Due to a culture of discrimination and abuse, it is an unfortunate fact that transgender people often live below the poverty line. For those struggling to pay bills every month, the idea of paying tens of thousands of dollars for transgender surgery seems like a dream that will never happen. However, there are some ways to finance surgery that could help you get closer to the body you know you are meant to have. Here is a quick guide to some financing options for transgender surgery, male to female transitions specifically.
Consider Getting a Personal Loan from a Credit Union or Smaller Bank
Many large corporate banks no longer offer the types of small personal loans that you would need to finance a surgery of this nature. However, credit unions and smaller banks often do. You may even be able to find a credit union that offers a low interest rate and longer repayment terms. Some credit unions even offer loans that are specifically geared for surgeries.
Online Personal Lenders
There are certain online lenders for individuals that are worth checking out. Prosper and the Lending Club are two that offer personal loans between you and another party. There are even doctors and doctors’ offices that offer loans through some of these websites. The insurance rates can be high, and the repayment terms are usually within five years.
Home Equity Credit Lines
If you do own a home, taking out a second mortgage, or a home equity line of credit, could be a way to finance a surgery. However, fewer than 16% of transgender people report being homeowners in the United States.
Grants for Transgender Surgery
Male to female transgender surgery can be covered by grants – in other words, free money from a charitable or government organization. For example, the Jim Collins Foundation is a well-known grant organization that offers 100% coverage for surgeries.
Consider a Credit Card
Credit cards are not the best way to fund a surgery. The interest rates are high and the damage that you can do to your credit score can be significant. However, if you can’t find another way to fund a transgender surgery for male to female transitions, this is still an option to explore. Credit cards are useful in that they give you very fast access to financial assistance, so you can begin planning and paying for the surgery quickly.
These are just a few of the ways that a surgery can be funded. To schedule a consultation and begin discussing costs, contact us at 469-429-7557.