Men take out £1m in cosmetic surgery personal loans
Nov 29, 2006
More than £5 million will be taken out in personal loans for cosmetic surgery this year, according to new research from Sainsbury's Bank.
The bank estimated that around £1.8 million per day is spent on cosmetic surgery procedures such as botox, breast enlargements and nose jobs, with the most radical surgery, such as a facelift or tummy tuck, costing more than £5,000.
However, it isn't just women that are spending money on surgically improving their appearance, the research found, with around a fifth of the £5 million of personal loans for this purpose being taken out by men.
Sainsbury's Bank said that a growing number of men and women may be looking to improve their looks and fund this with personal loans as it became less taboo.
Market research firm Mintel predicts a 240 per cent growth in cosmetic surgery between 2001 and 2006 and estimates that by 2009, British adults will be visiting the cosmetic surgeon at least a million times a year. With the average size of a personal loan for cosmetic surgery standing at £6,500, those that take out a loan to pay for their treatment should shop around for a competitive rate, Sainsbury's Bank said.
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