More than £5 million will be taken out in personal loans this year to fund cosmetic surgery, a new report claims today.
Research from Sainsbury’s Bank reveals that more people are applying for loans to help pay for surgery borrowing on average £6,500.
Analysis of the bank’s data shows that one in five loans is taken out by men.
Steven Bailie, Loans Manager at Sainsbury’s Bank, said: ‘We estimate that around £5 million will have been taken out in personal loans this year to pay for cosmetic surgery, but as it becomes less taboo for many people, a growing number of men and women may be looking to improve their looks and fund this with loans.
‘Mintel estimates a 240 per cent growth during the period 2001-2006, and predicts that by 2009, British adults will be making a trip to the cosmetic surgeon at least a million times a year.
‘However, these procedures can be costly, and for those that take out a loan to pay for treatment, it is important to shop around for a competitive rate.’