Beware of online ads offering fast loans for cosmetic procedures

There's a new kind of ad popping up in Instagram – they offer instant finance to combat physical insecurities while keeping the loan conditions murky. Be warned, writes Frances Cook.

There’s a new kind of loan offer making the rounds, and frankly, it’s grim.

A friend sent me a message last week: "Kinda scary there’s now a loan agency just for cosmetic treatments? IDK, maybe I’m just being old-fashioned haha."

Attached was a screenshot of an ad she’d seen on Instagram – one of those sleek, soft-focus, black and white posts that usually push skincare or designer bags. Except this wasn’t selling a product. It was selling the idea of permanently changing your body, using debt.

The pitch? Fast, easy loans for cosmetic procedures. Just a 24-hour approval process standing between you and a freshly sculpted nose, a post-baby tummy tuck, or the smile of your dreams.

I had two immediate thoughts: 1. That’s disgusting. 2. Am I being unfair?

So I did what any good finance columnist would do – I went digging. And what I found was a masterclass in predatory lending.

The ads knew exactly how to bait the hook.

"Just had a baby? Reclaim your confidence, Mama!"

"Your smile is your biggest asset – invest in it!"

"Fast approval! Just 24 hours!"

The whole thing was designed to push you into not thinking too much about the decision.

That 24-hour approval window isn’t a convenience for you. It’s a strategy by them. A way to rush you past the part where you stop and ask: Do I even want this, or is this ad making me feel like I do? Is this an irreversible decision I might regret later? And, crucially, can I actually afford this?

Good financial management is built on the opposite principle: Pause before you purchase. Even something as simple as a walk around the block before spending can break the urge to impulse buy. For bigger financial decisions? Make yourself wait at least a week.

That time gap can stop you from making emotional, regret-heavy choices. It’s why high-pressure sales tactics exist – because putting on the time pressure, works.

So if a loan company is deliberately enticing you to skip that reflection period, ask yourself, who benefits from you making a rushed decision?

Spoiler: it’s not you.

I’m not necessarily against cosmetic surgery.

But a permanent change to your body, at high cost, should be a very intentional decision. Not a rushed, emotionally-driven impulse buy.

Rushing leaves no time for so many important considerations: That there are risks with any procedure. That there may be a less invasive approach that could yield a similar result. That you might actually be fine as you are and just having an insecure moment. That your true problems lie elsewhere and won't be fixed with a smaller nose or a straighter smile. And that if you do go ahead with something like this you should invest weeks if not months of research into finding the very best and safest practitioner.

Being too quick increases the chance of regret, and the possibility that in a few months you’ll wish you still had the same nose as your mum. (Not to mention wishing you still had the huge sum you're now paying back at an exorbitant rate of interest.)

Then there’s the extra cost debt adds. By the time you add in fees and interest, it can double or even triple the cost of the procedure.

That means you’ll still be paying for it long after the “confidence boost” has faded.

If I was really going to break down whether or not the terms of this loan were reasonable, I would run the numbers for you.

But I can’t. Why not? Well, let’s talk about the biggest red flag of all.

The numbers were nowhere to be found. I scrolled through their Instagram. I spent a good half hour going through every page on their website. I couldn’t find the interest rates, the loan terms, whether they had things like early repayment fees.

The only way to find out the actual cost? Apply for a loan and see what they come back with.

So by the time you understand the terms of the loan, you've already applied and taken a giant leap in the impulse-buy process.

Is that a fin in the water? Because I believe we’ve got a loan shark circling.

If a procedure is $8000 a high interest rate could mean you’ll pay back $16,000.

There are free debt calculators online. Just ask Google for one, put the numbers in, and check what the true cost will be.

If the principal ends up with several thousand dollars attached in fees and interest, are you okay with that? If not, reconsider how you finance it.

I say this all the time, but money and emotions don’t mix.

In this case, these people are very deliberately playing with your emotions.The fear that your looks can hold you back – at work, socially, or in love. The worry that you’re not yourself anymore, after having a baby. These kinds of emotions are probably already heightened because you're scrolling through Instagram.

To have a loan dangled in front of you, as the golden keys to a quick fix? I’ll bet plenty of people are tired, vulnerable, and desperate enough to consider it. No matter what the future costs may be.

They frame debt as self-care, because they know self-care is an easier sell than "high-interest personal loan".

But confidence isn’t bought on credit. Self-care doesn’t involve a loan that takes years to pay off. And financial stress is the opposite of self-improvement.

And anyway, these money lenders aren't even capitalising on your desire for self improvement (that money is made by whoever does the cosmetic work). The loan sharks are capitalising on your impatience.

Like I say, if you’re wanting to zhuzh up your face, you do you, boo. I don’t have a problem with it.

But let’s make sure it’s not a rushed decision that helps a loan shark’s bottom line, more than it helps you.

If this is truly important to you, saving for it will prove that.

A sinking fund means no stress, no interest, no regret. It's just a separate savings account with a specific target amount that you contribute to regularly.

When you use one of these for a big expense, whether it’s a holiday, a car service, or a cosmetic procedure, it means you’ve already got the money set aside, no stress, no debt.

And if you can’t wait a year or two to save and do the research before you get something done, is it really the right decision?

The information in this article is designed to be general and should not be read as personal financial advice.