Liposuction and Plastic Surgery Information - Borrowing for beauty

Borrowing for beauty - finance for cosmetic surgery

Wednesday, 29 November 2006

Data released by Sainsbury's Bank reveals that £5 million will be borrowed this year to finance plastic surgery in the UK, and men will account for £1m of that amount.

Around £1.8m is spent on cosmetic surgery each day in the UK and market researcher Mintel estimates that there has been a 240 per cent increase in spending between 2001 and 2006. Further, they predict that this growth is set to continue, estimating that there will be a million cosmetic surgery procedures in the UK each year by 2009.

"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," said Steven Bailie, Loan Manager for Sainsbury’s Bank.

The average loan size for cosmetic surgery finance is £6,500, and since most procedures cost less than this amount, many patients may choose to finance their cosmetic surgery using the credit available to them on their credit card. However, personal finance experts caution that using a credit card to finance cosmetic surgery is not a good idea, and that a dedicated term loan that spreads the payments over a three year period will work out cheaper.

"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," Mr Bailie added.

Tags: cosmetic surgery, finance, UK,