How to Pay for Private Surgery in Canada: 7 Options You Should Know

In this article, you’ll find seven options

1. Pay in Cash
2. Friends and Family
3. Bank Loans or Lines of Credit
4. Medical Financing Companies
5. Alternative Lenders and Fintech Platforms
6. Crowdfunding
7. Mix and Match: The Hybrid Approach

Private surgery isn’t cheap. Procedures like joint replacements, hernia repairs, or even diagnostic imaging can cost anywhere from $5,000 to $25,000+ depending on what you need and where you're getting it done. Learn more about how much private surgery costs in Canada compared to options abroad.

So let’s break down the most common ways Canadians cover the cost of private surgery, as well as the pros and cons of each option.

1. Pay in Cash

If you’ve got the savings, paying for your procedure in one lump sum is the simplest option. No loans, no paperwork, no interest—just a one-and-done transaction.

Pros

• No interest or fees
• Immediate payment and confirmation
• You avoid taking on any debt

Cons

• Requires a large amount of liquid savings
• Most Canadians don’t have $10–$20K sitting in a bank account

If you're fortunate enough to afford this route without incurring financial strain, it’s usually the cleanest option. But let’s be real—most people don’t have that kind of cash on hand.

2. Friends and Family

This is sometimes called "love money"—borrowing from people you trust who may lend you funds at low interest or even gift it outright.

Pros

• Low or no interest
• Flexible repayment terms
• Often faster and less bureaucratic than bank loans

Cons

• Not everyone has financially comfortable relatives
• Can create tension or awkwardness
• May strain personal relationships

If you go this route, it’s best to put everything in writing so expectations are clear. Even a simple IOU or promissory note can go a long way.

3. Bank Loans or Lines of Credit

Your local bank might offer a personal loan or you may already have a line of credit you can use. This option is more formal, but it keeps things inside your own financial circle.

Pros

• Predictable repayment terms
• You stay with your usual financial institution
• Can access funds relatively quickly if approved

Cons

• Interest rates vary—often between 8–14% for personal loans
• You’ll need decent credit to qualify
• Monthly payments begin immediately

If you already have a line of credit, that might be cheaper than a new loan. Some lines of credit (especially secured ones) offer lower interest rates—sometimes around 7–10% depending on the lender and your credit profile.

4. Medical Financing Companies

There are several Canadian companies that specialize in financing elective medical procedures. These include Credit Medical, Medicard, and Beautifi. They work directly with clinics and surgical providers to offer loans tailored for health expenses.

Pros

• Designed specifically for medical needs
• Greater chance of approval for people with less-than-perfect credit
• Flexible repayment options and terms

Cons

• Interest rates vary—often between 9.95% and 19.95%
• May involve admin fees or insurance add-ons
• Not always the cheapest long-term option

Quick note on interest: While medical loan companies may accept more patients, their interest rates can be higher than bank loans or lines of credit—especially if you don’t qualify for their best rates.

5. Alternative Lenders & Fintech Platforms

Not a fan of the big banks? Alternative lenders like Borrowell, Fig Financial, or easyfinancial offer consumer loans and lines of credit outside the traditional system. These companies often focus on credit-building or flexible access to funds.

Pros

• Easier approval process
• More tech-forward than traditional banks
• Wider variety of loan sizes and flexible terms

Cons

• Interest rates can be steep—anywhere from 18% to 29.99% depending on credit
• Loan amounts may be capped depending on your credit profile
• Can lead to long-term debt if not repaid quickly

In short: these lenders offer more accessibility, but sometimes at a higher cost.

6. Crowdfunding

More and more Canadians are turning to crowdfunding platforms like GoFundMe, FundRazr, or Kickstarter to raise money for out-of-pocket medical expenses. If you’ve seen a campaign for someone raising money for surgery, you know this option is becoming more common.

Pros

• No repayment or interest
• Can be emotionally meaningful if your story resonates
• Platforms are easy to use and share

Cons

• Success isn’t guaranteed—you’ll need to promote your campaign
• Takes time and energy to maintain
• You’re sharing personal details online
• Vulnerability can be emotionally taxing

Still, for patients without financing options or large savings, crowdfunding can help bridge the gap and make private-pay services more attainable.

7. Mix and Match: The Hybrid Approach

Of course, the above options are not mutually exclusive. Many patients fund their surgery using a combination of methods. You might use savings for part of the cost, raise some money from friends and family, get a medical loan for the rest, or start a crowdfunding campaign to lighten the load.

The key takeaway? Get creative. Flexibility is your friend.

Final Thoughts

Paying for private surgery in Canada isn’t always straightforward—but it is doable. Whether you go the traditional route with your bank, explore alternative or medical lenders, or take your story online with a crowdfunding campaign, there are more financing options than you might think.

At the end of the day, the right option for you depends on your financial situation, your credit score, and your comfort level with borrowing or fundraising. Take your time, weigh your options, and don’t be afraid to ask questions. Want to dive deeper into Canada’s private surgical landscape? Check out our comprehensive guide to accessing surgery faster in Canada.

If you’re exploring your options, Surgency is here to help you connect with surgeons, explore transparent pricing, and learn how to pay for the care you need. We’re building a more accessible and patient-centred future for Canadian healthcare.