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Personal loans used to pay for surgery

19th July 2010 Print

Nearly £12 million was taken out in personal loans last year to help pay for surgery, estimates Sainsbury’s Finance. Some 800 loans worth £4.77 million were used to pay for cosmetic surgery and just under 1,000 loans were used to pay for other surgical procedures such as hip replacements.

More than 36,000 surgical procedures were carried out by members of the British Association of Aesthetic Plastic Surgeons (BAAPS) last year - a rise of 6.7% on 2008.  Women had 5.4% more procedures than in 2008, but male cosmetic surgery saw the biggest increase.  Last year, surgeons carried out 581 breast reductions for men, a rise of 80% on 2008.

Steven Baillie, Head of Loans, Sainsbury's Finance said: "Although the majority of personal loans are taken out for the usual domestic reasons such as home improvements and buying cars, a significant number, even in today's economic climate, are used to fund more unusual expenditure such as cosmetic surgery.

"If you are planning on using a personal loan to pay for surgeries, often quite expensive procedures, it is important that you do your research as this could save you hundreds or thousands of pounds in repayments." 

Sainsbury's Finance offers the most competitive personal loan rate - 7.8% APR typical - for loans of between £7,500 and £14,999 for Sainsbury's shoppers. Nectar card holders applying for a loan will also benefit from double Nectar points on their shopping for two years.

Sainsbury's shoppers taking advantage of the offer will be rewarded with double Nectar points on their shopping in store, online and in petrol filling stations for two years when taking out a loan from Sainsbury's Finance. For example, customers who spend £50 a week with Sainsbury's and have a Sainsbury's personal loan as well as a Nectar card would receive £52 worth of Nectar points a year.

In addition to the most competitive rate in the marketplace, customers taking out a Sainsbury's Finance Loan benefit from:

A personally tailored repayment period, from 1 to 7 years 
Fixed repayments for the whole period of the loan
An instant decision
Money directly into your bank account