Men spend personal loans on cosmetic surgery

Sainsbury’s Bank estimates that every day, around £1.8 million is spent on cosmetic surgery but according to its analysis of its loans data, it will not just be women who will be forking out to improve their physical appearance. It estimates that this year, in the UK, over £5 million will have been taken out in personal loans for cosmetic surgery, and around a fifth of this will be in loans for men. The average size of loan for cosmetic surgery is around £6,500.

Steven Bailie, loans manager, 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% 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. Sainsbury’s Bank offers some of the most competitive rates available and provides customers with an instant decision."

Some of the most popular cosmetic procedures include botox, breast enlargement, facelifts, tummy tucks, vein-zapping, nose jobs and eye and ear operations. Costs start from £250 for more basic treatments such as collagen lip enhancements and botox, to over £5,000 for more radical surgery such as a facelift or a tummy tuck.