosmetic Plastic Surgery for a consultation. The center would then refer the client to the credit union for financing options.